Summary of Key Points from the Conference Call Industry Overview - The commercial space industry is transitioning from the introduction phase to the early growth phase, with significant growth expected in satellite orders and launch numbers by 2026, potentially driven by the advancement of the second-generation satellite network system [1][2] - The global demand for space launches has significantly increased since 2020, with commercial rockets gradually replacing state-led rockets, particularly highlighted by SpaceX's Falcon 9 becoming a major launch force [1][5] Technological Advancements - Breakthroughs in reusable rocket technology, such as the successful launch of the Zhuque-3 rocket, have drastically reduced launch costs to below 10,000 RMB per kilogram, narrowing the gap with SpaceX's Falcon 9 [1][3] - Liquid engines are crucial for reusable rockets due to their re-fuelability and adjustable thrust, with liquid oxygen-methane being particularly suitable for commercial rocket development [3][19] Investment Opportunities - Investors should focus on the satellite internet operation and application segments, which are expected to drive future satellite launch quantities and industry scale, with market potential significantly exceeding that of rocket launches and satellite manufacturing [1][4] - The satellite communication application market is projected to be ten times larger than the rocket launch and satellite manufacturing markets, indicating substantial growth potential [4] Market Dynamics - In 2024, the commercial space launch market reached a size of $9.3 billion, with the U.S. market tripling to $6.1 billion, highlighting the rapid growth and potential of the commercial space sector [9] - China's commercial space sector is developing rapidly under policy support, but there remains room for optimization in payload capacity and launch costs compared to the U.S. [1][12] Competitive Landscape - The U.S. has established a supportive environment for commercial rocket companies through policies and funding, such as NASA's significant investments in commercial crew and cargo projects [6][7] - China has also implemented various policies since 2014 to support the development of commercial space, creating a favorable environment for emerging companies [8] Cost Structure and Economic Advantages - Commercial rockets offer significant economic advantages, with launch costs constituting 30% to 40% of total costs in typical low Earth orbit constellations. Reducing these costs is critical for enhancing economic viability [13] - The cost of launching with SpaceX's Falcon 9 has been reduced to below $3,000 per kilogram, while traditional rockets remain significantly more expensive [12][13] Future Trends - The shift from customized to industrialized satellite production is shortening development cycles, necessitating alignment between launch schedules and satellite production timelines [14] - Reusable technology is expected to significantly reduce operational costs, with methods like SpaceX's vertical recovery becoming widely adopted [15][18] Material and Manufacturing Innovations - The use of stainless steel and composite materials is increasing in the commercial space sector to lower costs and improve performance, with 3D printing technology also being utilized to reduce production cycles [22] Monitoring and Control Systems - The evolution of monitoring and control systems has transitioned to a more integrated approach, with commercial companies increasingly taking on overflow launch demands, benefiting from the growth in domestic space launch needs [23][24] Key Focus Areas for Investors - Investors should pay attention to high-value component suppliers, monitoring and control systems, and operational segments within the satellite internet industry, as these areas present significant investment potential [25]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

证券日报网讯12月4日，明星电力（600101）在互动平台回答投资者提问时表示，目前公司无产品应用 在卫星互联网的设备上。 ...

