Core Perspective: Satellite industry is a core composition of space economy. With the fierce competition around space resources from various countries, the strategic value of the satellite industry is prominent. It is expected that during the "14th Five -Year Plan" period, under multiple factors such as national policies, technological upgrades, and external events catalyzed , my country's satellite launch will still advance rapidly. The core component links in the upstream of the industrial chain and the user terminal and application service industry in the middle and lower reaches will benefit in depth. It is recommended that Jiayuan Technology, Puchang Technology, Chinese Navigation, and Aerospace Gallery are recommended. It is recommended to pay attention to China Haida and Zhongke Star Chart .
satellite industry Overview: an important composition of the aerospace industry, extensively penetrated into the fields of downstream governments, military, civilian, etc. As the most widely used spacecraft, the most rapidly developed spacecraft, the number of satellite launch accounts for more than 90%of the total number of spacecraft launch. The satellite industry formed is the core composition of the space economy, and the income scale accounts for more than 70%of the space industry. The industrial chain covers four branches: satellite manufacturing, satellite launch, ground equipment and operation services. At present, the satellite industry has been widely penetrated into the fields of scientific research, technical experiments, and people's livelihood services in the downstream. According to the field of application, satellites can be divided into communication satellite , navigation satellites, remote sensing satellite , etc. Globally, communication satellites are the largest components (64%), and remote sensing satellites in our country are the largest largest major as the largest. Composition (53%). According to the target of the playback, satellites can be divided into commercial satellites, military satellite , government satellite, civilian satellite, etc.; Global perspective, commercial satellite Large composition (38%). According to the rail level, satellites can be divided into low -orbital satellite , mid -track satellites, and high -orbital satellites. In recent years, the number of global low -orbital satellites has increased high, becoming the main composition of satellite launch.
Driver factors: policy, technology and other factors resonance, and the satellite industry ushered in the golden development period. As the track and spectrum resources required for satellite operation are scarce, exclusively , and the principle of first -first -first -il -first -first -fore -fned, all countries have stepped up the satellite industry, and the value of industrial strategy has gradually become highlighted. In terms of policy, reviewing the "13th Five -Year Plan", the national strategic emerging industry development plan emphasizes the formation of a relatively complete satellite and application industry chain in 2020. During this period, my country's satellite launch has been significantly accelerated; Industry development planning, digital economy development planning, and national emergency system planning, all of which have requested the application innovation of space infrastructure construction and application innovation in the direction of communications, navigation, remote sensing, etc. It is expected that the ability to apply downstream industry applications in the satellite industry in my country will be further strengthened. Technically, in recent years, satellite development has evolved towards miniaturization and standardization. The cost is optimized to the foundation of satellite batch launch and networking. Small satellite is widely used and has been valued by multiple countries. Layout can be reused to use rocket development. It is expected that the launch cost will be further controlled to support high -frequency satellite launch.
Star Chain Program: The Star Chain Plan has commercial and military application value. my country has stepped up the construction of the satellite Internet. The American SpaceX Company proposed the Star Chain Program in 2014, which is expected to launch 42,000 satellites to build an -day communication system to provide Internet services. As of August 2022, the Star Chain plan has launched a total of 3208 satellites, accompanied by the advancement of future launch, or further exacerbating issues such as resource competition and space congestion in near -ground rail bands. In terms of commercial applications, Star Chain adopts monthly fee+terminal receiver charging model, with more than 400,000 global users. At present, it mainly serves North American and European users; Spacex has also recently joined forces Telecom operators T-Mobile, announcing that mobile phones and stars will be realized Chain satellite direct connection, supports SMS, images and voice calls. The development of the Star Chain plan has been supported by the U.S. military. The Air Force, the Army, and the Space Development Agency and the Star Chain Satellite have conducted multiple cooperations. According to media reports such as the PLA, China National Defense News , in the future, Star Chain Satellite may replace GPS to provide the U.S. military with the U.S. military. Distributed speed data communication, the star chain satellite is also expected to carry military loads to perform military tasks. In view of the impact of the star chain satellite on the global space economy and its profound military value, my country has also stepped up multiple constellation plans.In April 2021, China Satellite Network Group Co., Ltd. was established to engage in satellite Internet design and construction and operation. As the core force of the development of the satellite Internet industry, it is expected to promote the linkage between constellation plans in my country in the future. Combined with the satellite launch of the "14th Five -Year Plan" year, we expect that the number of satellite launch in the "Fourteenth Five -Year Plan" period will remain at a high speed.
Industry disassembly: High upstream technology thresholds, middle and downstream terminals and application services are the core of the output value of the satellite industry. In 2021, the global satellite industry scale reached 279 billion US dollars, of which the satellite manufacturing, launch service industry, ground equipment manufacturing, and satellite service industry were 137/57/1420/118 billion US dollars. Essence The output value distribution of the satellite industry in my country is similar to the global. The field of satellite applications. In 2020, the revenue scale in the fields of navigation, communication, and remote sensing is 4033/723/8.2 billion yuan, respectively. In the upstream manufacturing session, due to the high threshold and complex craftsmanship, it is mainly undertaken by national teams such as Aerospace Technology Group. In recent years, commercial forces have also participated in and mainly focused on low cost. Essence In the upstream launch session, the Long March Lange Rocket has an international reliability and cost -effective advantage, and commercial aerospace launch services are also struggling to explore. In the midstream equipment link, the fixed/mobile ground station plays an connection role. The user terminal has a low standard entry threshold, the market demand is diversified, and the number of participating companies is large. Process process; in the communication terminal, the world's first Beidou short newspaper chip has been developed, providing support for smartphone satellite communication. In the downstream application session, the application of satellite navigation and location service industry is wide, large -scale, and rapid development; satellite communication service industry is expected to further accelerate penetration driven by mobile communication; Under the rapid iteration, it is widely used in the government, national defense, people's livelihood and other fields.
Investment suggestion: During the "14th Five -Year Plan" period, under the catalysis of multiple factors such as national policy, technological upgrades, and external events, it is expected that my country's satellite industry, especially the core components of the upstream, and the terminal and application service industry in the middle and lower reaches. Fast development. In terms of satellite navigation, with the opening of the global satellite navigation system of Beidou III, the Beidou application will develop marketization, industrialization, and internationalization. The industrial ecology is expected to continue to improve. In terms of communication, in the global satellite communications development boom, my country relies on the Tiantong satellite mobile communication system to get rid of foreign dependence. The world's first Beidou short newspaper chip announced the completion of the development. Huawei Mate50 mobile phone is the first to support satellite communication functions as consumer terminals. Under this catalytic, my country's satellite communication penetration rate is expected to improve rapidly; in terms of satellite remote sensing, remote sensing data service strategies are significant, and they are widely penetrated into the fields of government, national defense, and people's livelihood. It is expected that downstream demand is strong. It is recommended that Jiayuan Technology, Laochang Technology, Chinese Navigation, and Aerospace Gallery are recommended.
risk reminder: Satellite launch progress is not as expected, satellite and rocket development technologies are less than expected, satellite application service value cannot be fulfilled as expected, market competition has intensified, and listed companies' product and technology research and development progress is not as expected to expect
