20231126_东方证券_国防军工行业卫星互联网产业系列报告：卫星互联网蓄势待发星辰大海_26页.pdf
|SpaceX GW 1.3 G60 1296 1.2/SpaceX 9 24 6 SIA 25 447 21-25 CAGR 11.2%53%18%12%70%(688375)(600879)(300762)(002446)(300101)(001270)(688270)(002025)(300123)(688523)(300455)(688776)(688636)(300053)(300516)(300342)(600118)(603131)(300416)(688053)(301306)(688682)(688283)&(688539)(688543)(003009)(605123)(603809)(600343)(688102)(002465)(300045)(600877)(300252)(002829)(002413)(002583)(688311)/2023 11 26 021-63325888*6126 S0860510120021 021-63325888*4036 S0860518100001 021-63325888*2900 S0860520070002 S0860522080002 2024 2023-11-22 23H1 2023 2023-09-13 2023-08-30 2 1.4 1.1.4 1.2“”.5 1.3.8 2.11 2.1.11 2.1.1 11 2.1.2 13 2.2.13 2.2.1 13 2.2.2 17 3.19.23.23 ZXCXzQnQoNrQoQtQnQsNpOaQcMbRsQpPpNpMfQpOmNlOtRzQ8OqRnOvPsPmNMYqMrR 3 1.4 2.6 3 SpaceX“”.6 4 NGSO“”.9 5.11 6.11 7.12 8.12 9“9”.15 10 SpaceX“”.16 11.17 12.18 13.19 14.19 15.20 16.21 17.21 1.4 2“”.7 3.8 4 11 12.9 5 11 12.10 6.11 7.13 8“”“”.13 9.14 10 2020“”9.14 11.15 12 SpaceX.17 13.19 14.22 4 1 1.1 1 15 510 1 5 To G To B To C 2022 300 60 2020 23.6%2022 94.3%5G/To G To B To C 1.2“”2022 6+2 SpaceX 2019 2020 5 2020 10 1.5 2022 12 2 SpaceX Starshield Starlink 3 1.5 3 SpaceX 7 SpaceX GPS GPS GPS/4 2/8 数据来源：“星 链”星 座军事 化应用 浅 析（黄杰 等），东方证 券研究 所 85%5%1.3 50km 3002000 km 17.5 Ku Ka Q/V Ku Ka Ku Ka Q SpaceNews 5 3 L 12 GHz S 24 GHz C 48 GHz,X 812 GHz Ku 1218 GHz Ka 26.540 GHz Q/V 36 46 GHz/46 75 GHz 0.110THz:(ITU)LEO NGSO 9 1)9 11 2)2019 WRC-19 NSGO Ku Ka Q/V 7,7 ITU 4 NGSO Radio Regulations 4 11 12 StarLink Space X 11927 340/550/1150km Ka/Ku/V 2023 11 12 5057 OneWeb Eutelsat Group OneWeb Eutelsat 6372+1280 1200/8500km Ka/Ku/V 2023 3 2023 11 12 634 FCC 2026 8 2029 10 Kuiper 3236 590/610/630km Ka 2023 10 7 2023 11 12 2 FCC 2026 7 1618 Lightspeed Telesat 196 1000/1248km Ka/2026 Spaceflight Now Oneweb Telesat GW G60 1.3 GW TP/OBP TP/2023 11 5 11 12/GW 12992 508km/590km/600km/1145km 2020 9 ITU G60 1296 12000/2019 11 17 24 2427 25 648 GEN1 2627 648 GEN2 Galaxy 2025 1000 5001200km 2022 3 5 02 2023 7 03 2030 300 300km 2023 9 2023 2023 7 9/S 2023 11 23 11 2 2.1 20Gbps 100200 1Gbps 20 5 6 Starlink 2.1.1 50 G60 300/35%2021 40%70%80%10 6 Starlink 50 204 8 OneWeb 60 408 13/G60/300 12 6.8/50%50%30%70%7 57 8/2900/4.2 GW ITU 7 1.3 1857/57 18572600/8 200/240/100/300500/50%30%20%50%70%80%0%10%20%30%40%50%60%70%80%90%100%13 G60 300/2.1.2 OneWeb Starlink GaN GaAs T/R SpaceX 7-55 125 883-55 125-55 125-40 85 0 70 T/R 55 13 504 29 2.2 2.2.1 SpaceX 8“”“”2015 2015 1 1 2015 12 2016/2016 4 2017/2017 3 2018 2018 2 2 2018 2 2019 14 9 C/D 9 B 5/9 2017 5000/3/200kg 600 23 24 SpaceX 9 9 LEO/kg/kg 9 22.8t 2900 2.06 100t 200 0.14 Kuiper Atlas 20t 3700 2.59 RS1 1.3t 8888 6.22 Oneweb-2.1B 8.2t 6400 4.48 GSLV-MK 10t 4200 2.94 SpaceX 21 7,2020 9 Space X 9 5000 9 1500 9 9 1 12 8 10 2020 9 9 3000 60%-1000 20%1000 66.6%500 10%-40 0.8%40 2.6%460 9.2%460 30.6%5000 1500 9“”9 9 15 9 9,11 SpaceX Merlin/57%100%/40%100%BE-4/65%100%16 SpaceX 9 SpaceX 4 RCS 10 SpaceX-8R 2025-1 2024 2025 2024 SpaceX Falcon 9 Grasshopper F9R Dev 9 17 12 SpaceX 2010 6 4 9 V1.0 2010 12 8 9 V1.0 2012 9 21 1.8 2012 11 1 5.4 2012 12 17 40 2013 3 7 80 2013 4 17 250 2013 6 14 325 2013 8 13 250 2013 10 7 744 2014 4 17 9 250 2014 5 1 9 1000 2014 6 13 9 1000 2014 8 1 9 2014 8 22 9/2014-2015 9 V1.1 10 2015 1 10 9 V1.1 2015 4 14 9 V1.1 2015 12 21 9 V1.2 2016 1 17 9 V1.1 2016 3 4 9 V1.2 2016 4 8 9 V1.2 2017 3 30 9 V1.2 2018 2 6 2018 5 11 9 Block5 9 Block5 100 2.2.2 2023 1 10 15 45 LEO 200km 180 2023 1 1 10 13 SpaceX 70 9 4 Falcon-Heavy b5 LEO 200km 1780 SpaceX 11 18 2024 6 24 6 4 16 32 LEO 7.6 243.2 0.2 1200 02 190Kg V1.0 260Kg 12 19 3 2025 447 2021 1816 24.28%2017-2021 11.98%SIA 2021 292.5 2025 446.92 2021-2025 11.2%13 14 SIA SIA 90%5G 13 2-4(VSAT)(NOCs)(SNG)(FSS):(BSS):;(MSS);7.49%13.29%13.62%10.44%0%2%4%6%8%10%12%14%16%01002003004005002021 2022E 2023E 2024E 2025E 45%48%50%51%52%46%45%44%42%40%7%5%4%5%6%2%2%2%7%2%0%20%40%60%80%100%2018 2019 2020 2021 2022 20 15/21 16 70%70%17 70%15%8%7%22 14 T/R ADC/DAC T/R SiP 23(688375)(600879)(300762)(002446)(300101)(001270)(688270)(002025)(300123)(688523)(300455)(688776)(688636)(300053)(300516)(300342)(600118)(603131)(300416)(688053)(301306)(688682)(688283)&(688539)(688543)(003009)(605123)(603809)(600343)(688102)(002465)(300045)(600877)(300252)(002829)(002413)(002583)(688311)24 1%(688636)1%25 Tabl e_Disclai mer 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
