卫星互联网行业：星地一体融合组网，探索低轨卫星通信载荷投资机会

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The satellite internet industry is rapidly developing both domestically and internationally, with SpaceX's Starlink being the largest satellite internet project globally, having launched 6,164 satellites and exceeding 2.3 million users by the end of 2023 [2][9] - The integration of satellite and terrestrial networks is becoming a key trend in satellite internet communication architecture, aiming for a comprehensive coverage and seamless connectivity [12][14] - The investment strategy indicates that the satellite internet sector will be the most promising growth segment in the telecommunications industry over the next five years, focusing on low Earth orbit (LEO) satellite payloads [4][31] Summary by Sections 1. Rapid Development of Satellite Internet - Starlink, led by SpaceX, has a total deployment cost exceeding $20 billion and is expected to generate over $6.6 billion in revenue in 2024, achieving positive free cash flow for the first time [2][9] - Domestic operators like China Star Network and Shanghai Yuxin are also advancing their satellite internet projects, with plans to deploy thousands of satellites by 2025 [10][11] 2. Integration of Satellite and Terrestrial Networks - The satellite internet industry chain includes satellite manufacturing, launching, ground equipment manufacturing, and operational services, with ground equipment accounting for 51% of the market [12] - The architecture consists of four main components: wireless access network, core network, bearer network, and terminals [15] 3. Access Network: Key Technologies - The access network is primarily composed of base stations, which include baseband processing units, RF remote units, and antenna systems [17] - The satellite access model is evolving towards a "base station in space" approach, with phased array antennas being a critical technology for satellite networking [22] 4. Core Network: Reducing Latency - The core network architecture is designed to lower latency and enhance service distribution efficiency, utilizing a combination of ground and satellite-based components [25] - The 5G core network employs a network function virtualization (NFV) architecture to separate control and user planes, optimizing resource management [25] 5. Bearer Network: Laser Inter-Satellite Links - Laser inter-satellite links are anticipated to become the core transmission method for satellite networks, offering advantages such as reduced latency and high data throughput [26][28] - Starlink satellites are equipped with laser links to facilitate direct communication between satellites, enhancing data transfer speeds [28] 6. Investment Strategy - The report identifies key investment opportunities in low Earth orbit satellite payloads, including satellite-based base stations, phased array antenna systems, satellite core networks, and laser inter-satellite links [31]