1. Profound changes have taken place in satellite launch mode and manufacturing mode: driven by SpaceX and other companies, rocket, satellite and other manufacturing modes have changed from traditional customization to batch, the traditional launch manufacturing cost has been greatly reduced, communication satellites can be networked quickly at low cost, and satellite communication technology facilities can quickly complete global coverage.
2. The high-throughput trend of satellite communication is obvious, the bandwidth cost is reduced, the user threshold is reduced, and the popularization of satellite communication related applications will be accelerated: in 2022, high-capacity (high-throughput) satellites will account for 50% of the total satellite bandwidth in the world; Around 2022, China's broadband satellite capacity demand will also reach more than 1TB, and the bandwidth cost will be greatly reduced, which is conducive to driving the popularization of applications.
3. Private enterprises have joined the field of satellite communication and application, breaking the national team model: Civil Aerospace has developed rapidly. In addition to supplementing the traditional satellite communication in terms of satellite infrastructure, private enterprises are more active in exploring the business model
4. What areas are worth investing in?
1) Rocket manufacturing and launch: commercial rockets take orders for payloads such as commercial satellites or national satellites as the main profit model. However, due to China's unique institutional factors, national satellite orders are not expected to be the main revenue channel of commercial rockets at present, so liquid, large driving force Recyclable rocket manufacturers (reducing launch costs) are the development focus of commercial rocket manufacturing and launching enterprises in the future, so the power system will become the key link of rocket manufacturing.
2) Communication satellite manufacturing: the number of LEO satellites is expected to be large, and the onboard core hardware will benefit first. Communication satellites and payloads are communication repeaters and antennas (phased array antenna and fixed multi beam antenna). Driven by the demand for Ka band high-throughput satellites, phased array antenna has the advantage of economies of scale. Relevant scientific research institutes and companies of spaceborne phased array antenna include Shanghai Institute of microsystems and information technology, 54 institutes, Chengchang Technology ( Shenzhen H&T Intelligent Control Co.Ltd(002402) ), etc, In addition, satellite core parts manufacturers Beijing Ctrowell Technology Corporation Limited(300455) , Jiangsu Leike Defense Technology Co.Ltd(002413) , etc.
3) Communication satellite application: ground receiving hardware terminal (satellite receiving antenna, handheld terminal, etc.) and application services. Especially before serving high-throughput satellites, Satcom communication is mostly used in professional high-value fields such as emergency, navigation and aviation, and relevant beneficiary companies include Guangzhou Haige Communications Group Incorporated Company(002465) , Hwa Create Corporation(300045) , Zhejiang Shengyang Science And Technology Co.Ltd(603703) .
5. Communication sector view
1) Continue to focus on recommending high growth sectors such as it main equipment, communication + new energy, network security, Internet of vehicles application and military communication.
2) This week, we mainly recommend undervalued stocks: Unisplendour Corporation Limited(000938) , Jiangsu Zhongtian Technology Co.Ltd(600522) , Willfar Information Technology Co.Ltd(688100) , Black Peony (Group) Co.Ltd(600510) (acquisition of Aite energy layout thermal energy management business), TCL technology, Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Beijing Sinnet Technology Co.Ltd(300383) , Goldcard Smart Group Co.Ltd(300349) , Aisino Corporation(600271) , Hangzhou Anysoft Information Technology Co.Ltd(300571) , Zte Corporation(000063) , Guangzhou Haige Communications Group Incorporated Company(002465) and other companies.
6. Risk tips
The development of underlying related technologies is slow, and the development of satellite applications is less than expected.
