China Spacesat(SH:600118) Sou Hu Cai Jing·2025-07-16 23:41Core Viewpoint - The successful launch of the low Earth orbit satellite group by China signifies rapid advancements in the satellite internet sector, boosting confidence in the future development of the company, Shengbang Security [1][3]. Company Development - Shengbang Security, founded by Quan Xiaowen, emerged from a desire to avoid being a "screw" in foreign enterprises, leading to a focus on web application security despite initial skepticism from the industry [4][5]. - The company adopted a "short-term work" model, collaborating with major firms to build its technical capabilities and establish a foothold in the competitive market [5][6]. - Over the years, Shengbang Security has evolved from vulnerability scanning to a comprehensive suite of services, including scenario-based security, cyberspace mapping, and satellite internet security [6][7]. Technological Advancements - The company has been proactive in developing satellite internet security technologies since 2021, recognizing the potential vulnerabilities in satellite internet systems [7]. - Following the acquisition of Tianyu Yun'an, a satellite communication security firm, Shengbang Security has enhanced its capabilities in satellite internet security, integrating its core business of vulnerability detection and asset security governance [6][7]. Market Position and Strategy - Shengbang Security's revenue from satellite internet security reached 17.94 million yuan in 2024, accounting for 6.11% of total revenue, indicating a promising growth trajectory in this sector [7]. - The company emphasizes a "shopkeeper" approach, focusing on addressing real security needs and providing value to clients, regardless of the perceived complexity of the solutions [8][9]. - Shengbang Security aims to maintain a balance between offensive and defensive strategies in cybersecurity, continuously exploring new application scenarios while strengthening its security detection and defense capabilities [10].