来源：洞察IPO 在埃隆・马斯克旗下SpaceX于全球商业航天赛道成功领跑的同时，国内商业航天产业也同步按下"加速 键"。 近日，成都国星宇航科技股份有限公司（简称：国星宇航）向港交所递交主板上市招股书，国泰君安国 际为独家保荐人。 按应用领域，卫星可分为通信卫星、导航卫星、遥感卫星、算力卫星。 世界范围来看，截至2024年，全球约有11000多颗在轨运行卫星，其中通信卫星共8681颗占比最高，为 75%；算力卫星尚在加速布局。 当前，数字时代的技术进步使得计算能力成为经济增长的重要推动力，就像农业时代的水利，工业时代 的电力一样，算力已成为推动经济转型升级的核心生产力。 美国方面，初创公司Starcloud公司2025年6月宣布，计划在25年8月将一颗体积约1.2立方米的算力卫星 上天，搭载4颗英伟达H100芯片、峰值性能可支持每秒处理800GB遥感数据，但目前仍未实现。 而在国内，国星宇航已经通过整合AI有效载荷与AI算力，率先于太空部署AI智算卫星。 2025年5月，国星宇航成功发射了全球首个由12颗AI智算卫星组成的AI智算卫星星座，推动实现"天感 地算"（数据传回地面处理）向"天数天算"（太空数据在 ...

Core Viewpoint - The article discusses the emergence of Chengdu Guoxing Aerospace Technology Co., Ltd. (Guoxing Aerospace) as a significant player in the commercial space sector, aiming to become the first commercial aerospace stock in Hong Kong, with a focus on AI satellite technology and space computing capabilities [2][21]. Company Overview - Guoxing Aerospace has submitted its listing application to the Hong Kong Stock Exchange, targeting to be the "first commercial aerospace stock" in the market [2]. - The company is one of the few in China that covers the entire satellite value chain, including design, manufacturing, launch, and operation [2]. - It successfully launched the world's first space computing constellation in May 2023, marking a significant milestone in the industry [2]. Market Position - According to data, Guoxing Aerospace ranks second among Chinese private commercial aerospace companies managing the complete satellite value chain, with a market share of 22.1% based on projected 2024 revenue [2][11]. - The company leads in the number of AI satellites launched, having deployed 27 satellites, 21 of which are AI satellites, making it the top private aerospace firm in this category in China [6][11]. Technological Advancements - Guoxing Aerospace focuses on two types of AI satellites: AI application satellites and AI computing satellites, the latter serving as powerful computing resources in space [6]. - The company has launched the first AI application satellite in December 2018 and the first AI computing satellite in February 2024 [6]. - The recently launched AI computing constellation consists of 12 satellites, each with a maximum computing power of 744 TOPS, collectively achieving 5 POPS of space computing capability [7]. Financial Performance - The company has shown rapid revenue growth, with projected revenues of 1.77 billion yuan in 2022, 5.08 billion yuan in 2023, and 5.53 billion yuan in 2024, reflecting a compound annual growth rate of 76.6% [21]. - Despite the growth in revenue, the company has reported net losses of 909 million yuan in 2022, 1.39 billion yuan in 2023, and 1.77 billion yuan in 2024, indicating it is still in a critical development phase [24]. Investment and Financing - Guoxing Aerospace has completed ten rounds of financing since its establishment, raising nearly 2 billion yuan, with a significant increase in valuation from 95 million yuan to 6.7625 billion yuan over seven years [12][16]. - The company has attracted investments from notable entities, including Hongtai Fund and Xinghe Group, which have a background in real estate [12][16]. Industry Context - The commercial space sector in China is expected to exceed 600 billion yuan by 2028, driven by favorable policies and market conditions [21]. - The global competition in space computing is intensifying, with major players like the U.S. and Europe investing heavily in space data centers and AI capabilities [25][30].

Core Viewpoint - The company is transitioning from a "digital earth technology pioneer" to a "space and sky information ecosystem builder," with a strategic plan called "one body, two wings" aimed at achieving comprehensive coverage of space and earth information [1][3]. Group 1: Strategic Development - The company aims to solidify its core advantages in the geographic information industry while leveraging artificial intelligence to evolve from data processing tools to intelligent decision-making platforms [3]. - The "one body, two wings" strategy includes a focus on geographic information as the core, with commercial aerospace and low-altitude economy as the two wings, indicating a systemic business restructuring and strategic upgrade [3][4]. - The company has set ambitious goals to grow from a current scale of 3 billion yuan in annual revenue, 30 billion yuan in market value, and approximately 3,000 employees to a target of 100 billion yuan in revenue, 1 trillion yuan in market value, and 10,000 employees over the next five years [3]. Group 2: Commercial Aerospace Initiatives - The company has made significant progress in the commercial aerospace sector, including satellite constellation construction, satellite and rocket manufacturing, and space information application services [4]. - By investing in upstream satellite and rocket component manufacturers, the company has enhanced its capabilities in aerospace electronic systems manufacturing [4]. - The company has established a "flywheel" effect in its commercial aerospace business model, where increased satellite deployment leads to more data, customers, and profitability, reinforcing its competitive edge [4][5]. Group 3: Low-altitude Economy Development - The company launched the "Star Map Low-altitude Cloud 1.0" version, marking its initial foray into the low-altitude economy [6]. - A comprehensive low-altitude infrastructure solution has been developed, covering planning, safety assurance, collaborative regulation, flight services, and application scenarios [6]. - The company anticipates that the low-altitude economy will reach a commercialization phase by 2025, transitioning from experimental zones to operational networks driven by market forces [6].

