The domestic satellite communication industry is experiencing accelerated integration of the supply chain. Taking Tongyu Communications as a starting point, we can observe an interesting phenomenon — from chips to antennas to terminal applications, the entire industry ecosystem is rapidly closing the loop.

When it comes to core competitiveness, phased array antenna technology is the most representative. The value of supporting a single satellite ranges from 2 to 3 million yuan, accounting for 13%-20% of the total satellite cost, which means that mastering antenna technology is equivalent to locking down a key node in the entire supply chain. Ka/Ku dual-band products have passed testing and are being applied in small batches, while 28GHz millimeter-wave antennas have completed laboratory validation, reducing data center deployment costs by 30%. In the field of integrated networking, over 12 patents have been filed, gradually building a technological moat.

More noteworthy is the upstream positioning strategy. By holding a 1.83% stake in LandSpace, the company deeply binds itself to reusable rocket technology; an investment of 100 million yuan in Shanghai Yuanxin connects to the Qianfan constellation supply chain. These are not routine business collaborations but ecological bindings of the industry chain upstream and downstream through equity.

Order volume growth is the most direct validation. In 2024, the company secured 240 million yuan in terminal orders from China SatNet, accounting for 20% of that year's revenue; procurement orders for the Qianfan constellation exceeding 1 billion yuan are also underway. Although satellite business revenue of 42.8 million yuan has increased significantly year-on-year, it still accounts for less than 5% of total revenue, indicating that there is still great potential for explosive growth. It is worth noting that overseas revenue has increased to 36.5%, and the 2-kilometer ultra-long-distance transmission capability of MacroWiFi products has received order recognition in more than ten countries, including the United Arab Emirates.

From a macro perspective, under the support of the "14th Five-Year Plan," the prospects for commercial spaceflight are promising, with plans for over 28,000 satellites across three major constellations awaiting deployment. The maiden flight of the LandSpace Zhuque-1 rocket is imminent, and the significant reduction in satellite launch costs has become an expected certainty. A cash reserve of 1.5 billion yuan provides ample ammunition for subsequent expansion. Of course, the low proportion of satellite business and the progress of performance realization are variables that require ongoing observation.