卫星互联网行业点评之七：星座组网进入常态化，行业景气持续上行

Investment Rating - The report gives an "Overweight" rating for the satellite internet industry, indicating a positive outlook for the sector compared to the overall market performance [14]. Core Insights - The satellite internet industry is experiencing a continuous upward trend, driven by recent successful satellite launches and the establishment of a stable satellite constellation network in China [2][3]. - The strategic significance of satellite internet is highlighted, as it represents a new form of productive force that will accelerate development, with increasing government investment and technological advancements in satellite manufacturing and rocket launching [3]. - The industry is expected to transition from thematic investment to industrial investment, with a focus on the core supply chain benefiting from performance realization as satellite constellations are deployed [3]. Summary by Sections Recent Developments - The successful launch of the Long March 12 rocket and the third batch of the Qianfan satellite constellation has increased the number of operational satellites to 54 [1]. - The launch activities are expected to accelerate, with multiple satellite launches planned, enhancing the market activity in the satellite sector [2]. Market Trends - The commercial model of the satellite industry is gradually closing, with significant activity in both the launch and application segments, including partnerships for satellite communication services in underserved regions [2]. - The industry is poised for growth, with anticipated further launches and bidding activities, indicating a solid foundation for continued price increases [2][3]. Key Focus Areas - Key companies to watch include: - Satellite communication operators: China Satcom - Ground station and control: Zhenyou Technology, Zhongke Xingtou, Qiyi Er, Changjiang Communication - Application terminals and chips: Haige Communication, Mengsheng Electronics, Huali Chuantong, Xinwei Communication - Satellite payloads: Shanghai Hanyun, Xinke Mobile, Chuangyi Information - Satellite antennas: Guobo Electronics, Aerospace Huanyu, Shenglu Communication, Chengchang Technology, Zhenlei Technology - Satellite units: Jiayuan Technology, Tianyin Electromechanical, Aerospace Zhizhuang, Aerospace Electronics, Zhimingda, Galaxy Electronics, Qianzhao Optoelectronics - Complete satellites: China Satellite, Shanghai Huguang - Rocket manufacturing: Bolite, Sruixin Materials [4].