商业航天：卫星应用多点开花加速拓展

Investment Rating - The industry rating for the defense and military industry is "Recommended" [1] Core Insights - The core of commercial aerospace is satellite applications, which are fundamentally space data services. The integration of satellite applications with technologies like 6G and AI is accelerating, leading to a proliferation of new business experiments [2] - The number of satellite launches is expected to grow by 100%-200% annually during the 14th Five-Year Plan period, driven by advancements in domestic reusable rocket testing [2] - Satellite direct connection for mobile phones and vehicles is anticipated to become mainstream applications in the consumer market, with satellite computing transmission scheduling emerging as a key component in the cloud computing market [2] - The development of satellite internet and satellite IoT is expected to complement each other, addressing communication needs in areas where terrestrial networks are unavailable [3] - By 2030, global satellite IoT connections are projected to exceed 300 million, with the market size potentially reaching the hundred billion dollar level, driven by technological maturity and cost reduction [3] Summary by Sections Event Overview - The launch of commercial trials for satellite IoT services in China aims to enhance market supply and stimulate industry vitality [1] - Huawei's upcoming devices are expected to feature satellite connectivity, marking significant advancements in satellite communication technology [1] Analysis and Judgment - The integration of satellite applications with emerging technologies is leading to innovative business models and applications [2] - The trend of satellite computing is emerging, where satellites will incorporate AI capabilities to enhance their functionality [5] Beneficiary Companies - Putian Technology: Involved in the "Three-body Computing Constellation" project, contributing to the development of space-based AI computing [6] - Hollysys: A key player in satellite measurement, experiencing rapid growth in commercial aerospace orders [7] - National Science and Technology Military Industry: Engaged in solid rocket engine production, transitioning to a comprehensive aerospace business model [7] - Shanghai Hanyun: Supplies communication systems for low Earth orbit satellite constellations [8] - Zhenray Technology: A core supplier of satellite internet chips and components, with significant revenue expected from satellite communication [9]