Strategic Value and Valuation Analysis of Juli Sling (002342.SZ)'s Commercial Aerospace Business Expansion

Juli Sling, a listed company specializing in the R&D, production, and sales of sling products, saw strong stock performance in 2025, rising from 3.24 yuan at the beginning of the year to 7.34 yuan at the end of the year, an increase of 126.23% [0], with a market capitalization reaching 7.05 billion yuan. The company is strategically transforming from traditional sling manufacturing to high-end equipment manufacturing, especially its layout in the commercial aerospace sector has attracted attention.

Juli Sling, relying on its technical accumulation in the high-end sling field, has successfully entered the commercial aerospace industrial chain:

• Capture Arm Device
  : Provides precise capture solutions for recoverable rockets
• Test Cable Device
  : Supports installation, debugging, and transfer links before rocket launch
• Deep-Sea Mooring Chain
  : Corrosion-resistant material technology adapted to deep-sea high-pressure environments [5]

The company’s technical accumulation in deep-sea technology forms good synergy with commercial aerospace. The 2025 Government Work Report positioned deep-sea technology as a strategic emerging industry, alongside commercial aerospace and low-altitude economy [5], providing policy support for the company’s technical extension.

China’s commercial aerospace industry is in a period of rapid development:

• 2024 Zhuque-3 reusable vertical take-off and landing recovery verification rocket successfully tested [4]
• Private commercial space enterprises continue to set records, such as the “Yinli-1” solid launch vehicle [4]
• Recoverable rocket technology has become a key path to reduce launch costs

In the recoverable rocket value chain, Juli Sling is in a key supporting link:

• High entry barrier
  : Aerospace-grade slings have extremely high requirements for precision and reliability
• Strong customer stickiness
  : Once entering the supply chain system, replacement costs are high
• Deep technical barriers
  : Long-term technical accumulation and verification are required

From the stock price trend [0]:

• The first wave of growth from the beginning to the middle of the year was related to the promotion of deep-sea technology policies
• The second wave of growth in the second half was driven by breakthroughs in commercial aerospace projects
• The 126.23% annual increase far exceeded the market average, reflecting investors’ recognition of the company’s transformation

Current PE is -244.67 times [0], mainly due to the company being in the transformation investment period, with short-term profitability under pressure. But in the long run:

• Technical premium
  : Commercial aerospace business should enjoy a higher technical premium
• Growth premium
  : The high-growth characteristics of the industry support higher valuations
• Scarcity premium
  : Supporting enterprises for commercial aerospace in A-shares are relatively scarce

1. Policy dividends
   : Dual policy support from the state for commercial aerospace and deep-sea technology
2. Technical barriers
   : High technical threshold for aerospace-grade slings, with a relatively favorable competitive landscape
3. Market space
   : The maturity of recoverable rocket technology will significantly increase launch frequency, driving supporting demand
4. First-mover advantage
   : Has formed representative application cases and has customer verification advantages

1. Long technical verification cycle
   : Aerospace product certification cycles are long, leading to lagging revenue recognition
2. High customer concentration
   : Over-reliance on a few commercial aerospace enterprises may lead to performance fluctuations
3. Large R&D investment
   : High-end equipment manufacturing requires continuous large-scale R&D investment
4. Intensified market competition
   : Traditional sling enterprises may follow to enter this field

For Juli Sling, which is undergoing transformation, the traditional PE valuation method may not be applicable. It is recommended to use:

• Segment valuation method
  : Traditional business × PE + commercial aerospace business × PEG or price-to-sales ratio
• Option value method
  : Treat commercial aerospace business as a long-term growth option
• Comparable company method
  : Refer to the valuation levels of domestic and foreign aerospace equipment enterprises

Juli Sling’s strategic expansion into commercial aerospace has significant long-term value:

• Business structure optimization
  : Upgrade from traditional manufacturing to high-end equipment, improving profitability
• Valuation system reconstruction
  : Expected to shift from cyclical manufacturing enterprise valuation to tech growth enterprise valuation
• Synergy release
  : The synergy between deep-sea technology and commercial aerospace technology will enhance overall competitiveness

Juli Sling’s entry into the commercial aerospace sector, especially providing key product support for recoverable rockets, is a crucial step in the company’s transformation from traditional manufacturing to high-end equipment manufacturing. This strategic layout not only aligns with the national industrial development direction but also meets the market demand for recoverable rocket technology development. Although it faces challenges such as large R&D investment and lagging revenue recognition in the short term, it is expected to significantly improve the company’s technical barriers, profitability, and valuation level in the long term.

Against the background of the rapid development of the commercial aerospace industry, Juli Sling, relying on its technical accumulation in the high-end sling field, is expected to establish competitive advantages in this niche segment and create long-term value for shareholders. Investors should pay attention to the company’s progress in commercial aerospace projects, customer expansion, and the trend of profitability improvement.

[0] Jinling API Data: Juli Sling (002342.SZ) stock price and fundamental data
[1] Huayuan Securities Research Report “Deep-Sea Technology: The Next National Strategic Main Line” (August 2025)
[2] Tianfeng Securities Research Report “Deep-Sea Technology: Equipment Lights the Way Forward” (April 2025)
[3] Wikipedia “2024” - China Commercial Aerospace Development Records
[4] Relevant reports from Securities Times Electronic News
[5] Government Work Report and Policy Document Interpretation