商业航天热度升温，*ST铖昌有望受益产业化提速

Group 1 - The commercial aerospace sector is gaining attention, with the 2025 Satellite Internet Industry Ecosystem Conference held in Shanghai on December 4-5, and SpaceX initiating a new round of stock sales with a target valuation of $800 billion [1] - The acceleration of national initiatives in commercial aerospace is expected to promote applications such as mobile direct satellite connections and Beidou messaging, enhancing industry collaboration among operators, satellites, modules, and chip manufacturers [1] - The company *ST Chengchang (001270) is gaining institutional attention as a key player in the chip and T/R component supply chain, particularly in the low Earth orbit satellite communication sector [1] Group 2 - The company has established advantages in low Earth orbit satellite communication, being the first in China to provide a complete solution, with its T/R chips demonstrating leading performance [1] - The company has maintained stable product delivery and has completed the development of several next-generation low Earth orbit communication satellites and ground equipment, with plans for mass delivery based on customer orders [1] - The dense launch and networking applications of satellites are expected to become a new revenue growth point for the company [1] Group 3 - CITIC Securities recently commented on the company's business, noting its continuous efforts in the satellite field, expanding the range of satellite models covered, with several large-scale remote sensing satellite projects entering regular mass delivery [2] - In the low Earth orbit satellite sector, the company maintains its advantages and closely collaborates with key downstream institutions, preparing inventory based on customer needs and delivering as planned [2] - In the airborne sector, the company is experiencing rapid revenue growth due to projects entering mass supply phases, with new demand orders and contracts continuing to be issued [2]