Investment Rating - The report highlights the investment value of the commercial satellite communication industry, particularly focusing on low Earth orbit (LEO) satellite constellations [3][9]. Core Insights - The satellite internet industry is expected to see significant growth, with the LEO satellite market projected to exceed 1 trillion yuan by 2030, driven by advancements in satellite manufacturing and ground equipment [8][54]. - The report emphasizes the importance of the satellite communication industry in achieving global connectivity and its military potential, which is expected to enhance industry prosperity [8][23]. Summary by Sections Satellite Internet: Application Growth - The satellite industry chain is divided into three segments: space segment (satellite manufacturing and rocket launch), ground segment (ground facilities), and user segment (user terminals and related services). Currently, the LEO satellite internet is in the space segment networking phase, while the high orbit satellite internet has entered the user segment growth phase [7][20]. - The user segment holds a higher value distribution compared to the space segment, indicating a greater potential for investment opportunities as LEO satellites continue to be deployed [20][29]. Market Potential and Growth - The LEO satellite market is estimated to reach approximately 400 billion USD in early 2023, accounting for 14% of the total satellite market. By 2030, the market size in China is expected to approach 1 trillion yuan [8][54]. - The report cites that the satellite manufacturing and ground equipment sectors are likely to experience the first wave of growth within the industry chain [8][54]. Investment Value of the National Commercial Satellite Communication Index - As of March 9, 2025, the satellite communication index shows that the communication industry accounts for 50.14%, followed by national defense and military at 28.67%, and electronics at 16.43% [9]. - The top ten constituent stocks of the index have a combined market capitalization of approximately 1,259.118 billion yuan, with a weighted average return on equity (ROE) of about 9.03% and a projected net profit growth rate of 42.34% over the next two years [9][10]. Policy Support and Industry Development - The report discusses the Chinese government's initiatives to promote the satellite internet industry, including the gradual implementation of business access systems and the encouragement of private sector participation [23][25]. - The "New Infrastructure Action Plan" emphasizes the construction of integrated satellite internet systems, which is expected to benefit related industries [25][29]. Military Applications and Strategic Importance - The military potential of LEO satellite constellations is highlighted, with the U.S. military actively exploring the use of Starlink for various applications, demonstrating the strategic importance of satellite communications in modern warfare [36][46]. - The report notes that the LEO satellite constellations can enhance navigation system accuracy and resilience against interference, making them valuable for military operations [36][42].

Investment Rating - The report indicates a positive outlook for the commercial aerospace industry, with expectations for increased investment and growth opportunities in the coming years [4][5]. Core Insights - Multiple new rocket models are expected to make their maiden flights in 2025, enhancing China's launch capabilities [4]. - The construction of low Earth orbit satellite internet constellations is accelerating, with significant projects like the "National Grid" and "Qianfan" constellations entering full-scale development [4]. - The ongoing construction of commercial launch sites, such as the second phase of the Hainan commercial launch site, is expected to boost related industrial clusters [4]. - International applications of consumer-grade satellite communications are expanding, driven by partnerships like that of Samsung Electronics and China Telecom [4][46]. - The capital market's focus on the commercial aerospace industry is expected to remain high, with increased financing activities anticipated in 2025 [4]. - New entrants in the commercial aerospace sector are emerging globally, injecting vitality into the international market [4]. Summary by Sections Recent Events and Outlook - The successful maiden flight of the Long March 8A rocket marks a significant milestone, with expectations for increased launch frequency in 2025 [24]. - The construction of multiple low Earth orbit satellite internet constellations is gaining momentum, with successful launches already completed [38][39]. - The Hainan commercial launch site is enhancing its capabilities, supporting the growth of the commercial aerospace industry [4]. Investment Recommendations - The report suggests focusing on companies involved in low Earth orbit satellite internet construction, ground terminal production, and satellite communication markets, including 6G development [8]. - For satellite navigation, companies in the upstream and midstream sectors, as well as those expanding into new fields like autonomous driving, are recommended [8]. - In satellite remote sensing, firms with diverse customer bases and unique data sources are highlighted as potential investment opportunities [8]. Notable Companies to Watch - Short-term focus on companies like Zhongke Xingtu and Haige Communication, with long-term potential in commercial aerospace firms such as Aerospace Zhizhuang and Guobang Electronics [9].