Investment Rating - The report maintains a "Recommended" rating for the communication industry [3] Core Insights - Space-based computing is transforming the traditional "ground-based computing" model into a new paradigm where data processing occurs in orbit, significantly enhancing efficiency and reducing data wastage [8][19] - The market for space computing is vast, with applications expanding from remote sensing to real-time scenarios like vehicle networking and drone clusters, potentially opening up a trillion-dollar market [5][19] - The report highlights the advantages of space computing, including energy efficiency, superior thermal management, and modular deployment, which collectively address the challenges of energy consumption, density, and scalability in AI infrastructure [19][25][26] Summary by Sections 1. Breakthrough in Space Infrastructure - Space-based computing allows satellites to evolve from mere sensing platforms to intelligent entities capable of data processing and storage [8] - Traditional models waste significant amounts of data due to bandwidth limitations, with only about 4% of data from solar monitoring satellites being utilized effectively [8][11] - The transition to "space-based computing" enhances real-time task capabilities and has broad strategic value [8][12] 2. Domestic and International Case Studies - Starcloud, a U.S. startup, plans to launch the first AI satellite equipped with NVIDIA H100 by 2025, aiming to create a gigawatt-scale orbital data center [5][39] - The "Three-Body Computing Constellation" in China, launched in May 2025, features 12 intelligent satellites with a total computing power of 5 POPS, marking a significant advancement in space computing capabilities [5][44][49] 3. Outlook for Ground Communication Operators - Putian Technology is transitioning to become a provider of space-based information infrastructure, focusing on low-orbit satellite communication and high-reliability satellite manufacturing [5][30] - The report suggests that space computing can provide new perspectives for industries like finance and disaster monitoring, with significant market potential [5][19] 4. Investment Recommendations - The report recommends focusing on satellite ground operators like Putian Technology, which show significant marginal improvements [5][19]

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The "Trinity Computing Constellation" plan aims to build a space-based intelligent computing infrastructure with over 2,800 satellites, transitioning from "ground-based computing" to "space-based computing." The company is expected to play a key role in this initiative [3][4] - The company has core advantages and deep layouts in ground networks and satellite communications, positioning it to become a major satellite operator. It is also involved in satellite terminals and ground stations [3][12][14] - The demand for PCB boards is expected to surge due to the recovery of military orders, with the company being the largest manufacturer of military PCBs in China [14] Financial Summary - The projected revenues for 2025, 2026, and 2027 are estimated at 65.04 billion, 74.91 billion, and 83.14 billion respectively, with net profits of 2.54 billion, 3.40 billion, and 4.21 billion [15][20] - The earnings per share (EPS) are forecasted to be 0.37, 0.50, and 0.62 for the years 2025, 2026, and 2027 respectively [15][20] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 62, 47, and 38 [15][20]

Core Insights - The launch of the "021" mission marks the first deployment of the "Star Computing" plan by Guoxing Aerospace and the inaugural launch of the "Three-Body Computing Constellation" led by Zhijiang Laboratory [1][4] Group 1: Mission Overview - The "Star Computing" plan aims to establish a network of 2,800 computing satellites in space, interconnected with over 100 ground computing centers, creating an integrated computing network [1] - The mission successfully deployed 12 satellites, achieving a maximum single-satellite computing power of 744 TOPS (trillions of operations per second) and an overall in-orbit computing capability of 5 POPS (quintillion operations per second) with 30 TB of storage [1][4] Group 2: Technological Advancements - The satellites are equipped with onboard intelligent computing systems and inter-satellite communication systems, enabling them to perform in-orbit computing and establish a space-ground integrated network [1][5] - Each satellite carries a space-based model with 8 billion parameters for processing satellite data in orbit, facilitating tasks such as inter-satellite laser access and astronomical observations [1][5] Group 3: Strategic Importance - The launch represents a significant breakthrough in transitioning from "ground computing" to "space computing," addressing the increasing demand for real-time computation in space [5] - The establishment of a space computing constellation is expected to enhance the computing power of individual satellites from T-level to P-level, fostering profound changes in the aerospace industry [5][6] Group 4: Future Developments - The "Star Computing" plan's second group of satellites is currently in the design and development phase, with Guoxing Aerospace's satellite team working on more powerful satellite models [7]