格隆汇1月30日丨云南锗业(002428.SZ)公布，预计2025年归属于上市公司股东的净利润1,500万元～ 2,200万元，比上年同期下降71.75%～58.57%，扣除非经常性损益后的净利润-1,350万元～-680万元。 报告期内，随着国内低轨通信卫星组网的推进，光伏级锗产品需求增加，该产品销量同比大幅增加；本 期光通信市场景气度提升，公司化合物半导体材料磷化铟产品销量增加；本期光纤级锗产品、红外级锗 产品（镜头、光学系统）订单量增加使得销量同比增加。在产品价格及成本变动方面，报告期内，受原 材料市场平均价格上涨的影响，使得材料级锗产品、光纤级锗产品、光伏级锗产品、红外级锗产品（毛 坯及镀膜镜片）和化合物半导体材料的销售均价及单位成本均较上年同期上升，但单位成本的增长大于 销售价格的增长。上述产品的销量、价格以及成本的变动使得公司本期营业收入增加但综合毛利率下 降。 ...

Core Viewpoint - Su Dawei Ge (300331.SZ) has signed a strategic cooperation framework agreement with Shanghai Yudi Optoelectronics, a leading domestic manufacturer of precision optical lenses and systems, focusing on semiconductor equipment and satellite laser communication systems [1] Group 1: Company Overview - Shanghai Yudi Optoelectronics specializes in large-diameter aspheric optical lenses and systems, serving major clients in the semiconductor and commercial satellite sectors [1] - The company has experienced rapid growth in order volume and sales, benefiting from the trend of domestic semiconductor production and the development of commercial aerospace and low-orbit communication satellite industries [1] Group 2: Strategic Cooperation - Su Dawei Ge has made an investment in Shanghai Yudi through equity participation, securing rights such as priority subscription, purchase, and acquisition [1] - The collaboration will focus on innovative technologies and industrial development needs in the precision optical lens and system field, involving joint R&D, priority procurement under the same conditions, expanded investment, industrial integration, and resource sharing [1] - The partnership aims to leverage each other's strengths to enhance the self-controllable capabilities of the supply chain and industry chain [1]

Group 1 - The core point of the article is the strategic cooperation between Su Dawei Ge (300331.SZ) and Shanghai Yu Di Optoelectronics Co., Ltd., focusing on precision optical lenses and systems for semiconductor equipment and satellite laser communication [1] Group 2 - Shanghai Yu Di is a leading domestic manufacturer of precision optical lenses and systems, benefiting from the trend of semiconductor localization and the growth of commercial aerospace and low-orbit communication satellite industries [1] - The main products of Yu Di include large-diameter aspheric optical lenses and systems, with key clients in the semiconductor equipment and commercial satellite sectors [1] - Su Dawei Ge has invested in Yu Di through equity participation, establishing rights such as preemptive subscription, purchase, and acquisition [1] Group 3 - The cooperation will involve joint research and development, priority procurement under the same conditions, expansion of investment scale, industrial integration, and sharing of industry resources [1] - The partnership aims to leverage each other's strengths to enhance the self-controllable capabilities of the supply chain and establish an effective information and resource-sharing mechanism [1]

