航空航天与国防行业深度报告：低轨卫星产业研究：技术革新与市场展望

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - Low Earth Orbit (LEO) satellite communication is an indispensable component of 6G networks, with global coverage and low latency advantages [2] - China's LEO satellite internet constellation plans, including GW, G60, and Honghu-3, aim to deploy over 36,000 satellites, with 3,900 expected by 2027 and over 6,000 by 2030 [2] - The US Starlink project is in a large-scale deployment phase, aiming to complete the first phase of around 6,000 LEO satellites by 2024 [2] - Satellite manufacturing is moving towards high-quality, high-efficiency, and low-cost production, with phased array antennas being a core component of LEO communication satellites [2] - Laser communication and flat-panel satellite designs are emerging trends in LEO satellite applications, offering advantages such as high communication capacity, low power consumption, and simplified manufacturing processes [3] Industry Background - The integration of space, air, and ground networks is an inevitable trend for 6G communication networks, with LEO satellites providing global coverage and low latency [9] - LEO satellites, with altitudes between 500-2000 km, offer advantages such as short propagation delay, low terminal energy consumption, and lightweight design, reducing launch costs [11][13] - The competition for orbital and frequency resources is intensifying globally, with countries like the US, Russia, and China actively expanding their satellite systems [17][23] Satellite Manufacturing and Technology - Satellite manufacturing involves platforms and payloads, with phased array antennas being a key component for LEO communication satellites [2] - Laser communication technology, with its high capacity, speed, and low power consumption, is a significant direction for future LEO satellite communication [3][56] - Flat-panel satellite designs simplify manufacturing, reduce launch costs, and improve functionality, making them suitable for large-scale production and deployment [62][64] Market and Policy Support - China's satellite internet industry is supported by national policies, with plans to build a comprehensive satellite system including remote sensing, communication, and navigation by 2025 [27] - Local governments in China, such as Beijing, Shanghai, and Guangdong, have introduced policies to support the development of the satellite internet industry [28][30] - The global satellite industry is expected to grow significantly, with China aiming to launch over 6,000 LEO satellites by 2030, driving a market size of hundreds of billions of yuan [34][46] Competitive Landscape - The US Starlink project is leading in LEO satellite deployment, with plans to launch 42,000 satellites, while China's GW, G60, and Honghu-3 constellations are rapidly advancing [23][32] - Chinese commercial aerospace companies are accelerating their development, with significant investments and technological breakthroughs in satellite manufacturing and launch capabilities [34][46]