Guosheng: Laser communication may be the "core infrastructure" of the new generation of commercial aerospace. Focus on the industrial deployment and cost breakthrough of the industry.

Guosheng released a research report stating that the technology of high-speed communication between satellites and ground based on laser as the signal carrier is rapidly developing. Due to its ability to provide greater communication capacity, it has become a key development direction for future space information networks. In terms of applications, laser communication is used to build global coverage "space-based Wi-Fi" for low-orbit constellations. Currently, the domestic laser communication industry is facing dual competition from time and international competitors. The cost of a single traditional laser communication terminal within the system exceeds tens of millions, while emerging companies have reduced their costs to the level of millions through industrial innovation, with a significant decrease in costs. Guosheng's main points are as follows: Defining a new era: Laser communication is an essential new cornerstone for low-orbit constellations. Due to its high brightness, strong directionality, and excellent monochromaticity, laser has become an ideal communication carrier. Although microwave technology widely used in satellite communication is mature and reliable, it is difficult to meet the increasing data transmission demands. Therefore, the technology of high-speed communication between satellites and ground based on laser as the signal carrier is rapidly developing, as it can provide greater communication capacity, making it a key development direction for future space information networks. Technical mechanism: Dynamic link establishment and intelligent scheduling empower high-speed inter-satellite networks. Satellite internet uses laser to construct high-speed "information highways" between satellites. Each satellite needs to establish connections with the surrounding four satellites: links within the same orbital plane are relatively fixed, while links between satellites in different orbital planes need to be dynamically established and disconnected due to the relative movement of satellites. In sparse satellite constellations, orbit prediction combined with scanning is needed to capture and establish connections; in high-density constellations like "star chains", satellites can achieve "on-the-go access" similar to Wi-Fi within the optical field. The entire system also requires a complex set of routing and switching protocols to schedule these high-speed links and address dynamic changes in network topology. Application blueprint: From global seamless coverage to integrated smart services in the air and space. Laser communication has built a global "space-based Wi-Fi" for low-orbit constellations. It not only provides broadband coverage and low-latency communication anytime and anywhere but also connects land, sea, sky, and space into a real-time responsive intelligent network through inter-satellite links. It has become an essential digital lifeline, enabling rapid communication recovery in disaster areas and delivering education and medical resources to remote areas. In the future, leveraging the advantages of fast and collaborative revisits by low-orbit satellites, its functions can surpass traditional communication and transform into "space sentinels" and "navigators," expanding into new application scenarios such as Earth observation, meteorological monitoring, and high-precision positioning, demonstrating significant potential for multiple uses and dynamic networking. Industrial competition: Large-scale deployment and cost breakthroughs drive opportunities in the trillion-dollar market. The domestic laser communication industry is facing dual competition from time and international competitors. Space orbit and frequency resources are limited, and international rules have clear time limits for deployment. Currently, China has planned grand constellation projects such as GW (13,000 satellites), Qianfan (15,000 satellites), and Honghu Sanhao (10,000 satellites) for a total of approximately 38,000 satellites, but the number of satellites in orbit still lags significantly behind the international advanced level. To achieve global seamless coverage, it is necessary to rely on large-scale deployment. The cost of a single traditional laser communication terminal within the system exceeds tens of millions, but emerging companies have reduced the cost to the level of millions through industrial innovation, with a significant decrease in costs. Even so, with tens of thousands of satellites and multiple terminals per satellite, this is still a huge market worth hundreds of billions. Cost reduction and efficiency improvement, as well as accelerated mass production, are key to winning the race on the high-speed space information highway. Investment advice: Focus on six companies in the following two camps. National camp: Core support within the system, benefiting from top-level planning and stable demand. China Aerospace Times Electronics (600879.SH): The company focuses on the research and development of information and unmanned system equipment, leading in key areas such as inertial navigation, telemetry, telecommunication, and microelectronics, maintaining a high proportion of core supporting units. Guobo Electronics (688375.SH): The company is a leading supplier of phased array T/R components and RF chips in China, with the ability to deliver in bulk. Its technology based on compound semiconductors is at the international advanced level. Fiberhome Telecommunication Technologies (600498.SH): The company is a global leader in information communication network products and solutions, focusing on optical communication. It is leading in areas such as optical transmission and fiber optic cables, with a full industry chain capability from chips to systems. Private camp: Leading edge technology in niche fields with high flexibility and innovation vitality. Jushri Technologies, Inc (300762.SZ): The company is one of the few innovative enterprises with both independent core intellectual property and a deep understanding of industry customer needs. Its products cover private network broadband communication chips, communication modules, terminals, base stations, application systems, forming a full industry chain layout of "chips-modules-terminals-base stations-systems," achieving independent controllable research and development. Great Microwave Technology (688270.SH): The company focuses on the research and development of RF transceiver, digital beamforming, and power management chips, with advantages such as software reconfiguration, high integration, and radiation resistance. Its products have been successfully applied in key areas such as low-orbit satellites and phased array radars. Chengchang Technology (001270.SZ): The company is a market leader in providing a full set of satellite communication T/R chip solutions for satellite and ground use. Its multi-channel multi-beam phase amplitude multifunction chip-based T/R chip has certain advantages in key performance such as integration, power consumption, and noise figure. It has developed multiple products for the next-generation low-orbit communication satellites and ground supporting equipment, completed the iterative development of satellite communication T/R chip solutions, launched several industry "firsts" in satellite communication T/R chip products, and has stockpiled products according to customer demand and delivered in batches as planned. Risk warning Unforeseen delay in technological research and development, domestic satellite constellation construction and deployment, cost control and industrialization, international competition and international rules.