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between 22.83 million and 34.13 million yuan, a decrease of 85.51% to 78.33% compared to the previous year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between 3.81 million and 5.71 million yuan, representing a decline of 97.35% to 96.03% year-on-year[5]. - The total profit for the previous year was 165.67 million yuan, with a net profit attributable to shareholders of 157.54 million yuan[4]. - The forecast data is preliminary and subject to change, with the final figures to be disclosed in the official 2024 annual report[8]. Performance Challenges - The decrease in performance is attributed to a reduction in new orders from traditional industry clients due to delayed user demand plans and late contract signings[6]. - The company has not identified any significant uncertainties affecting the accuracy of this performance forecast[7]. Strategic Focus - The company plans to focus on core responsibilities, ensure completion of research and production tasks, and enhance market development and innovation[6].

证券代码：600118 股票简称：中国卫星 编号：临 2024-028 中国东方红卫星股份有限公司 第九届董事会第二十六次会议决议公告 （一）中国卫星关于航天恒星空间技术应用有限公司 36.1286%股权协议转 让的议案 表决结果：10 票赞成、0 票弃权、0 票反对，议案获得通过。 为进一步促进子公司业务归核聚焦，提高管理效率，拟由公司控股子公司航 天恒星科技有限公司将所持航天恒星空间技术应用有限公司（简称：航天恒星空 间）36.1286%股权（对应注册资本 9280 万元）通过协议转让方式转让给中国卫 星，股权协议转让完成后，中国卫星持有航天恒星空间 100%股权，航天恒星空 间成为中国卫星全资子公司。 （二）中国卫星关于赵强先生辞任公司财务总监暨聘任于丽慧女士担任公 司财务总监的议案 表决结果：10 票赞成、0 票弃权、0 票反对，议案获得通过。 议案已经公司第九届董事会第二十六次会议提名委员会会议、独立董事 2024 年第五次专门会议审议通过，董事会提名委员会、独立董事对该议案发表 了同意意见。 详细情况见刊登在 2024 年 12 月 10 日的《上海证券报》及上海证券交易所 网站 www.sse. ...

因工作原因，中国东方红卫星股份有限公司（简称:公司）财务总监赵强先生 申请辞去公司财务总监职务。担任公司财务总监期间，赵强先生勤勉尽责，为公 司发展做出了贡献，公司董事会对赵强先生表示衷心感谢。 根据《公司章程》的相关规定，经公司总裁提名，公司董事会聘任于丽慧女 士为公司财务总监，任期至本届董事会任期结束为止。 证券代码：600118 股票简称：中国卫星 编号：临 2024-029 中国东方红卫星股份有限公司 关于财务总监辞职暨聘任财务总监的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国东方红卫星股份有限公司 董 事 会 2024 年 12 月 10 日 1 于丽慧女士简历： 于丽慧，女，1979 年 6 月出生，中共党员，高级会计师，硕士。曾任首都航 天机械公司综合财务处副处长，中国空间技术研究院财务部成本价格处副处长、 成本价格处处长、财务处处长，中国空间技术研究院财务部副部长，中国空间技 术研究院总体部总会计师，中国空间技术研究院总体设计部总会计师，北京控制 工程研究所总会计师。 特此公告。 ...