Core Insights - The report focuses on the development trends of the satellite internet industry, analyzing the global competitive landscape and opportunities for China, highlighting low Earth orbit (LEO) communication satellites as a core direction with significant investment value [1][2]. Group 1: Global Competition and China's Position - The competition for space resources is intensifying, with the US and China as the main competitors. As of September 2025, there are 15,621 satellites in orbit globally, with the US holding 10,490 (67.15%) and China only 951, indicating a significant gap [1][11]. - SpaceX's Starlink has over 10,000 satellites in orbit, covering more than 100 countries and regions, with 7 million active users, demonstrating a closed commercial model [1][6]. - China is accelerating its efforts with plans for the GW constellation and the Qianfan constellation, targeting over 25,000 satellite launches, with 188 satellites expected to be launched in 2024, entering a phase of intensive networking [1][2]. Group 2: Trends in Low Earth Orbit Communication Satellites - Low Earth orbit satellites are becoming the mainstream trend in the industry due to their low latency, high bandwidth, and cost-effective advantages, making up 89% of global satellites, with 73% being communication satellites [1][10]. - The implementation of direct satellite-to-phone technology is underway, with major manufacturers like Apple and Huawei deploying related features in high-end models. The Ministry of Industry and Information Technology plans for over 10 million satellite communication users by 2030 [1][2]. Group 3: Factors Driving China's Commercial Space Development - China's commercial space sector is entering a new phase driven by policies, capital, and technology. The government has classified commercial space as a strategic emerging industry, with numerous incentive policies introduced at both central and local levels [2][25]. - In 2023, over 22,000 new companies were registered in the commercial space sector, accounting for 82.4% of the total industry, indicating a strong influx of private capital [2][29]. - The launch of the Hainan commercial launch site enhances the efficiency of satellite launches, supporting the networking efforts [2][36]. Group 4: Investment Opportunities - Investment suggestions focus on three main areas: satellite internet networking and operators, satellite manufacturing companies, and core component manufacturers [2][10]. - Key components such as phased array antennas, inter-satellite laser communication, Hall-effect thrusters, and flexible solar wings are highlighted as high-value segments benefiting from industry growth [2][10].

Investment Rating - The report suggests a positive outlook on the satellite internet industry, emphasizing the rapid development and competitive landscape between China and the US in this sector [2]. Core Insights - The satellite internet industry is entering a new phase of rapid network deployment, with China aiming to launch over 25,000 satellites as part of its GW and Qianfan constellations, positioning itself as a strong competitor to the US [2][11]. - Low Earth Orbit (LEO) communication satellites are identified as the future trend for satellite internet, with significant advancements in technology and applications expected [2][35]. - The report highlights the importance of key components in satellite manufacturing, such as phased array antennas and electric propulsion systems, which are expected to see increased demand as the industry scales [2][4]. Summary by Sections 1. Acceleration of China's Satellite Internet Efforts - The US leads in the number of operational satellites, with 10,490 out of 15,621 globally, while China has 951 [5][9]. - China's satellite launch frequency has increased significantly, from 70 satellites in 2020 to 188 in 2024, showcasing its rapid growth in this sector [6][10]. - The report outlines four key factors driving the commercialization of China's space industry, including supportive policies, private capital influx, major constellation plans, and the establishment of commercial launch sites [21][22][26]. 2. Low Earth Orbit Communication Satellites as a Trend - LEO satellites dominate the current satellite landscape, with 89.5% of operational satellites being LEO types, primarily for communication purposes [12][17]. - The report emphasizes the competitive nature of low Earth orbit frequency resources, with countries racing to secure advantageous positions [35][36]. - The demand for satellite communication is expected to surge, particularly with the advent of direct-to-device (D2D) technology, which allows smartphones to connect directly to satellites [42][46]. 3. Evolution of China's Satellite R&D Landscape - China's satellite manufacturing has transitioned from government-led initiatives to a market-driven approach, with significant contributions from private companies [2][21]. - The report details the historical development of China's satellite capabilities, highlighting key milestones from the 1970s to the present [3][25]. - The establishment of commercial launch sites, such as the Wenchang Satellite Launch Center, is enhancing China's launch capabilities and reducing costs [31][34]. 4. Focus on Key Components in Satellite Manufacturing - The report identifies critical components in satellite manufacturing, including phased array antennas and electric propulsion systems, which are expected to see increased demand as the industry scales [4][19]. - The cost of satellite manufacturing is projected to decrease as production scales up, with a focus on effective payloads [2][4]. - The report highlights the importance of technological advancements in satellite components, which will create new opportunities in the market [4][19]. 5. Investment Recommendations - The report advises investors to focus on satellite internet network companies and operators, as licensing and scale advantages will be key competitive factors [2]. - It also recommends attention to satellite manufacturing companies and critical component suppliers to capitalize on the rapid growth of the satellite internet sector [2].