Group 1: China Satellite (600118) - China Satellite is a leading player in the domestic satellite manufacturing sector and a key support for the national satellite internet strategy, handling over 50% of domestic low-orbit communication satellite orders [1][20] - The company has a monopoly advantage in small and micro-satellite platform technology, with products covering optical remote sensing, communication, and navigation [1][20] - It benefits from the increasing density of domestic satellite launches and the acceleration of constellation networking processes [1][20] Group 2: China Satcom (601698) - China Satcom is the only domestic telecom operator with independent satellite communication resources, managing multiple commercial communication satellites and providing a global satellite communication network [2][21] - The company plays a dominant role in aviation satellite internet services, providing high-speed and stable satellite-ground connectivity for flights [2][21] - Its business model encompasses the entire chain from satellite operation to bandwidth leasing and value-added services, benefiting from the growing demand for satellite bandwidth resources [2][21] Group 3: Shanghai Huguang (603131) - Shanghai Huguang is a core player in the private satellite manufacturing sector, with capabilities in the assembly, integration, and testing (AIT) services for the G60 Qianfan constellation project [3][22] - The company has a production capacity of over 100 satellites annually, supporting the deployment of 15,000 satellites for the Qianfan constellation [3][22] - It leverages advanced welding technology and automation to meet precision manufacturing requirements, achieving a 20% improvement in weld strength compared to traditional methods [3][22] Group 4: Chengchang Technology (001270) - Chengchang Technology is one of the few companies providing complete solutions for satellite internet phased array T/R chips, focusing on GaN, GaAs, and silicon-based processes [4][23] - The company’s products are widely used in various scenarios, achieving international advanced performance levels [4][23] - It benefits from the growing demand for satellite communication chips and the domestic replacement of high-end RF chips [4][23] Group 5: Huali Chuantong (300045) - Huali Chuantong is a core supplier of satellite communication terminals, playing a key role in the satellite communication functionality of Huawei's Mate60 series [5][24] - The company’s products cover satellite communication, BeiDou navigation, and simulation testing, with significant advantages in both military and civilian sectors [5][24] - It is well-positioned to benefit from the increasing penetration of consumer-grade satellite communication terminals [5][24] Group 6: Haige Communication (002465) - Haige Communication has a complete technology system in the low-orbit satellite internet sector, providing integrated solutions from chips to terminals and systems [6][25] - The company is deeply involved in major domestic BeiDou navigation and satellite internet projects, with a strong customer base in military satellite communication [6][25] - It is positioned to benefit from the dual growth of military and civilian markets through its collaborative development model [6][25] Group 7: Qian Zhao Optoelectronics (300102) - Qian Zhao Optoelectronics is a leading supplier of gallium arsenide solar cells in the commercial aerospace sector, holding over 50% market share [7][26] - The company has achieved vertical integration from gallium arsenide epitaxial wafers to chips, with products suitable for extreme space environments [7][26] - It benefits from the increasing satellite launch volumes and the growth of the commercial aerospace industry [7][26] Group 8: Aerospace Electronics (600879) - Aerospace Electronics specializes in providing key electronic devices and control systems for satellites and rockets, serving as a core support for the aerospace industry [8][27] - The company has a strong technical reserve in inter-satellite links and high-precision measurement and control [8][27] - It is positioned to benefit from the rapid development of commercial aerospace and the increasing demand for aerospace equipment [8][27] Group 9: Zhenlei Technology (688270) - Zhenlei Technology is a core supplier in the satellite internet chip sector, with a market share exceeding 40% in satellite RF chips and power management chips [9][28] - The company has achieved breakthroughs in high-end chip domestic production, with reliability and performance reaching international standards [9][28] - It is well-positioned to benefit from the demand for satellite internet core components and the domestic replacement of imported products [9][28] Group 10: Guobo Electronics (688375) - Guobo Electronics is a leading company in the satellite phased array T/R component sector, focusing on the development of compound semiconductor devices [10][29] - The company has a complete technical system for the design, manufacturing, and testing of phased array T/R components [10][29] - It is positioned to benefit from the growing demand for high-frequency communication in satellite applications [10][29] Group 11: Zhongke Xingtou (688568) - Zhongke Xingtou is a leader in satellite remote sensing data processing and visualization, providing critical data support for satellite internet applications [11][30] - The company has a full-chain technology for satellite remote sensing data acquisition, processing, analysis, and visualization [11][30] - It is positioned to benefit from the explosion of satellite remote sensing data and the digital transformation of industries [11][30] Group 12: Siwei Tuxin (002405) - Siwei Tuxin is a leader in high-precision mapping and positioning navigation, providing integrated solutions for satellite internet applications in smart driving [12][31] - The company has a leading high-precision map database and core technology for BeiDou navigation [12][31] - It is positioned to benefit from the integration of satellite positioning technology and map data in the automotive sector [12][31] Group 13: Shanghai Huanxun (300762) - Shanghai Huanxun is a core enterprise in the military communication and satellite internet integration sector, serving as the exclusive payload supplier for the G60 Qianfan constellation [13][32] - The company has developed core technologies for 6G communication, enhancing frequency utilization and anti-interference capabilities [13][32] - It is positioned to benefit from the dual growth of military and civilian satellite communication markets [13][32] Group 14: Obit (300053) - Obit specializes in the development and production of core electronic devices for satellites, adapting to the trends of satellite miniaturization and lightweight [14][33] - The company’s products are widely used in various satellites and spacecraft, ensuring stable operation in orbit [14][33] - It is positioned to benefit from the increasing demand for satellite electronic products as commercial satellite launches rise [14][33] Group 15: Aerospace Hanyu (688523) - Aerospace Hanyu focuses on the development and production of structural components and electronic devices for satellites and rockets, serving as a key support for the aerospace industry [15][34] - The company has a complete capability from product design to mass production, meeting high reliability and precision manufacturing requirements [15][34] - It is positioned to benefit from the acceleration of satellite networking and the increasing launch density of rockets [15][34] Group 16: Tongyu Communication (002792) - Tongyu Communication is a leading company in the satellite communication antenna sector, focusing on the development of antennas for satellite and mobile communication [16][35] - The company has a complete capability from antenna design to testing, with products applied in various satellite communication projects [16][35] - It is positioned to benefit from the construction of ground facilities for satellite internet and the upgrading of communication equipment [16][35] Group 17: Tianyin Electromechanical (300342) - Tianyin Electromechanical is a core supplier of satellite attitude control system components, playing a significant role in commercial satellite systems [17][36] - The company’s products ensure stable satellite attitude and energy supply, with applications in various commercial satellites [17][36] - It is positioned to benefit from the increasing demand for attitude control system components as satellite launches rise [17][36]

