On September 24 at 15:56, the sixth orbital plane of the Geely Constellation was successfully launched with the “One Arrow, 12 Stars” method. This marks the third networking launch of the Geely Constellation within two months. As a result, the number of satellites in orbit has increased to 64, with all satellites achieving 100% reliability in orbit and network reliability, successfully completing phase one networking, making it the first low-orbit satellite constellation in China to complete networking and possess large-scale application capabilities. The related companies in the A-share market are summarized as follows:
1. Satellite Manufacturing and Core Components
1. China Satellite
Core Position: The only listed platform of the Fifth Academy of Aerospace Science and Technology Group, responsible for the manufacturing orders of 20 satellite platforms for the third phase of the Geely Constellation, expected to be delivered in 2026. Its small satellite overall design capability covers the entire process of low-orbit communication satellites, with technology reused in the BeiDou navigation system, possessing mature mass production experience.
Technical Highlights: Modular design is adopted to reduce the cost per satellite, supporting rapid networking with multiple satellites in one launch. In Q1 2025, satellite business revenue is expected to grow by 33.6% year-on-year.
2. Aerospace Electronics
Core Payload Supplier: Provides core communication payload for the fourth orbital test satellite “Qianli Haohan”, with cumulative satellite equipment orders exceeding 500 million yuan by 2025. Its aerospace measurement and control, remote sensing equipment technology is mature, suitable for the high dynamic communication needs of low-orbit satellites.
Strategic Collaboration: Jointly developed an onboard anti-jamming module with Shikong Daoyu to enhance satellite stability in complex electromagnetic environments.
3. Shanghai Huguang
Main Structural Component Supplier: Participates in the manufacturing of multi-satellite platforms, providing structural components for the Jielong-3 rocket. The stock price surged during the launch period in August 2025, reflecting market expectations. Its aerospace-grade welding technology enables lightweight satellite design, reducing costs by 20% compared to traditional processes.
2. Satellite Communication Chips and RF Systems
1. Chengchang Technology
Leading Onboard TR Chip: Deeply involved in the development of phased array payloads for the Geely Constellation, with satellite chip revenue expected to grow by 152% year-on-year in H1 2025, winning bulk orders for the second phase, with a gross margin of 66.08%. Its chips support multi-beam shaping, with a single chip covering 10 communication frequency bands, leading in domestic technology barriers.
Market Positioning: Holds a 30% share of the State Grid constellation while expanding orders from StarNet Group, with expected performance growth of over 50% in the next three years.
2. Zhenlei Technology
Full-Stack RF Chip Coverage: Selected for the second phase supply chain of the Geely Constellation, with cumulative orders exceeding 120 million yuan by 2025, covering core components such as baseband chips and power amplifiers. Its self-developed anti-jamming algorithm can improve satellite communication success rates to 99.15%, outperforming similar international systems.
Technical Breakthrough: Breakthrough in packaging technology for high-reliability chips used in satellites, supporting stable operation in a wide temperature range of -55℃ to +125℃, suitable for the harsh environments of low-orbit satellites.
3. Shaanxi Huada
Core RF Connector: Products are suitable for satellite communication systems, with high certainty in Huawei’s satellite direction, winning a 150 million yuan order for a certain type of millimeter-wave radar connection component for cruise missiles in 2025. Its high-frequency connectors have losses below 0.3dB, meeting the high-speed data transmission needs of low-orbit satellites.
3. Rocket Launch and Supporting Materials
1. Aerospace Power
Leading Liquid Rocket Engine: The only listed platform of the Sixth Academy of Aerospace Science and Technology, providing a liquid oxygen-methane engine for the Jielong-3 rocket, with strong technological monopoly. By 2025, the proportion of commercial rocket orders is expected to increase to 35%, with a gross margin 8 percentage points higher than traditional military products.
Capacity Expansion: After the new production line at the Xi’an Aerospace Base is put into operation, the annual delivery capacity of engines will increase from 20 to 50, directly benefiting from the acceleration of private rocket launches.
