商业航天行业深度报告：手机直连卫星市场长坡厚雪，商用进程逐渐加速

Investment Rating - The report recommends a focus on the mobile direct satellite market as a core method for satellite internet to reach the general market, suggesting significant market demand for satellite and commercial rocket industries [4]. Core Insights - The mobile direct satellite market has a vast potential, with a projected demand of $67 billion from 2023 to 2030 for the mass market alone. It is expected to play a crucial role in various applications, including emergency communication and commercial use [1][22]. - The commercial process for mobile direct satellites is currently in a phase where customized mobile direct connections are predominant, with significant advancements in existing satellite and communication technologies [3][4]. - The report highlights three main technical paths for mobile direct satellite connections: customized mobile direct, existing terminal access, and 3GPP NTN technology, each with its own advantages and challenges [2][43]. Summary by Sections 1. Mobile Direct Connection: A Huge Market Space - Mobile direct satellite is seen as the core method for satellite internet to penetrate the general market, with a significant user base and application potential [1][10]. - The demand for mobile direct satellite services is driven by the need for stable connections in areas lacking ground network coverage, with a notable gap between mobile phone ownership and internet access in various regions [22][24]. 2. Three Working Modes of Mobile Direct Connection - Customized mobile direct connections involve modifying mobile devices to support satellite communication, allowing for rapid deployment and commercial viability [43]. - Existing terminal access leverages current mobile devices without modification, relying on partnerships with ground mobile operators to facilitate satellite connections [44]. - 3GPP NTN technology aims to unify standards for satellite and terrestrial networks, representing a significant future direction for mobile direct satellite services [44]. 3. Industry Status - The report notes that domestic dual-mode mobile phones are rapidly being deployed, while overseas existing mobile direct connections are on the verge of significant growth [3]. - Key companies in the industry, such as SpaceX and ASTS, are making strides in deploying satellite constellations and achieving commercial service licenses [3][4]. 4. Investment Recommendations - The report suggests focusing on core companies involved in satellite manufacturing, ground systems, and terminal applications, recommending specific companies such as Shanghai Hanxun and Zhenyou Technology for investment [4][5].