12月4日，上证指数早盘探底回升，临近午盘有所回落，午后低位窄幅震荡；深证成指、创业板指早盘 探底回升，临近午盘有所回落，午后窄幅震荡；科创50指数早盘探底回升，午后一度回落，之后再度上 扬。截至收盘，上证指数报3875.79点，跌0.06%，成交额6237亿元；深证成指报13006.72点，涨0.4%， 成交额9252.47亿元；创业板指报3067.48点，涨1.01%，成交额4161.77亿元；科创50指数报1326.16点， 涨1.36%，成交额487亿元。沪深两市合计成交15489.47亿元，成交额较上一交易日减少1210.49亿元。 卫星互联网、人形机器人等概念走强 高乐股份4连板 盘面上来看，行业板块、概念跌多涨少。其中，机械设备、国防军工、电子、汽车、证券等行业涨幅靠 前；卫星互联网、人形机器人、商业航天、同步磁阻电机、工业母机等概念走势活跃。美容护理、商贸 零售、食品饮料、化工、纺织服饰、农林牧渔、教育、轻工制造等行业跌幅居前；乳业、社区团购、培 育钻石、预制菜、租售同权、旅游、海南自贸、有机硅等概念走势较弱。涨停个股主要集中在机械设 备、轻工制造、电子、公用事业、建筑装饰等行业。 50股获主 ...

Investment Highlights - The company is initiating coverage on Cankin Technology (688182) with an "Outperform" rating and a target price of 27.02 CNY, driven by the ongoing construction of 5G base stations and the expansion of application scenarios that create new demand [1] - The global market for dielectric waveguide filters is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2024 to 2033, benefiting the company as a leading domestic high-end electronic ceramic component manufacturer [1][2] - The company is optimistic about the development of new 5G application scenarios and the introduction of new HTCC customers, which sets it apart from market expectations [3] Product Development and Capacity Expansion - The company has developed eight ceramic formulation systems in the HTCC field and has completed the development and sampling of over ten types of HTCC packaging products, with a projected revenue growth of 330.01% year-on-year for the HTCC business in 2024 [2] - The production capacity is expected to exceed 750,000 units in 2024, representing a year-on-year increase of over nine times, which will gradually enhance performance as capacity is released [2] Profit Forecast and Valuation - The company forecasts earnings per share (EPS) of 0.31 CNY and 0.37 CNY for 2025 and 2026, respectively, with a CAGR of 58.9% from 2024 to 2026 [5] - Based on a 35 times price-to-earnings ratio for 2028, the target market value is estimated at 10.809 billion CNY, indicating an 11.66% upside potential from the current stock price [5]

Core Viewpoint - The launch of Blue Arrow Aerospace's "Zhuque-3" is expected to significantly enhance the confidence of downstream constellation operators in Hongqing Technology's "one-stop" satellite manufacturing and networking services, thereby accelerating the acquisition of domestic and international commercial orders [1] Group 1: Investment and Strategic Partnerships - The company plans to invest 30 million yuan in Hongqing Technology by the end of 2024 to strengthen its position in the upstream key components of satellite internet [1] - The collaboration between the company, Hongqing Technology, and Blue Arrow Aerospace is expected to create a deeper competitive advantage in the upstream satellite internet industry chain [1] Group 2: Product Development and Market Expansion - The company has established a comprehensive satellite communication product system covering the entire "satellite-ground-terminal" chain, including ground station terminals, satellite communication payloads, and terminal applications [1] - The satellite communication payloads feature satellite phased array antennas supporting Ka and Ku frequency bands, which have already achieved small-scale applications in low Earth orbit communication satellites [1] - Terminal applications focus on developing mobile antennas and have successfully expanded into emerging fields such as cross-border high-speed rail, energy IoT, and civil aviation communication [1]

