通信行业深度报告：北斗导航：产业/功能/政策齐推进，北斗规模应用开启

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1] Core Insights - The completion of the BeiDou network has led to advancements in applications, functionalities, and policies, enabling global coverage for high-precision positioning, navigation, and timing services [2] - The satellite navigation industry chain is well-established, with a complete overall structure supported by multiple companies, enhancing positioning accuracy through ground-based and satellite-based systems [2] - The market for satellite navigation and positioning services is projected to exceed 1 trillion RMB, with BeiDou's value surpassing 500 billion RMB in 2023, indicating a strong growth trajectory [2] Summary by Sections 1. Completion of the BeiDou Network - The BeiDou system has achieved global coverage, with high-precision positioning capabilities, and has undergone significant functional upgrades to serve more application scenarios [2][5] - The BeiDou system's development has been structured in three phases, culminating in the completion of the BeiDou III system by the end of 2020, which has broken foreign technological monopolies [11] 2. Industry Chain and Market Potential - The satellite navigation and positioning service industry is experiencing robust growth, with a reported value of 536.2 billion RMB in 2023, reflecting a 7.09% increase from 2022 [63] - The BeiDou system is becoming a standard feature in consumer products, with over 98% of smartphones supporting BeiDou navigation [66] 3. Key Companies to Watch - Recommended companies for investment consideration include Haige Communication, Beidou Star, Sinan Navigation, Zhenxin Technology, Tianao Electronics, Huace Navigation, and Electronic Science and Technology Chip [3] 4. Applications and Innovations - The BeiDou system is facilitating the development of low-altitude economies and is integrated with 6G technology to promote innovation in the spatial information industry [68][69] - The system's capabilities extend to global search and rescue services, enhancing its utility in emergency situations [72]