东兴证券：东兴晨报-20241015

Core Insights - The report highlights the rapid development of the satellite internet industry both domestically and internationally, with SpaceX's Starlink leading the global market and expected to generate over $6.6 billion in revenue in 2024 [1][3] - Domestic operators, China StarNet and Shanghai Yuxin, are spearheading the development of satellite internet in China, with plans to deploy 648 satellites by the end of 2025 [1][3] - The satellite communication architecture includes four main components: wireless access network, core network, bearer network, and terminal [1][3] Industry Overview - The satellite internet sector is entering an industrialization phase, expected to be the most promising growth segment in the communications sector over the next five years [3][11] - Low Earth orbit (LEO) satellite communication payloads include onboard base stations, phased array antenna systems, core networks, and laser inter-satellite links [3][11] - The report emphasizes the importance of laser inter-satellite links as a core transmission link for satellite networks, which can reduce latency compared to existing terrestrial fiber networks [3][11] Investment Strategy - The report suggests that satellite internet will be a key growth area in the communications sector, with specific companies identified as potential investment targets in core networks, access networks, and bearer networks [3][11] - Key companies mentioned include Zhenyou Technology, Xinke Mobile, and ZTE Corporation for core networks; Xinke Mobile and Shanghai Huanxun for access networks; and Fenghuo Communication and Guangxun Technology for bearer networks [3][11] Market Trends - The report notes a decline in major indices, with the media and communication indices experiencing significant drops, indicating a challenging market environment [11][12] - The report also highlights the performance of specific companies within the communication sector, noting declines in stock prices for key players [12]