Jin Rong Jie·2025-12-19 11:27Core Insights - Since 2020, global rocket launches have reached record highs for three consecutive years, indicating unprecedented activity in the aerospace sector [1] - China's low Earth orbit (LEO) satellite construction is lagging behind high orbit high-throughput satellites, with the Tian Tong-1 satellite being a mature GEO satellite constellation widely used across various industries [1] - The formal networking of two major satellite constellations (GW and G60) in 2024 marks the beginning of a new era of regular satellite deployment, with expectations for a rapid increase in industry scale as domestic satellite internet construction progresses [1] Industry Analysis - Satellite Manufacturing Sector: The construction of LEO satellite constellations is entering a high-frequency launch phase, leading to a surge in orders for satellite platforms and payload manufacturers, with urgent capacity expansion needs [2] - Rocket Launch Sector: There is a significant increase in demand for commercial space launches, with low-cost and high-frequency launch capabilities becoming core competitive advantages, presenting development opportunities for private rocket companies [2] - Ground Equipment Sector: There is a growing demand for satellite terminals, base stations, and chips, with a broad market space for user-side equipment and an accelerated process of domestic substitution [2] - Operational Services Sector: Satellite communication operators are expected to obtain licenses and commence commercial services, potentially opening up incremental markets in maritime, aviation, and IoT sectors [2] Listed Companies Overview - China Satellite (600118): A core listed platform under the Aerospace Science and Technology Corporation, with capabilities in the development and mass production of small and micro satellites, deeply involved in national satellite internet projects [3] - Aerospace Electric (002025): A leading manufacturer of high-end electronic components, with products including connectors and relays widely used in satellite and rocket control systems [3] - Chengchang Technology (001270): A core supplier of phased array T/R chips, which are essential components for satellite communication antennas, characterized by high technical barriers [3] - Huali Chuantong (300045): An early player in satellite communication baseband chips and terminal products, successfully developed the "Tian Tong-1" satellite phone, and participated in multiple national projects [3] - Mengsheng Electronics (688311): Focused on satellite navigation and communication terminal equipment, with applications in both defense and civilian sectors, showcasing strong technical capabilities [3] - Beidou Xingtong (002151): Extends from Beidou chips to comprehensive satellite internet services, providing integrated solutions for high-precision positioning and communication [3]