LY iTECH(SZ:002600) Quan Jing Wang·2026-01-25 11:48Core Insights - The global commercial space industry is experiencing explosive growth, with the market expected to reach $1.1 trillion by 2030, driven by policy support and demand surges [1] - China's commercial space market is projected to grow at a compound annual growth rate (CAGR) of 22.9%, nearing 2.8 trillion yuan by 2025, positioning it as a key growth driver in the global landscape [1] - The demand for low Earth orbit (LEO) satellite constellations is a primary growth driver, with over 260,000 satellites planned globally, including 42,000 by SpaceX's Starlink [1] Market Dynamics - The trend towards large-scale LEO satellite networks is reshaping industry competition, emphasizing cost control and mass delivery capabilities as core competitive advantages [2] - The average selling price (ASP) for integrated solutions provided by the company is approximately 1.5 million yuan per satellite, representing 30% of Starlink's satellite cost, with potential increases to 1.7 million yuan as technology advances [2] Company Growth Potential - The company's growth is supported by a large market base and cost advantages derived from technological synergies, achieving a production yield of 99.5% and reducing unit costs by over 40% [3] - The business structure includes carbon fiber components (40%), thermal control systems (30%), power systems (20%), and ground terminals (10%), ensuring a diversified revenue stream and risk mitigation [3] Competitive Advantages - The domestic substitution trend has provided a significant boost to the company's growth, as it has developed high-performance carbon fiber components and power modules that are 60% cheaper than imported alternatives [4] - The company has successfully integrated into SpaceX's core supply chain, leading to stable bulk orders and a positive cycle of order growth, scale effects, and cost reductions [5] Capacity and Supply Chain - The company has established intelligent production bases in Guangdong, Jiangsu, and Sichuan, with an annual capacity exceeding 100,000 sets of core aerospace components, aligning with the growth of global LEO satellite launches [6] - The comprehensive supply capability across satellite structures, thermal control, power, and ground terminals positions the company as a key supplier in the global commercial space sector [6] Ecosystem Collaboration - The company's ecosystem approach enhances business growth efficiency by integrating technology research, capacity supply, and application scenarios, breaking the limitations of single-component suppliers [7] - Collaborations with leading aerospace institutions focus on advanced materials and lightweight structures, driving continuous innovation and technical support for business growth [7] Long-term Growth Strategy - The company is positioned as a "connector" and "enabler" in the trillion-dollar market, benefiting from bulk orders from leading constellations like Starlink and increasing domestic market share through local substitution [8] - The long-term growth potential is further enhanced by expanding into ground terminals and emerging applications in space computing, ensuring a robust growth trajectory [8]