Looking at the satellite communication business layout of Xunwei Communications, the logic is actually very clear— they are betting on a two-pronged approach.

First, let's talk about the main revenue sources. As the world's only supplier of high-frequency, high-speed connectors for Starlink ground terminals, Xunwei almost monopolizes this market. Orders from Starlink are expected to contribute 1.05-1.4 billion yuan in revenue by 2025, accounting for 70% of the satellite communication business. More importantly, the gross profit margin at this level is 45%-50%, far surpassing the average of about 20% in consumer electronics, with gross profit contributions reaching 470-630 million yuan. Such high-margin business is indeed scarce in the current environment.

Why can they secure such stable orders? The technical barriers are substantial. The products have passed 127 extreme environment reliability tests, capable of operating in temperature differences from -270℃ to +200℃, with signal loss 30% lower than the industry average. The certification cycle for such products takes 18 months, and replacing them would cost over 20 million USD, which in fact has established a monopoly position.

Next, let's look at growth potential. By 2026, the shipment volume of Starlink terminals is expected to reach 30 million units (this is Elon Musk's target), and Xunwei had already secured 8 million units out of 10 million terminals in 2025, with a market share of over 80%. By 2026, supply volume could double. Meanwhile, the value per unit is also increasing, from 25 USD in 2025 to 30 USD, which means revenue elasticity is further expanding and could bring over 150% growth.

But they are not putting all their eggs in one basket. The Starship project is a new growth curve—Xunwei is the only A-share supplier providing dedicated communication antennas for Starship. In 2025, all 11 Starship test flights were successful, and in 2026, it will enter the commercial stage, with an expected launch frequency of over 10 times per month. The unit value of these antennas is in the 5,000-8,000 yuan range, with a gross profit margin of over 55%. As launch frequency increases, this will also be a stable profit growth point.

The domestic market is also expanding. Projects like China StarNet, Galaxy Aerospace, and Jiutian Micro-satellites are all in contact, with Xunwei providing integrated solutions of "connectors + antennas + structural components." Currently, domestic orders already contribute 30% of the satellite communication revenue. According to plans, from 2026 to 2030, China aims to launch over 10,000 low-earth orbit satellites, a market size that has been estimated to exceed hundreds of billions of yuan, representing long-term growth potential for Xunwei.

Overall, the explosion in Starlink terminal shipments, the commercial launch of Starship, and the advancement of domestic low-earth orbit constellation construction—these three drivers combined could lead to a performance growth of over 40% in 2026. Deeply binding top-tier clients, high technical barriers that are hard to cross, strong customer stickiness, and advantages in global deployment—all suggest that Xunwei Communications indeed has considerable long-term growth potential in the satellite communication field.