2. Sry New Materials
High-Temperature Alloy Material Supplier: Provides copper-chromium-zirconium alloy for the nozzle of the Jielong-3 rocket, with temperature resistance reaching 3000℃, reducing costs by 40% compared to traditional tungsten alloys. By 2025, it has won service orders for 7 launches of the Yuanxin satellite, with revenue proportion increasing to 25%.
3. Chaojie Co., Ltd.
Leading Aerospace Fasteners: Participates in the supply of structural components for the Jielong-3 rocket, with titanium alloy fasteners being 30% lighter than stainless steel and tensile strength reaching 1200MPa. In H1 2025, aerospace business revenue is expected to grow by 120% year-on-year, with a gross margin of 45%.
4. Ground Equipment and Terminal Applications
1. Tongyu Communication
Full Industry Chain Layout: Won the order for Yuanxin satellite terminal equipment, covering ground stations, maritime antennas, etc. Its Ka-band phased array antenna has a gain of 45dBi, supporting high-speed data transmission between satellites and vehicle-mounted terminals. By 2025, the proportion of overseas orders is expected to increase to 40%, mainly from Middle Eastern and Southeast Asian countries.
2. Shoubeide
Main Vehicle-Mounted Antenna Module: In H1 2025, delivered 200,000 satellite communication antennas to Geely, newly signed orders for all models of Lynk & Co in 2026, with a single vehicle value exceeding 500 yuan. Its flexible film antenna design can be integrated into the car’s front windshield without affecting appearance and signal transmission.
3. Desay SV
Core Intelligent Driving Domain Controller: Jointly developed a “BeiDou + Low Orbit” dual-mode positioning module with Shikong Daoyu, already applied in the Zeekr 001 FR model, supporting centimeter-level positioning (error ≤ 3cm). Its domain controller equipped with satellite-based positioning is expected to be mass-produced in 2025, suitable for L4 level autonomous driving needs.
5. High-Precision Positioning and Application Expansion
1. BeiDou XingTong
Leading Automotive-Grade Chip: Provides high-precision positioning modules for Geely Galaxy E8 and Zeekr 001 FR, supporting 5 constellations and 16 frequency points, with satellite navigation business revenue expected to reach 318 million yuan in Q1 2025 (year-on-year +13.63%). Newly won orders for 5 new Geely models in 2025, with a coverage rate of 70%.
2. Zhenyou Technology
Core Satellite Network System: Won the satellite communication core network project for Caocao Mobility’s Robotaxi, with an order amount of 80 million yuan in 2025. Its distributed architecture can support concurrent communication for tens of millions of users. The star-ground integrated network jointly developed with Shikong Daoyu has a latency of less than 50ms, meeting the real-time requirements of autonomous driving.
3. China Satcom
Satellite Operation Collaboration: Potential low-orbit data service platform, signed a 5-year ground station co-construction agreement with Shikong Daoyu, covering over 20 countries in the Middle East and Southeast Asia, and may undertake global data relay and distribution business for the Geely Constellation in the future. Its Ka-band high-throughput satellite “Zhongxing 16” has already achieved partial regional coverage.
6. Testing Certification and Ecological Collaboration
1. Broadcasting and Television Measurement
Leading Satellite Testing: Invested 344 million yuan to build a satellite internet testing platform, capable of meeting the electromagnetic compatibility and environmental reliability testing needs of over 50,000 satellites, with an additional 200 million yuan order for testing the second phase satellites of the Geely Constellation in 2025. Its certification capabilities cover International Telecommunication Union (ITU) standards, assisting satellites in going global.
2. BOE Technology Group
Vehicle-Mounted Antenna Technology Collaboration: Its subsidiary BOE Sensor has established a laboratory with Shikong Daoyu to promote the application of flexible film antennas in intelligent connected vehicles, expected to be mass-produced in 2026. Its AMOLED screens can integrate satellite communication display functions, enhancing the intelligent experience in the cabin.
Special Statement: The related content is sourced from publicly available materials and is for research and discussion purposes only. It does not constitute any investment advice and should not be used as a basis for investment decisions. If there are any inaccuracies, please feel free to provide corrections. Investment involves risks, and caution is advised.
Welcome to like and leave comments at the end of the article for discussion. Follow me for daily industry and news summaries.
#Knowledge Sharing