卫星互联网行业点评之八：两大星座组网进入常态化，把握产业投资趋势窗口期

Investment Rating - The industry investment rating is "Overweight," indicating that the satellite internet industry is expected to outperform the overall market [21]. Core Insights - The satellite internet industry is entering a phase of normalized constellation networking, which is anticipated to accelerate the closure of business models. The "Qianfan Constellation" has completed three batches of 54 satellite launches, and the first low-orbit constellation has been successfully deployed. This is expected to lead to a new round of satellite manufacturing tenders, driving performance in core supporting companies [10][17]. - Long-term, space assets are becoming a new competitive hotspot among major global powers, with increased national investment expected to drive industry development. Since 2018, commercial aerospace in China has transitioned from an introduction phase to a rapid development phase, with ongoing breakthroughs in satellite manufacturing and rocket launch technologies [17]. - Short-term catalysts in the satellite internet sector are expected to continue, with further launches and tenders anticipated, providing a solid foundation for sustained growth in the industry [17]. Summary by Sections Industry Overview - The report highlights significant advancements in rocket technology, which are expected to reduce satellite launch costs rapidly. A successful test of a 220-ton thrust hydrogen-oxygen engine marks a milestone in China's heavy-lift rocket capabilities, paving the way for the development of reusable launch vehicles [23]. Key Companies to Watch - The report identifies several key companies across various segments of the satellite industry, including: - Satellite communication operations: China Satellite Communications - Ground stations and control: Zhenyou Technology, Zhongke Xingtou, Qiyi Er, Changjiang Communication - Application terminals and chips: Haige Communication, Mengsheng Electronics, Hualichuantong, 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 [3]. Financial Projections - The report includes a valuation table for key companies, projecting net profits and P/E ratios for the years 2023 to 2026, indicating growth potential in the sector [25].