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国泰海通|通信:低轨星座加速组网,信关站建设蓄势待发——信关站行业专题研究
国泰海通证券研究·2025-06-13 13:40

Core Viewpoint - The acceleration of GW and G60 satellite constellations will continuously release demand for ground stations, benefiting not only hardware providers but also satellite control services, indicating a rapid development phase for the industry [1]. Group 1: Industry Overview - The domestic low Earth orbit (LEO) satellite constellation is accelerating, leading to an increase in the prosperity of the ground station industry, which is rated as "overweight" [1]. - The integration of space and ground is a typical feature of 6G communication, with ground stations playing a crucial role in data landing, protocol conversion, and network management [1]. - The construction of 28,000 LEO satellites will create substantial demand for ground stations, making the pace and scale of ground station construction a key indicator of the commercialization process of satellite constellations [1]. Group 2: Market Dynamics - A complete ground network is essential for the commercial success of satellite constellations, as demonstrated by SpaceX's Starlink program, which synchronizes its network construction with hundreds of ground stations [2]. - The launch of the first batch of ground station antenna systems for the G60 constellation in March 2025, with a total value of several hundred million yuan, marks a significant step in China's LEO satellite internet construction [2]. - The emergence of the "Ground Station as a Service" (GSaaS) model is driven by cost pressures and the pursuit of efficiency, allowing third-party companies to invest in and operate ground stations, thus reducing overall industry construction costs [2]. Group 3: Investment Recommendations - Companies that are deeply involved in the early-stage verification and standard-setting of GW and G60 constellations, have secured core orders in bidding, possess integrated delivery capabilities, and are forward-looking in GSaaS operations are expected to benefit significantly from the current industry trends [3]. - These companies are likely to build a "technology + customer" moat, continuously delivering performance amid the upcoming order release trend and benefiting from both industry explosion and structural optimization [3].