GF Securities released a research report saying that compared with the shallow sea environment, the deep sea has high pressure, high corrosion and other environmental characteristics, and titanium alloy has become the preferred material for the current deep-sea equipment pressure-resistant structure because of its high strength, corrosion resistance and other characteristics, while carbon fiber composite materials also have relative advantages in the deep-sea environment because of their high strength, high modulus and designability. At present, underwater wireless communication methods mainly include underwater acoustic communication, optical communication and electromagnetic wave communication, and underwater acoustic communication is the best means of underwater long-range wireless communication due to the strong attenuation loss of optical communication and electromagnetic wave communication. Various sensing methods are also expected to gradually expand in the deep-sea environment, and deep-sea data-driven may become an important development trend in the future.

The main views of GF Securities are as follows:

Event: According to the "Government Work Report" released by the Chinese government website on March 12, it mentioned the development of new quality productive forces according to local conditions and the acceleration of the construction of a modern industrial system. Carry out large-scale application demonstration actions of new technologies, new products and new scenarios, and promote the safe and healthy development of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea science and technology.

The deep-sea is an important space environment in the future, and deep-sea technology is an important new quality force of the ocean

Previously, the Ministry of Industry and Information Technology's "Implementation Opinions on Promoting the Innovation and Development of Future Industries" defined the deep sea as one of the important future spaces, and mentioned that it is necessary to accelerate the development and application of various deep-sea equipment. According to CCTV Finance, the total volume of China's marine economy in 2024 has exceeded 10 trillion yuan, the exploration and development of deep-sea resources is an important development direction, and deep-sea technology is an important driving point for the cultivation of emerging marine industries.

Deep-sea equipment technology is the foundation for the development of deep-sea science and technology, and high-performance and intelligent are the development trends

Deep-sea equipment is an important foundation for the development of deep-sea science and technology, and all countries attach great importance to the development of deep-sea equipment technology, and have developed various types of AUV, ROV and other configuration equipment. 10,000-meter-level, high-performance manned diving equipment, multi-functional, practical, high-endurance and high-intelligence unmanned diving equipment have become the focus of international development, and China has developed a variety of autonomous underwater vehicle platforms in recent years.

The deep-sea environment has the characteristics of high pressure and high corrosion, and the material components and supporting construction are the core

Compared with the shallow sea environment, the deep sea has the characteristics of high pressure, high corrosion and other environmental characteristics, and titanium alloy has become the preferred material for the current deep-sea equipment pressure-resistant structure because of its high strength, corrosion resistance and other characteristics, and carbon fiber composite materials also have relative advantages in the deep-sea environment because of its high strength, high modulus and designability. Taking connectors as an example, the underwater plugging and unmating technology increases the process complexity due to the huge differential pressure environment. According to the official account of AVIC Optoelectronics, the company's related products have passed the deep-sea sea trial.

Deep-sea communication is an important technical foundation for deep-sea technology, and data-driven is the future development trend of deep-sea technology

At present, underwater wireless communication methods mainly include underwater acoustic communication, optical communication and electromagnetic wave communication, and underwater acoustic communication is the best means of underwater long-range wireless communication due to the strong attenuation loss of optical communication and electromagnetic wave communication. Various sensing methods are also expected to gradually expand in the deep-sea environment, and deep-sea data-driven may become an important development trend in the future. Taking Xingtu as an example, through the joint research and development of "platform-payload" deep-sea perception equipment cluster with long-range unmanned underwater vehicles as the core, it has built an integrated detection system serving deep-sea areas and created a marine digital earth application platform.

It is advisable to pay attention to the target

Deep-sea informatization: China Coastal Defense (600764.SH), Zhongke Xingtu (688568.SH), Zhongke Haixun (300810.SZ), Hailanxin (300065.SZ).

Deep-sea power supporting links: China Power (600482.SH), Xiangdian (600416.SH).

Deep-sea connector link: AVIC Optoelectronics is (002179.SZ), aerospace electrical appliances are (002025.SZ).

Carbon fiber material link: Guangwei composite material is (300699.SZ), AVIC Hi-Tech is (600862.SH).

Titanium alloy materials: Western materials are (002149.SZ), Western superconductors are (688122.SH), and Baose shares are (300402.SZ).

Equipment manufacturing end: AVIC Heavy Machinery (600765.SH), Parker New Materials (605123.SH).

Risk Warning

The policy implementation is less than expected, the technological progress is less than expected, and the market development is less than expected.