国泰君安研报表示，根据美国卫星产业协会测算，2021年中国卫星互联网产业规模约为292.5亿元，预计2025年将提升至446.92亿元，2021—2025年复合增长率为11.2%，增速可观。随着我国星网和G60等星座建设持续推进，市场空间加速打开。从目前规模来看，我国卫星互联网行业尚处于发展初期阶段，产业建设主要以卫星制造和火箭发射为主，相关产业链有望持续受益。Chinese companies will provide low-orbit satellite services to Brazil.
On November 20th, Shanghai Yuanxin Satellite Technology Co., Ltd. announced that Yuanxin Satellite and Brazil's state-owned telecom company, Telecomunicações Brasileiras S.A., officially signed a cooperation memorandum. Yuanxin Satellite will provide satellite communication services to the Brazilian region, and through cooperation with TELEBRAS, it will take the lead in providing broadband internet access to remote and underdeveloped areas of Brazil, promoting the implementation of Brazil's national digital inclusion public policies by providing strategic services to schools, hospitals, and rural areas.
According to the cooperation memorandum, Yuanxin Satellite will provide formal commercial services to the Brazilian region in 2026.
GTJA research reports indicate that according to the estimates of the American Satellite Industry Association, the scale of China's satellite internet industry in 2021 is approximately 29.25 billion yuan, and it is estimated to increase to 44.692 billion yuan by 2025, with a compound annual growth rate of 11.2% from 2021 to 2025, showing considerable growth. With the continuous advancement of China's constellation construction such as the star network and G60, the market space is accelerating. From the current scale, China's satellite internet industry is still in the early stages of development, with industry construction mainly focused on satellite manufacturing and rocket launches, and the related industry chain is expected to continue to benefit.
CITIC Securities' research report pointed out that the Hainan Shangfa No.2 work station and No.1 work station are about to make their maiden flights, which is expected to drive the accelerated deployment of the GW Constellation and Qianfan Constellation. It is projected that by 2025, the two constellations will launch more than 300 low-orbit satellites. Therefore, the research report is bullish on investment opportunities in materials and components for satellite manufacturing and satellite launching processes.
Satellite internet industry chain:
Nanjing Panda Electronics Co., Ltd. (00553): The company is actively deploying core businesses such as satellites. The company's new-generation satellite communication terminal project includes software and hardware products, which support satellite communication between terminals and are applied in fields such as mobile phones, cars, ships, and planes. Subsidiary Panda Communication develops and produces timing products, and assembles products by purchasing BeiDou modules; Subsidiary Jinghua Electronics develops and produces car satellite navigation products, mainly for export business in the ODM mode.
Shanghai Fudan Microelectronics Group Co., Ltd. (01385): As an FPGA supplier, Fudan Microelectronics occupies a core position in the satellite industry chain. FPGAs (field-programmable gate arrays) are one of Fudan Microelectronics' fastest growing businesses, and these chips play a core role in communication satellites because of their programmability and flexibility. In the satellite manufacturing market, phased array T/R chips are one of the most valuable components in communication satellites. As an FPGA supplier, Fudan Microelectronics occupies a core position in the satellite industry chain.