Company Participation in Zhuhai Airshow - China Satellite's subsidiaries, including Aerospace Dongfanghong and Aerospace Hengxing Technology, participated in the Zhuhai Airshow [1] - Aerospace Dongfanghong showcased four products: Queqiao-2 relay satellite, miniaturized synthetic aperture radar satellite, Beijing-3 series satellites, and high-resolution SAR satellite, highlighting achievements in relay communication, agile optical remote sensing, and SAR remote sensing [1] - Aerospace Hengxing Technology exhibited six items: airborne high-throughput satellite communication terminal, civil aviation tracking and monitoring terminal, unmanned aerial vehicle unattended platform, integrated intelligent processing and application system for remote sensing satellite ground, satellite application digital scene sand table, and new-generation mobile receiving and processing station model [1] Business Developments - Some cooperation intentions were reached by the company's subsidiaries during the airshow [1]

Group 1: Company Overview and Investor Relations - China Satellite is represented by its President Zhu Nan and other key personnel during the investor relations activity [1] - The company expresses gratitude to investors for their ongoing support and participation in the earnings presentation [2] - The company emphasizes its commitment to enhancing communication with investors through various channels [3] Group 2: Future Plans and Capital Expenditure - The company plans to invest in core competencies, focusing on satellite development, manufacturing, and application services [2] - Key projects include high-performance baseband processing equipment and multi-frequency high-precision Beidou navigation chips [2] Group 3: Recent Achievements and Contracts - The company participated in the 15th China International Aviation and Aerospace Exhibition, showcasing several satellite products [3] - The company has established cooperation intentions during the exhibition, indicating growth in business opportunities [3] Group 4: Financial Performance and Contract Assets - The company has seen rapid growth in contract assets, with revenue recognition based on project progress and customer payment stages [4] - The company adheres to its profit distribution policy, ensuring investor rights are prioritized [2] Group 5: Satellite Applications and Market Position - The company has developed a comprehensive application system for satellite communication, remote sensing, and navigation [5] - Key application scenarios include satellite internet, geographic information surveying, and environmental monitoring [5] Group 6: Competitive Landscape and Future Outlook - The company has developed a complete series of small and micro-satellite platforms, enhancing its competitive edge in the market [6] - The company aims to respond to user demands and focus on its core business for sustainable economic development [7]

京天股字（2024）第 623 号 致：中国东方红卫星股份有限公司 中国东方红卫星股份有限公司（以下简称"公司"） 2024 年第一次临时股东 大会（以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开， 其中现场会议于 2024 年 11 月 14 日 13 点 30 分在北京市海淀区中关村南大街 31 号 神舟大厦 12 层大会议室召开。北京市天元律师事务所（以下简称"本所"）接受 公司聘任，指派本所律师参加本次股东大会现场会议，并根据《中华人民共和国公 司法》、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股 东大会规则》（以下简称"《股东大会规则》"）以及《中国东方红卫星股份有限 公司公司章程》（以下简称"《公司章程》"）等有关规定，就本次股东大会的召 集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果 等事项出具本法律意见。 为出具本法律意见，本所律师审查了《中国东方红卫星股份有限公司第九届董 事会第二十五次会议决议公告》、《中国东方红卫星股份有限公司第九届监事会第 十九次会议决议公告》、《中国东方红卫星股份有限公司关于召开 2024 年第一次 临时 ...

证券代码：600118 证券简称：中国卫星 公告编号：2024-027 中国东方红卫星股份有限公司 2024 年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：中国卫星关于变更会计师事务所的议案 本次会议是否有否决议案：无 一、 会议召开和出席情况 重要内容提示： | 1、出席会议的股东和代理人人数 | 1,785 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 613,365,185 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 51.8706 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事朱楠先生主持，会议采用现场记名投票表决与网络投票 表决相结合的方式进行表决，会议召集、召开程序及表决方式符合《公司法》及 (一) 股东大会召开的时间：2024 年 11 月 14 日 (二) 股东大会召开的地 ...

证券代码：600118 证券简称：中国卫星 公告编号：2024- 026 重要内容提示： https://roadshow.sseinfo.com/） 中国东方红卫星股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布公司 2024 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划 于 2024 年 11 月 14 日下午 15:00-16:00 举行 2024 年第三季度业绩说 明会，就投资者关心的问题进行交流。 一、 说明会类型 会议召开时间：2024 年 11 月 14 日(星期四)下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 07 日(星期四)至 11 月 13 日(星期 三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 600118@spacechina.com 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第 ...