证券代码：002792 证券简称：通宇通讯 编号：2025-017 广东通宇通讯股份有限公司 投资者关系活动记录表 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 上海重鼎资产 何金花 | | | 上海卓银私募 唐凯 | | | 上海尚颀投资 宋明 | | | 南京金友私募 邢磊 | | | 北京量子智能投资 廖伟棠 | | | 纵横资本 曹格 | | | 国海证券 张婉姝 | | | 光大证券 顾叙嘉 | | | 国中数控 郑文婕 | | | 上市行 赵秋红 李丹 | | 时间 | 2025 年 12 月 4 日 | | 地点 | 公司会议室 | | 公司接待人员 | 黄华 董事会秘书 | | 姓名 | 张炜亮 投资者关系经理 | | | 邓家庆 证券事务代表 | | | 公司于 2025 年 12 月 4 日接待参与本次调研活动的机构，主要 | | 投资者关系活动 | 活动内容如下： | | 主要内容介绍 | 一、参观公司展厅、测试 ...

广州海格通信集团股份有限公司 投资者关系活动记录表 编号：2025-002 号 公司紧跟产业落地步伐，继中标用户首款产品化窄带数据终端 后再次中标窄带手持终端，市场份额可期；多款终端通过在轨测试 验证，部分终端已交付用户试用；完成某信关站建设和空口自动化 测试系统部署与试运行，将有力支撑卫星数据落地、系统运营管理。 卫星互联网领域领先优势进一步巩固，蓄势待发。 2. 公司与中国移动的战略合作主要方向有哪些？ 答：中国移动作为公司的战略合作伙伴，双方已在北斗高精度 服务、芯片、终端以及卫星物联网等应用领域展开了紧密合作，正 在深化"北斗+"行业应用拓展、空天地一体化协同发展、低空基 础设施建设、车路云一体化建设、综合运维业务拓展等领域业务合 作和战略协同。公司与中国移动联合研发的北斗卫星通导融合芯片 项目荣获中国移动 2024 年度产投协同"十大标杆案例"之一，本 项目是双方共同合作研发、以构建北斗时空服务体系为使命的"中 国芯"，是大众消费领域首款"北斗短报文+北斗定位"通导融合 芯片，支持双频高精定位、北斗短信双向通信功能，正成为空天地 一体通信生态的核心底座。通过打造"技术创新共研、市场生态共 拓、人才队 ...

Core Viewpoint - The commercial aerospace sector is experiencing significant activity, driven by the successful launch of the Zhuque-3 rocket, which is expected to accelerate the development of satellite internet and commercial space initiatives in China [2][6][10]. Group 1: Market Activity - On December 4, commercial aerospace stocks saw a collective surge, with over 10 stocks, including China Satellite and Haichang New Materials, hitting the daily limit or rising over 10% [2][4]. - Notable stocks included Longzhou Co., Huarui Co., and others, with some stocks like Feiwo Technology and Zhaobiao Co. seeing increases of nearly 20% and 18%, respectively [4]. Group 2: Zhuque-3 Rocket Launch - The Zhuque-3 rocket successfully completed its flight mission on December 3, entering the designated orbit, although it did not achieve the planned recovery of the first stage [6][9]. - This launch marked several domestic firsts, including the first orbital flight of a reusable liquid oxygen-methane rocket and the integration of a nine-engine parallel liquid oxygen-methane propulsion system [6][9]. Group 3: Industry Development Outlook - Analysts predict that the successful launch of Zhuque-3 will accelerate the progress of the Tianfan satellite constellation network, with expectations for rapid development in China's commercial aerospace sector [7][10]. - The commercial aerospace industry is expected to see a compound annual growth rate of 82% in rocket capacity and 95% in satellite manufacturing over the next five years, driven by the demand for low-orbit satellite constellations [10]. Group 4: Policy Support - The Chinese government is increasingly supporting the commercial aerospace sector, with initiatives included in the 14th Five-Year Plan, emphasizing the importance of building a strong aerospace industry [10][11]. - The establishment of a commercial aerospace department by the National Space Administration indicates a commitment to integrating commercial aerospace into the national development framework [10].