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Satellite Internet has received frequent positive news, and many concept stocks have been increased by institutions.

On the evening of August 6, *ST Tongmai issued an announcement stating that the company received the "Administrative Supervision Measures Decision" issued by the Jilin Securities Regulatory Bureau on August 6, 2024. Because the company had inflated accounts receivable, inventory, operating income, and net profit, resulting in inaccurate disclosure of relevant annual report information, the Jilin Securities Regulatory Bureau issued a warning letter to the company and the then chairman Wang Shichao, then financial directors Zhang Xiankun and Tian Guohua, and then board secretaries Meng Qi and Zhao Weiping.

*ST Tongmai also released the revised annual report from 2016 to 2023 on the same day.

*ST Tongmai's main business is communication technology services, integration services, and IDC technology services. The company's stock price has recently risen for two consecutive days. Since mid-June, the stock price has risen by nearly 40%. Since 2020, *ST Tongmai's performance has turned to losses. In 2022, the company's capital liquidity has problems and bank loans have been overdue. In 2023, the company defaulted on its debts due to liquidity difficulties, resulting in a large number of lawsuits.

According to the announcement released by *ST Tongmai on June 18, from June 1 to the announcement date, the company and its subsidiaries had a total undisclosed litigation amount of 12.92 million yuan, accounting for 10.10% of the company's audited net assets in 2023. There are 20 lawsuits in total, mainly involving construction project contract disputes, labor disputes, legal service contract disputes, etc., all of which are currently in different stages of litigation or arbitration.

As of the end of the first quarter of this year, the company's cash balance on the books was 47 million yuan, current liabilities totaled 937 million yuan, and the net cash flow from operating activities was a net outflow of 169,500 yuan, with great debt repayment pressure. The company expects to achieve a net profit attributable to the parent of -57 million to -85 million yuan in the first half of 2024. Due to the company's declining performance in recent years, the financing credit line has been compressed, resulting in tight liquidity, hindered business development in the first half of the year, and some projects failed to start or accept in time. At the same time, due to the arrears of payments to suppliers, the company's legal proceedings have increased, and related additional expenses have increased.

The satellite industry chain has officially entered a period of development opportunities

The Ministry of Industry and Information Technology issued the "Opinions on Innovating the Management of the Information and Communications Industry and Optimizing the Business Environment", proposing to accelerate the revision of the "Telecommunications Business Classification Catalog", promote business classification and definition to better meet the needs of the development of new technologies and new businesses, and support the innovative development of enterprises. Expand the opening up of telecommunications services. Promote the formation of a new situation of high-level opening up to the outside world, and further pilot the expansion of value-added telecommunications business opening. Deepen the opening of telecommunications services to private capital, increase support for private enterprises to participate in mobile communications resale and other business and service innovation, orderly promote the reform of the satellite Internet business access system, and better support the development of private telecommunications enterprises.

Yesterday afternoon, the launch ceremony of the first batch of satellites of the "Qianfan Constellation", known as the Chinese version of "Starlink", was held at the Taiyuan Satellite Launch Center. "One rocket launched 18 satellites" successfully into orbit. Industry insiders said that this is a landmark event in the history of China's commercial aerospace.

At present, my country has planned three "10,000-star constellation" plans, including the "Thousand Sails Constellation" and the China Star Network's GW Constellation. In addition, the "G60 Starlink" satellite Internet project also plans to send 14,000 satellites into orbit.

The subdivided tracks of the satellite Internet industry chain mainly include satellite manufacturing, satellite launch, ground equipment (including ground stations), and operation services. Institutions predict that my country's demand for low-orbit satellite manufacturing and launch is expected to enter a period of explosive growth. In the second half of this year, as the GW constellation and G60 Starlink will enter a period of intensive bidding and launch, the commercial aerospace industry will continue to catalyze, and it is expected that the industry may open up a trillion-yuan market space. According to a research report by Guotai Junan Securities, according to SIA data, the scale of China's satellite Internet industry will be about 29.25 billion yuan in 2021, 31.4 billion yuan in 2022, and 44.692 billion yuan in 2025, with a CAGR of 11.2% from 2021 to 2025.

Many concept stocks have been increased by funds

Market funds have paid great attention to the satellite internet sector this year. According to Securities Times Databao statistics, satellite internet concept stocks have performed well this year, with an average increase of 34.93% since the market rebounded on February 6, significantly outperforming the market. Shanghai Hanxun, Nanoradar, Zhonghaida, Aerospace Intelligent Equipment, and Hangyu Micro ranked first in terms of increase, all exceeding 60%.

Many public funds have "bet" on the satellite internet sector. This year, stocks such as Heertai, China Science and Technology Star Map, Nanoradar, and Shanghai Hanxun have received a lot of research from fund institutions. Many concept stocks were heavily held by fund institutions in the second quarter. The number of funds holding shares in Aerospace Electric and Aerospace Electronics increased by 42 and 12 respectively compared with the end of the first quarter. In terms of shareholding ratio, the fund shareholding ratio of Aerospace Electric, Hongyuan Electronics, Aerospace Electronics, and Sushi Testing in the second quarter all increased by more than 1 percentage point.

The second quarter report disclosed by Yongying High-end Manufacturing Fund shows that as of the end of June this year, the top ten holdings of this product have all bought satellite Internet stocks, including Shanghai Hanxun, China Satellite, China Satellite Communications, Aerospace Electronics, and Higer Communications. The second quarter holdings data disclosed by Yinhua Xinxuan Hybrid Fund shows that China's Starlink leader Zhongke Xingtu has been newly added to the list of top ten holdings. Yongying Low-carbon Environmental Protection Smart Selection Fund increased its holdings of NanoRadar in the second quarter, which is currently the fund's top holding.

In terms of performance, among the satellite Internet concept stocks, 9 stocks have released their first-half performance forecasts. According to the lower limit data, China Satellite Communications had the highest net profit in the first half of the year. The company predicts a net profit of approximately 411 million yuan, a year-on-year increase of 54%.

Zhongke Xingtu had the largest performance growth in the first half of the year. The company predicts a net profit of approximately 55 million to 67 million yuan, a year-on-year increase of 55.73% to 89.7%.

Statement: All information content of Databao does not constitute investment advice. The stock market is risky and investment should be cautious.

Editor: Xie Yilan

Proofreading: Su Huanwen

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