Satellite internet, a network reliant on satellite communications, encompasses satellite manufacturing, launch services, ground equipment manufacturing, and satellite services. By interconnecting a substantial number of satellites, it spans globally, forming a comprehensive satellite system capable of real-time information processing. This emerging network type offers broadband internet access to both ground and air terminals.

Satellite internet supports various innovative applications, such as direct mobile connections, maritime communications, and low-altitude economies. By 2030, the market size of China's satellite internet is projected to surpass 1.2 trillion yuan.

Breakdown of Value in the Satellite Internet Industry Chain

Satellite Manufacturing
With advancements in related technologies and shifts in production models, satellite manufacturing costs have significantly declined. By 2030, China's satellite manufacturing sector is expected to exceed 80 billion yuan in market size.

Rocket Launch
The global commercial launch market is anticipated to reach $12 billion by 2025, with China's share forecast to rise to 25%. Reusable technology has become crucial, and some Chinese enterprises have achieved breakthroughs in reusable rocket technology.

Ground Equipment
Due to technological advancements like direct mobile connections, the terminal equipment market is poised for rapid growth. By 2025, satellite terminal shipments are predicted to exceed 5 million units, with consumer-grade devices outpacing industry-grade devices in market share for the first time. Additionally, the phased array antenna market is expected to reach 20 billion yuan by 2025.

Operational Services
The operational services market is vast. Data indicates that the global market size for satellite internet operational services will hit $150 billion by 2025. China's operators exhibit an ARPU value of around 100 yuan, and their user base growth rate leads the world.

From a domestic perspective, key early-stage applications include aviation internet, maritime communications, and emergency communications. These sectors are estimated to contribute over 5 billion yuan in revenue by 2026.

Growth Potential of Enterprises in the Satellite Internet Industry Chain

An enterprise's growth potential reflects its ability to continuously expand its asset size, profitability, and market share amidst changing market conditions, signifying its future development prospects.

This article is part of the [Growth Potential] series on enterprise value, analyzing 35 enterprises within the satellite internet industry chain. Evaluation indicators include revenue compound growth, non-deducted net profit compound growth, and operating net cash flow compound growth.

Note: Data is based on historical trends and does not represent future forecasts; it is provided for static analysis only and should not be construed as investment advice.

No. 10: Guoguang Electric
Industry Segment: Military Electronics
Growth Potential: Revenue compound growth -28.01%, non-deducted net profit compound growth -45.80%, operating net cash flow compound growth 36.79%
Performance Forecast: Latest forecast mean for net profit is 124 million yuan, with a mean forecast growth rate of 163.84%
Main Products: Microwave devices, contributing 61.09% of profits with a gross margin of 39.26%
Company Highlights: Guoguang Electric's products, such as space traveling-wave tubes, can be used in low-orbit satellites and communications. The core components of Hall electric thrusters have been successfully applied in space stations.

No. 9: Aerospace Electric
Industry Segment: Military Electronics
Growth Potential: Revenue compound growth -19.08%, non-deducted net profit compound growth -55.02%, operating net cash flow compound growth is negative
Performance Forecast: Latest forecast mean for net profit is 683 million yuan, with a mean forecast growth rate of 96.66%
Main Products: Connectors and integrated interconnection products, contributing 68.02% of profits with a gross margin of 38.68%
Company Highlights: Aerospace Electric offers relays, connectors, integrated interconnection products, motor and control components, and optical communication devices. It provides system integration and interconnection solution design and implementation services for aviation, aerospace, electronics, and other fields.

No. 8: Tian'ao Electronics
Industry Segment: Military Electronics
Growth Potential: Revenue compound growth -13.04%, non-deducted net profit compound growth -27.84%, operating net cash flow compound growth 142.73%
Performance Forecast: Latest forecast mean for net profit is 100 million yuan, with a mean forecast growth rate of 55.68%
Main Products: Frequency series products, contributing 65.17% of profits with a gross margin of 26.14%
Company Highlights: Tian'ao Electronics' products, such as satellite-borne atomic clocks and high-precision time synchronization equipment, are utilized in satellite internet.

