In March, the satellite Internet sector outperformed the military and communications industry, and the sector was more resilient than the broader market. In March 2024, the satellite Internet concept index trend and the broader market convergence, elasticity is stronger than the broader market, March rose by 8.24 percent, outperforming the broader market and the military, communications industry. On March 29, 2024, the satellite Internet concept index PE-TTM to 82.04 times, at the 80% level since 2021.

industry trends:

satellite end: space-time channel space-borne large-scale expandable phased array antenna is planned to be launched as early as the end of the year, meeting the requirements of mobile phone direct-connected satellite communication, serving a large amount of mobile phones in stock, and filling the gap of domestic mobile phone direct-connected satellite load.

launch end: domestic, national team and private rockets have made major breakthroughs. National team: Changba has been fully transferred to the first flight test stage, with the first flight expected in the second half of 24 years. The two reusable rockets of aerospace science and technology are respectively planned to fly for the first time next year. The "Mingfeng" No.2 reusable engine of Aerospace Science and Industry Rocket Company has been successfully tested in a multi-condition system.

private rocket: blue arrow spaceflight's first magpie a engine will be delivered and assembled, and rosefinch 2 02 batch of yaoyi launch vehicles will begin full arrow assembly. Tianlong No.3 has successfully delivered nine engines of the first sub-stage, and the first large liquid rocket dedicated to xingwang will fly in July. Abroad, the starship continued to iterate rapidly, and the third test launch was successfully put into orbit, making significant progress. In addition, Jianyuan Science and Technology plans to jointly carry out a new mode exploration test of using reusable rocket technology to deliver express packages with Taobao, and the application scenario of commercial rockets has been broken through again.

application side: domestic, millet car application satellite-related patents, this year or into the first year of satellite communications scale on the car.

abroad, the FCC approved the regulatory framework for mobile phone satellite direct connection, to promote the United States mobile phone satellite direct connection service to lay the foundation.

2023 China's commercial aerospace ushered in the real first year, the industrial chain began to mature, infrastructure is more and more perfect, the demand is gradually clear. Commercial space was first written into the government work report in 2024. The satellite Internet high-orbit satellite 01 was successfully launched. The subsequent satellite Internet industry is expected to gradually enter the bidding period and intensive launch period. In addition, the 3GPP 5G R18 version will be frozen in Q2, and the Hainan commercial space launch site will be launched in June, with continuous catalysis. According to the development sequence of satellite internet industry, the upstream space segment satellite manufacturing and satellite launching links are the first to benefit, followed by the ground segment network construction equipment and application terminals. it is suggested to pay attention to the core suppliers of each link of the industrial chain:


satellite manufacturing: satellite payload: guobo electronics (688375, unrated), aerospace electronics (600879, unrated), Shanghai Hanxun (300762, unrated), Shenglu Communications (002446, unrated), Zhenxin Technology (300101, unrated), Chengchang Technology (001270, unrated), Zhenlei Technology (688270, unrated), Aerospace Electric Appliance (002025, Buy), Yiguang Technology (300123, unrated), Aerospace Huanyu (688523, unrated), etc. Satellite platform: aerospace Smart Equipment (300455, unrated), Guoguang Electric (688776, unrated), Zhi Mingda (688636, unrated), Aerospace Micro (300053, unrated), Jiuzhiyang (300516, unrated), Tianyin Electromechanical (300342, unrated), etc. Satellite assembly: China Satellite (600118, unrated), Shanghai Shanghai Engineering (603131, unrated), etc. Satellite testing: su Test (300416, unrated), Cisco (688053, unrated), Western Test (301306, unrated), Holewo (688682, unrated), Kun Heng Shunwei (688283, unrated), etc.

satellite launch & rocket development: gaohua technology (688539, unrated), national science and technology military industry (688543, unrated), zhongtian rocket (003009, unrated), parker new material (605123, unrated), haoneng shares (603809, unrated), space power (600343, unrated), sri new material (688102, unrated), etc.

ground equipment: Hagrid communication (002465, unrated), huali chuangtong (300045, unrated), electric chip (600877, unrated), jinxinnuo (300252, unrated), star net yuda (002829, unrated), reko defense (002413, unrated), hytera (002583, unrated), mengsheng electronics (688311, unrated), etc.

Risk

Policy support is less than expected; satellite industry infrastructure and development is less than expected; technology development is less than expected