HSBC -中国卫星供应链：太空竞赛入门读本 China Satellite Supply Chain A primer on the space race

WequantifytheTAMofsubsectoequipment,andsatellite找研报，+欣欣甜baby【xinxin找研报，+欣欣甜baby【xinxinHSBCWeprefersatellitepayofthevalueofLEOcommunicationsatellites,andwebeearlybeneficiariesasconstellationscompletethefirstphaseofbuildoutin2shouldpickuprapidly,boostingsalesforsuThisisourlatestreportontheDisrHSBC找研报，+欣欣甜baby【xinxinsupplychainsSatellitemanufacturingforsmoothsatellitecommunicationsHSBC找研报，+欣欣甜baby【xinxinofsatellitelauncheandoverseasmarkeChinaLEOsatelliDisruptiveTechnology·Equities找研报，+欣欣甜baby【xinxinWereferencepeers'PEmultiplestovalueSunway.P50%,henceweapply50xPE(50/28*28)tovalueSuRMB56.00,implying31%upside.WehaWereferencepeers'PSmultiplestovalueJushri.Peeravedevelopmentorsatel◆More-intense-than-expectedcHSBC找研报，+欣欣甜baby【xinxin 2找研报，+欣欣甜baby【xinxin...bringingopportuExhibit4.Detailedforecastsforeachsubsegment DisruptiveTechnology·Equities找研报，+欣欣甜baby【xinxintianbaby】MajorlaunchvehiclesCZ-8A,CZ12,CZ-10launchesover2016-202RMB7,000-10,000perkilMajorconstellationsSpaSinglesateliteweightSpaceSInter-satelitelinkNotyetcapabilitycommunicationterminalsnotyeV2mini:1Tbps(1,000Gbps);V3availableinlimitedcThesupplychaininvolvesmanysegments,withSpaceXpursuesdeepverticalintegrSOEandprivate-ownedcompaniescollaboratinTherearemanyplayersacrossRelativelylow.Airspace,frequencyspectrumandRelativelyhigh.Privateenterprises,reprEconomiesofscalehaveEconomiesofscalehavenotyDemandisdominatedbygovernmentraction.revenue,respectively.找研报，+欣欣甜baby【xinxin DisruptiveTechnology·Equiti找研报，+欣欣甜baby【xinxinThesesatellitescande找研报，+欣欣甜baby【xinxinDisruptiveTechnology·Equities找研报，+欣欣甜baby【xinxinChangGuangSatelite,GALAXYSPACE(underA-sharepre-IPOguidance),Genesat,ChinaSpacesat(6CH),Geespace,CASCCommercialSatelite,MinoSpsharepre-IPOguidance),ADASpace(H-shareIPOinprocess),HongqingTechnology,CTesting(301306CH),SuzhouSushiTesting(300416CH),ChengduScreenChinaSpacesat(600118CH),ChangchunUPOptotech(002338CH),XianBrightLaser(688333CH),Axicomb,ChinaAerospaceTimesElectronics(600879CH,ChinaZChengduSpaceon(002935CH),HwaCrElectron(603678CH),YaGuangChangchunUPOptotech(002338CH),HunanAerospaceHuanyu(688523CH),CASC.BeiingRelpow(300593CH),GreatMicrowave(688270CH),CETCLantian(688818CH),EverlightSpace,CChinaAerospaceTimesElectronics(600879CH),BeijingAerospaceShenzhouChinaAerospaceTimesElectronics(600879CH),ChangshuTianyin(300342CH),FujianForecam(CASC,AotianTechnology,EdriveSpace,XingchenSpace,HunanLanyue.ChinaSpacesat(600118CH),ChengduSpaceon(002935CH),GuoboElectronics(688375CH),ZheChengchang(001270CH),JiayuanScienceandTechnology(301117CH),CETCCyberspaceSecurity(0CH),JushriTechnologies(3007AntennasltranspondeCH),TroyInformation(300366CH),JushriTechnologies(300762JiangsuCaiQin(688182CH),HunanAerospaceHuanyu(688523CH),GuoboElectronicsAerospace(underA-sharepre-IPOguidance),CASC,ChineseAcademyofSciences,CETC.FiberHome(600498CH),JushriTechnologies(300762CH),LaserStarcom,HiStarlink,BlueStarOptics,ShangguangCommunication,YufanlingOptical,XingchenOptoelectronics,CASJilian,NanjingIntaneOptical.HunanAerospaceHuanyu,JingjiCommunication,StarwayCommunication,GuangzhouZhongleiElectTechnology,FinalFrontier,StarSichuanInnogenceTechnology,UbiNexus,DatangTShaanxiSirui(688102CH),WesternMetal(00214BeijingYuanliuHongyuan(603267CH),GuizhouSpaceAppliance(00NanJingGOVA(688539CH),HunanValin(001208CH),NanjingQuWuxiPaikeNewMaterials(605123CH),EssenceFastening(301005CH),GuanglianAviation(300900CH),GuizhouAviationTechnical(688239CH),XianBrightLaser(688333AVICHeavyMachinery(600765CH),ShaanxiAerospacePower(600343CH),EssenceFastening(301005ChinaRocket,CASSpace(A-shareIPOinprocess),LandSpace(A-shareISpacePioneer,Expace,Orienspace,i-Space,CACL,DeepBlueAerospaceHainanInternationalCommercialAerospaceLauSunwayCommunication(300136CH),ChinaSatelliteCommunications(601698CH),ChinaSpacesatCH),GuangzhouHaigeCommunications(002465CH),BeijingStarNeto(002829CH),ChengduMandSElectronics(688311CH),KingsignalTechnology(300252CCetcPotevio(002544CH),StarWin,CowaveCommunication,Keyidea,SatproM&CGenewTechnologies(688418CH),CICTMobile(688387CH),GeovisInsighter(874016CH)ControlCenter,Emposat,XianHuanyuSatelite,XingyiSpace,ZhongkeTianta,BeiingTianlianTT&C.ChinaSateliteNetwork,ShanghaiSpacecomSatelliteTechnology,ChinaSatelliteCommunications(601698CH),SunwaveCommunications(002115CH),ChinaTelecom(601728CH),ChinaMobile(600941CH),ChinaUnited(600050CH),SpaceStar,UnicomAirNet,CITICSatelite,FujianOcean-SkySilkRoadSaBejingBDStar(002151CH),ShanghaiHuacCH),ChengduSpaceon(002935CH),Fortune找研报，+欣欣甜baby【xinxinDisruptiveTechnology·Equities找研报，+欣欣甜baby【xinxinSatelliteconnectivityshowingupside;ChinaDisruptiveTechnology·Equities找研报，+欣欣甜baby【xinxinalimitedcoveragearea,itformconstellationstoachieveglobalcoveragedifferententerprisesandinterferenceforthesamepowerandspecificfrequencies,whichcouldrestriandleadtolowerutilisafrequencybandssuchasKa/KuanddynamicfreqUsedformeteorologicalradar,service,radiobroadStrongresistancetoraimilitarysatelitecommunicatio34equipmentminiaturisation,butrainSufficientbandwidthavailableUsedforsatellite(thousandsofMHz),supportingmili5Usedforvoice,data,E65ProvidessatellitecoHSBC找研报，+欣欣甜baby【xinxinDisruptiveTechnology·Equities找研报，+欣欣甜baby【xinxin OperatorSpaceXChinasatellitenetworkServicesBroadbandstreaming,onlinegaming,videoclls,andmoreBroadband/DTCinternetaccessBroadband/DTCServicesBroadband networkbuildingsatelites Operationalaltitude480-570km500-600km500-1145km SpectrumE-band,Ka-baOrbitalinclination53(primary),43,70DisruptiveTechnology·Equities找研报，+欣欣甜baby【xinxinAtwo-stage,medium-liftLOXrocketstanding70memanoeuvring.Together,theseenginesgradekerosene(RP-1)proroutinelaunches,withAfullyreusable,two-stageLengines,generatingovpoweredby6enginestotmanoeuvringand3Raptof5metres.High-strengthmLOX/kerosenehigh-pretonnes,andwilluseoneandthecapabilityofmQ-Single-coretwo-stagetandemconfiguration,theIn-houseTianqueseriesLOXme"CommonBoosterCoreused.Thecompany'simetresforrocketbodykeIn-houseCangqiong-50(CQ-50)LO50V).unexpectedanomalyoccuAnin-houseJiandian-2(JD-2)enginsupportingmultipleignitHSBC找研报，+欣欣甜baby【xinxin2011201320152017201920212significantcostadvChinaLEOcommunicationsatell75%over2025-30e-totaHSBC找研报，+欣欣甜baby【xinxinmanufacturing,groundequipment,andcommunicationapplicat◆Phased-arrayantennas,laserDisruptiveTechnology·Equities找研报，+欣欣甜baby【xinxin ——y-0-y-platform(RHHSBC找研报，+欣欣甜baby【xinxinMulti-beamformingandraPhasedarrayantennascangeneratemultipleT/Rbeamspointingindifswitchingbeamformingconfigurations.ThesebeamsoperateindependentlyandpossessraByadjustingthesignalampliStronganti-jammingcapaPhasedarrayantennascanconcentratethepowerofmultipleradiatingunitstoformhigh-powermodes.Aadaptivecontrolofenergydistributionandmainlobegain,tsignificantlyenhancByeliminatingthemechanicaldrivesystemsfoundintraditionalparabolicsHighreliabilityantennasreducefailurerates.FurthSatellitemodelAntennaspecificationsHSBC找研报，+欣欣甜baby【xinxin DisruptiveTechnology·Equities找研报，+欣欣甜baby【xinxinStrongani-jammingcapaAsamonochromaticlight,alaser'sphotonsmaintainhighconsistencytimeandspace.WhenusedasaninformationcarierLasersoperateatsignificantlyhigherfrequencies,typicallyachievingdatarathecapabilitiesoftraditionalsatelitemicrowavecLasersexhibitamuchsmallerdivergenceangle,enablingultra-long-distancepoint-to-pointdatatransensuressecurenetworkingbetweensatelitesbutalTheantennaforlasercommunication,serviparabolicantennas.ThisallowstheweightofspacebornelasercommunicatExhibit33.Corecomponentsofspacelalaserinterferometricranging,hyperspectralresolutionremotesensing,andcoAnoptoelectronicdeviceusedtomodulatethemodulationformatsignalsininter-Ahigh-precisionangularsensfringeprincipleofgratings,servingsatellitepaylSecondarypowersupplyApowermodulethatconvertsthe找研报，+欣欣甜baby【xinxin Groundsegment:keyinfrastructureforsmoothsatellAgroundstationisaterrestrialrelaystationthatcommuniAsperSpaceX,itoperatesgroundstationsaroundtc10,200Starlinksatesatellitegroundstation.AssumingtheratioofgroundsconstellationstotperstationisRMB100m,weestimaExhibit36.WeexpectChinaLEO找研报，+欣欣甜baby【xinxin 4.0 Satellitebroadbandservice,themainapplicationoflow-orbitcomthousandsofcommunicationsatellatencybroadbandaccessservicestoremoteararedifficultfortraditionalnetworkstocover.UsersneedtotrWeexpectChina'ssatellitebroadbandservicetoenterthecodrivenbytheacceleruserterminalsservesasoneofthekeypiecesoHSBC找研报，+欣欣甜baby【xinxinhardwareprocurementprojectforlinvitationnegotiationsforcorarraybroadbandterminalswithanequivalentcalibreof0.45mDisruptiveTechnology·Equities找研报，+欣欣甜baby【xinxinChinaSatcomoperator'stoperatorstargetedoverseasTechnicalroutesDescription5G)todirectlyconnecttoexisticonfiguretheirexistingmobilepBasedontheexistingsatelitecommunicationsystem,adualmodecellwithsatelicommunicationmoduleswillbelaunched,andmobilephonemakersintegratespecialTiantongsatelitecommuncationchipsintotheirterGlobalStarconstellatThecellphoneandsatellitenetworkstackletheissuesofsynchronization,Dopplerfrequencydeviatioloss.Itachievesasystematicbalaperformance(userspeed,satellitecapaciwhichisarelaivelyoptimalsolution.Thisroutmobilephonesolutions,whicHSBC找研报，+欣欣甜baby【xinxin HSBC找研报，+欣欣甜baby【xinxininfrastructure(Alaccelerators,storage,serv circuit,fullstorageECCfaulttolerance,triplemodularredu800.0600.0whiledomesticcompaniesarecatchingup.Wet找研报，+欣欣甜baby【xinxintianbaby】QianhaiExhibit48.Descriptionsofkcommunication,microwavecommunicationremainstheprimaryme找研报，+欣欣甜baby【xinxintianbaby】Acquiresorbitalparametersandphysicalcharacteristicparametersandcapturflightstatus(includingatitude).ItincludesopticalReceivesanddemodulatestelemetrysignalstransmparametersandenvironmentaldata.Itincludessatellitedataacquisitionequipment,encotransmitters,andground-basedreceiving,demodulating,recording,adataintothetarget'scomputer.Itincludesground-basetransmitters,transmittingantennas,andonboardcommandreceiverProcessesinformationacquiredbythecommand-and-controlcentre,andsuppliesguidanceinformationtoTcomputers,TT&Cstationcomputers,microcoEnablespersonneltomonitorsatelitelaunchesandreal-timefightconditionsforcIncludesmonitoringdisplaystations,largescreens,televisionmonitors,andvariousrecordiProvidesaunifedtimeandfrequencyreferencetovariousTT&CequipmenmConnectscommandcentresatalllevelsanandimage.Includessourceterminals,userterminals,datatransmissionequipmenPreciselyprocessesorbitalandtelemetrydata,providingprocesseddataredepartments.Thissystemincludescomputers,interpretationequipment,tape/diskrecordingandequipment,printinganddisplayequipment,spectrumanalysisequipment,datastoraMaterialsusedforrocketmanufacturingmustpossesscharacteristicssuchaslightwhigh-temperatureresistance.Rocketbodystructutitaniumalloys;fairingsoftenadoptcarbonfibrecompositesandpolyestusuallyemployInconel,ceramics,andphenolicresins.PropellantsareprimRocketnavigation,propulsion,communication,andpowermanagementsystemsrequirehighlyreliaerospace-gradeelectroniccompotemperatures,andtheharshspaceenvironment.Exampleonboardcomputers,aerospace-grademultilayerceramiccapacitorThesupportingstructureassemblythatbearsvariousloadssystems,andpropulsionsystemsintoastreamlinedwhole.Takiexample,thestructuremainlyconsistsofthefairing,instrumentcompartment,propellGenerateshigh-speedjetsbycombustingpropellreaction).Ittypicallycomprisesthemainpropulsionsystem(generatingmassivelif-offthrust),pressandfeedsystem(supplyingfuel),andauxiliarypropulsionscorrection).Primarilyconsistsofguidanceandnavigationsystems,atitudecdistributionsystems.Throughonboardcomputersandsensors(e.g.gyroscopes),itctrajectoryinrealtimeandsendscArocketlaunchsite(orspaceport)isadedicatedfacilityforassemblinintospace.ToleverageEarth'srotaReferstotheserviceofdeliveringvariousarificialsatorbits.Acompletelaunchserviceprocessincludesnotonsupportsuchassatellite-rocketmatching,launchsitecSatelitecommunicationisawirelesscommunicationmethodthatusesstationstoforwardradiowaves,therebyenablingcommunicationbetweenmultprovidemultimediaaccessincludingvoice,video,data,andinternetconnectivity,offeringadvaflexiblenetworking,reliablelinks,widesignalcoverage,andnogeographicalsectorssuchaspublicsecurity,emergencyreswithadvancementsinaerosPositioningreferstocalculatinganddeterminingtheabaltitude)ofapersonorobjectthroughasNavigationreferstodeterminingthecurrentpositionanddesireddestination,andcondirection,heading,speed,andpathguidancetostTimingreferstoacquiring,maintaining,anddistributingaprecisetimereferencesyncCoordinatedUniversalTime(UTEarthobservation(orremotesensingofEarth)issensingsensorsmountedoaboutthephysical,chemical,andbiologicalsystemsofEarth'ssurface,atmospherByacquiringmulti-spectralandmulti-temporalimageryanddenvironmentalmonitoring,urbanplanning,disasterpreventionandmitigation,andclimatechangeresearch.找研报，+欣欣甜baby【xinxintianbaby】Thefollowinganalyst(s),economist(s),orstrateOurratingsarere-calibratedagainstthesebandsatintargetpriceorestRatingdistributionforlong-term/gbm/financial-requlation/investment-recommendations-disclosures找研报，+欣欣甜baby【xinxintianbaby】HSBC&AnalystdisclosuJUSHRITECHNOLOGIES9AcoveringaHSBCanditsafflateswiRule2241orFINRARule2242rQianhai找研报，+欣欣甜baby【xinxintianbaby】andexpertiseofourresearchanalysts,ensuringcompl找研报，+欣欣甜baby【xinxintianbaby】HSBCBankplc;HSBCDIFC;HSBCBankMiddleEastLimited,DuShanghaiBankingCorporati