Group 1 - The demand for computing power is surging both domestically and internationally, with Huawei reporting that AGI will be the most transformative driving force in the next decade, predicting a 100,000-fold increase in total computing power by 2035 [3] - China's "Star Computing Plan" aims to deploy 2,800 satellites to build a computing network, with the first 12 satellites of the "Trinity Computing Constellation" successfully launched, marking the entry into the networking phase [3] - By 2030, the "Trinity Computing Constellation" is expected to expand to a scale of 1,000 satellites, achieving a total computing power of 100 billion billion operations per second [3] Group 2 - The satellite internet sector is accelerating in China, providing integrated services across air, space, land, and sea, which can expand traditional internet services to larger areas and promote cross-domain information integration [4] - The Satellite ETF (159206) is the first and largest of its kind in the market, with a fund size of 1.063 billion yuan as of September 17, 2025 [4] - The Ministry of Industry and Information Technology has released a draft for mandatory national standards for intelligent connected vehicles, establishing a safety baseline for product functionality and interaction [3]

联通获卫星移动通信业务经营许可，继续强 CALL 商业航 天 20250908 摘要 中国联通获卫星通信运营牌照标志着卫星互联网从国家战略转向商业运 营，加速手机直连卫星等应用落地，利好应急、海事及偏远地区通信。 中国低轨道卫星组网显著提速，2025 年已发射 71 颗卫星，远超 2024 年全年 10 颗，后续高频发射将加速"星网"组网进程。 商业火箭领域，长 12 和长 8GAI 已常态化使用，民营火箭企业获 G60 项目支持，大运力火箭首飞在即，火箭运载能力将进一步提升。 震有科技与运营商合作建设信关站核心网系统，受益于卫星通信业务爆 发，按人头收费模式预计带来显著业绩增长，刚果金 15 亿美元订单亦 构成支撑。 超捷股份受益于商业火箭拐点，股价已翻倍，主业汽车零部件业绩改善， 同时绑定蓝箭、天兵等领先企业，并成立子公司超杰智法进军机器人领 域。 卫星生产制造环节，臻镭科技、诚达科技和信科移动具备长期发展潜力， 信科移动与蓝箭宏擎合作加强，巩固其行业地位。 空天计算市场潜力巨大，卫星调度算力市场空间保守估计 500 亿，中性 估计 700 亿，乐观估计 1,200 亿，普天科技深度参与"星算计划"，具 ...

Investment Rating - The investment rating for the company is "Recommended" [6] Core Views - The company is positioned as a leader in the satellite internet sector and is part of the "national team" focused on advancing satellite communication technology. It aims to develop a comprehensive technology system integrating air and space, with significant growth potential in emerging industries such as AI computing and low-altitude economy [4][6] - The company reported a revenue of 2.024 billion yuan for the first half of 2025, a year-on-year decrease of 16.96%, and a net profit attributable to shareholders of -21 million yuan, compared to a profit of 39 million yuan in the same period last year [1][2] Summary by Sections Financial Performance - The company experienced a significant decline in revenue across its main business segments: public network communication down 9.04%, private network communication down 27.16%, and smart manufacturing down 11.32%. The overall gross margin decreased to 14.14%, down 3.45 percentage points year-on-year, with the smart manufacturing segment's gross margin dropping by 6.48 percentage points due to rising precious metal prices [2] - Despite the profit pressure, the net cash flow from operating activities improved significantly compared to the previous year, indicating better cash flow management [2] Business Strategy - The company is actively pursuing strategic emerging industries, particularly in the field of space computing. It has successfully launched China's first fully interconnected space computing satellite constellation, marking a significant milestone in its growth strategy [3] - A strategic cooperation agreement was signed with Helium Star Light Technology Co., Ltd. and Beijing Yixin Technology Co., Ltd. to establish a joint R&D center focused on building a space computing constellation and developing high-speed data transmission technologies [3] Financial Forecast - The projected net profit attributable to shareholders for 2025-2027 is estimated at 108 million, 145 million, and 201 million yuan, respectively, with corresponding PE ratios of 161X, 120X, and 87X [4][5] - The expected revenue growth rates for the years 2025 to 2027 are 10.5%, 10.7%, and 10.9%, respectively, indicating a recovery trend after the current downturn [5][10]

Core Insights - The successful launch of the "Zhuque-2" rocket on May 17 marks the initiation of the second phase of the "Tiansuan Constellation" project, with the "Beiyou-2" and "Beiyou-3" satellites entering their designated orbits [1] Group 1: Project Overview - The "Tiansuan Constellation" is an open-source space computing experimental platform, with the second phase planning to launch a total of 24 satellites focusing on advanced fields such as space computing, 6G networks, and intelligent remote sensing [1] - The first batch of satellites in this phase, "Beiyou-2" and "Beiyou-3," were developed by Beijing University of Posts and Telecommunications in collaboration with Changsha Tianyi Research Institute [1] Group 2: Technological Innovations - The development team overcame key technological challenges related to the reliability of space servers, real-time capabilities of hyperspectral cameras, and the stability of laser communication systems in orbit [2] - Significant technological breakthroughs have enabled the satellites to possess deep payload integration and dynamic optimization capabilities, addressing issues such as unreliable computational supply, poor timeliness of remote sensing data, and limited communication bandwidth [2] Group 3: Future Developments - Following the launch, the satellites will conduct a series of frontier technology experiments in satellite internet, including inter-satellite high-capacity laser communication and dynamic tuning of satellite laser communication payload rates [2]