卫星互联网行业系列深度报告之三：手机直连加速落地，卫星互联网蓝海开启

Investment Rating - The report rates the satellite internet industry as "Positive" [1] Core Insights - Mobile direct satellite connectivity is key to the popularization of satellite internet, offering three major advantages: expanded usage scenarios, vast market potential, and shared costs across the industry chain [2][4] - The mobile direct satellite technology is expected to evolve through three main implementation models, with the NTN (Non-Terrestrial Network) system likely becoming the mainstream technology in the future [3][48] - China has significant advantages in developing mobile direct satellite technology, supported by institutional, industrial, and market factors, which could create a market worth over 100 billion annually by 2030 [4][5] Summary by Sections Mobile Direct Satellite Connectivity - Mobile direct satellite connectivity enhances user and terminal integration, allowing smartphones to access both terrestrial and satellite networks without changing user habits [22] - The technology expands usage scenarios, replacing traditional relay modes in maritime and aviation, and creating new applications in emergency services and outdoor activities [29][30] Market Potential - The global mobile user base exceeds 5.6 billion, with the mobile direct satellite market projected to reach $66.8 billion in the next decade [35][36] - In China, the potential market for mobile direct satellite services could cover 1.7 billion users [35] Industry Chain and Investment Opportunities - Key players in the space segment include Shanghai Hanhua, Chengchang Technology, and China Satellite, while ground segment players include Haige Communication and Aerospace Universe [5] - The report suggests focusing on companies involved in satellite manufacturing, user terminal devices, and operational services as they are expected to benefit from the accelerating commercialization of mobile direct satellite technology [5]