LHX

L3Harris Technologies Inc

research_scan theme='defense-modernization'; value_chain_position='picks-and-shovels'; Owns the former Aerojet Rocketdyne solid-rocket-motor franchise at Camden AR — the single largest US qualified producer at the textbook binding constraint behind every PAC-3, THAAD, GMLRS, Stinger, AMRAAM, SM-6 production rate. Quadrupling THAAD interceptor output (LMT $35B framework) cannot happen without LHX/Northrop Promontory propellant capacity additions; LHX is the structural picks-and-shovels owner of the most-bottlenecked layer.