中泰证券：【中泰研究丨晨会聚焦】通信陈宁玉：海外研究系列_AST：美国低轨卫星第一股-20240822

Core Insights - AST SpaceMobile is a low Earth orbit satellite manufacturer and operator, aiming to provide global satellite internet by utilizing existing 4G/5G communication frequencies, allowing mobile devices to connect directly to satellites without modifications [2] - The company plans to deploy 248 low Earth orbit satellites, having already launched 2 experimental satellites, with the first batch of 5 commercial satellites scheduled for launch in September 2024 [2] - AST has secured significant strategic investments totaling approximately $155 million from major telecom companies including Google, AT&T, Vodafone, and Verizon, which will support its commercial operations [2] Company Overview - AST SpaceMobile was established in May 2017 and went public on NASDAQ in 2021, headquartered in Midland, Texas [2] - The company has achieved a downlink speed of 21 Mbps in recent tests, with plans for commercial services to include emergency messaging and other non-continuous services in the U.S. after the launch of its Block1 satellites [2] Technology and Operations - The technology for direct satellite connection can be categorized into three routes: dual-mode terminals, existing terminal direct connections, and terminals using 3GPP standards [2] - AST's satellites utilize a transparent forwarding architecture and the largest phased array antennas in near-Earth orbit, with the BlueWalker3 satellite featuring an antenna area of 64 square meters [2] - The next-generation Block2 BlueBird satellite is expected to have an antenna area of 2400 square feet, significantly larger than Block1, and will utilize self-developed ASIC chips to enhance performance [2] Market Potential - The integration of satellite communication with terrestrial networks is anticipated to be a trend in the 6G era, with AST SpaceMobile positioned to capitalize on the growing consumer market for direct satellite connections [2] - The company has established partnerships with over 30 telecom operators, potentially reaching nearly 2.8 billion end-users, enhancing its market presence and resource access [2] Investment Outlook - The report suggests that as satellite launches and commercial operations progress, AST SpaceMobile's business is expected to experience rapid growth, indicating substantial market potential [2]