April satellite Internet sector lost the military and communications industry. In April 2024, the satellite Internet concept index fell -6.88 percent, outperforming the broader market and the military and communications industries. On April 30, 2024, the satellite Internet concept index PETTM was 78.88 times, at 70.83 percent since 2021.

industry dynamics:

satellite end: domestic, Hainan's first "satellite super factory" project to accelerate the promotion, the estimated annual production capacity of 1000. Abroad, SpaceX launched the second batch of mobile phone direct-connected satellites, marking the beginning of the deployment of the direct-connected mobile phone commercial constellation.

launch end: national team: "mingfeng" 2 70-ton reusable liquid oxygen methane engine was successfully ignited several times within one hour. The sixth institute of aerospace science and technology group independently developed China's maximum thrust liquid power ignition test successfully. Long March 8 new configuration has a carrying capacity of 7 tons and has signed 16 orders. Private Rocket: Blue Arrow Space "Rosefinch 3" 10-kilometer vertical take-off and landing recovery test arrow completed final assembly, test arrow is expected to be launched in June; Tianbing Science and Technology Large Liquid Rocket Intelligent Building Base Completed and Put into Production, "Tianlong 3" Will Soon Welcome Final Installation Work and Make Its First Flight in July; dark blue Space "Nebula -1" Rocket Stage 1 Three-Aircraft State Power System Test Run Successfully Successful, lay a solid foundation for the upcoming high-altitude vertical recovery flight test and in-orbit recovery; "Gravity II" recyclable medium and large launch vehicle is expected to have its first flight capability by the end of 2025.

application end: consumer level: Huawei Pura 70 Pro, Pura 70 Pro +, Pura 70 Ultra for the first time to achieve satellite image sending function. BYD looks to the U8 off-road version as standard satellite communications, the world's first mass-produced model with Tiantong satellite communications capabilities officially on the market. Military grade: orders for star shield satellite terminals from us CopaSAT companies have surged, and us military organizations have ordered about 150 torm V3 terminals.

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. In 2024, commercial space was first written into the government work report, the first group network star successfully launched, the follow-up is expected to gradually enter the tender period and intensive launch period, in addition to 3GPP 5G R18 version will be frozen in Q2, Hainan commercial space launch site will be launched in June, the follow-up catalytic. According to the development sequence of satellite internet industry, the upstream space segment satellite manufacturing and satellite launch links will benefit first, 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 load: 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 Electrical Appliances (002025, Buy), Yaguang Technology (300123, unrated), Aerospace Huanyu (688523, unrated), etc. Satellite Platform: Aerospace Smart Equipment (300455, unrated), Guoguang Electric (688776, unrated), Zhimingda (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 Test: 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