通信行业周专题：卫星密集催化迎质变，企业通信底部待修复！

Investment Rating - The report maintains a "Positive" investment rating for the telecommunications industry, particularly focusing on satellite communications and unified communications sectors [1]. Core Insights - The commercial aerospace sector is entering a transformative phase, with significant attention on satellite catalysis. Companies like Yuanxin are expanding overseas, with commercial applications beginning to take shape [1][2]. - The "Qianfan Constellation" project is expected to provide mobile direct connection services by 2030, with a projected market space of 114.1 billion by 2035 [2][17]. - The report highlights the undervaluation of Yilian Network as a core asset, with a dividend payout ratio of 87.9% and a current market capitalization corresponding to a dividend yield of 3.8% [3][24]. Summary by Sections 1. Commercial Aerospace - Yuanxin Satellite has signed a memorandum of cooperation with Brazil's TELEBRAS to provide satellite communication services, marking a significant step in its overseas business [1][8]. - The "Qianfan Constellation" has successfully launched 36 operational satellites and aims to provide global satellite internet services by 2025 [9][19]. - The report emphasizes the importance of the upcoming Hainan commercial launch site, which is expected to support low Earth orbit satellite internet construction [19][22]. 2. Mobile Direct Connection Services - The mobile direct connection satellite service is a key focus, with Starlink's service expected to create a substantial market space, estimated at 141.1 billion by 2035 [17][18]. - The report outlines the growth trajectory of satellite numbers and the increasing percentage of satellites supporting direct-to-cell (D2C) services from 5% in 2024 to 100% by 2030 [18]. 3. Unified Communications - Yilian Network is highlighted as a core asset with strong growth potential, reporting a revenue increase of 27.5% year-on-year for the first three quarters of 2024 [24][25]. - The company has established a strong partnership ecosystem with major platforms like Microsoft Teams, enhancing its market position in the cloud video conferencing sector [28][33]. - The report notes the advantages of cloud video conferencing over traditional systems, including lower costs and broader compatibility with devices [30]. 4. Related Companies - The report identifies several key companies in the satellite internet and unified communications sectors, including Zhenyou Technology, Shanghai Hanhua, and Qian Zhao Optoelectronics, which are expected to deliver performance in line with market expectations [4][23].