No. 7: Aerospace Electronics
Industry Segment: Aerospace Equipment
Growth Potential: Revenue compound growth -23.75%, non-deducted net profit compound growth -59.44%, operating net cash flow compound growth is negative
Performance Forecast: Latest forecast mean for net profit is 642 million yuan, with a mean forecast growth rate of 17.22%
Main Products: Aerospace products, contributing 86.33% of profits with a gross margin of 21.89%
Company Highlights: Aerospace Electronics' products, including laser communication terminals, data distribution processors, and GNSS navigation subsystems, comprehensively support user equipment satellites.

No. 6: Tianyin Electromechanical
Industry Segment: Home Appliance Parts
Growth Potential: Revenue compound growth 0.63%, non-deducted net profit compound growth 126.87%, operating net cash flow compound growth -46.59%
Performance Forecast: Latest forecast mean for net profit is 105 million yuan, with a mean forecast growth rate of 16.35%
Main Products: Radar and aerospace informatization equipment, contributing 51.15% of profits with a gross margin of 31.23%
Company Highlights: Tianyin Interstellar, a subsidiary of Tianyin Electromechanical, is a domestic commercial manufacturer of star sensors, specializing in nano-type and pico-type star sensors.

No. 5: Guangku Technology
Industry Segment: Communication Network Equipment and Devices
Growth Potential: Revenue compound growth 40.71%, non-deducted net profit compound growth 22.18%, operating net cash flow compound growth 67.36%
Performance Forecast: Latest forecast mean for net profit is 106 million yuan, with a mean forecast growth rate of 58.82%
Main Products: Fiber laser devices, contributing 43.02% of profits with a gross margin of 34.32%
Company Highlights: Guangku Technology has intensified its R&D efforts in devices for data centers, AI, CPO-related fields, and high-reliability devices for satellite communications.

No. 4: Zhongci Electronics
Industry Segment: Communication Terminals and Accessories
Growth Potential: Revenue compound growth -1.01%, non-deducted net profit compound growth 55.96%, operating net cash flow compound growth -0.40%
Performance Forecast: Latest forecast mean for net profit is 671 million yuan, with a mean forecast growth rate of 24.36%
Main Products: Electronic ceramic materials and components, contributing 53.25% of profits with a gross margin of 27.35%
Company Highlights: Zhongci Electronics currently possesses key technologies related to chips and devices in satellite communications and drone applications.

No. 3: Jiayuan Technology
Industry Segment: Security Equipment
Growth Potential: Revenue compound growth 48.11%, non-deducted net profit compound growth 120.29%, operating net cash flow compound growth is negative
Performance Forecast: Latest forecast mean for net profit is 57 million yuan, with a mean forecast growth rate of 394.7%
Main Products: Network information security products, contributing 72.09% of profits with a gross margin of 64.07%
Company Highlights: Jiayuan Technology has proposed a TT&C security protection system architecture that integrates basic sharing, flexible expansion, centralized management, and distributed processing, accommodating the diverse payloads and information frame formats of different satellites.

No. 2: Sino-Star
Industry Segment: IT Services
Growth Potential: Revenue compound growth 29.49%, non-deducted net profit compound growth 4.03%, operating net cash flow compound growth is negative
Performance Forecast: Latest forecast mean for net profit is 507 million yuan, with a mean forecast growth rate of 44.22%
Main Products: GEOVIS technology development and services, contributing 77.71% of profits with a gross margin of 54.46%
Company Highlights: Sino-Star's primary products and services include offline and online digital earth products. It has independently developed the GEOVIS digital earth product, which encompasses the entire space-air big data acquisition, processing, carrying, visualization, and application industry chain.

No. 1: Zhenlei Technology
Industry Segment: Analog Chip Design
Growth Potential: Revenue compound growth 8.04%, non-deducted net profit compound growth is negative, operating net cash flow compound growth 7.27%
Performance Forecast: Latest forecast mean for net profit is 145 million yuan, with a mean forecast growth rate of 710.66%
Main Products: Power management chips, contributing 42.96% of profits with a gross margin of 81.00%
Company Highlights: Zhenlei Technology's power management chips have been deployed in low-orbit communication satellites, regional protection, early warning, space target surveillance radars, and other fields.