Analysis of Sunway Communication (300136.SZ) Commercial Space Business Development

Based on collected data and materials, I present to you an in-depth analysis report on Sunway Communication’s commercial space business:

The partnership between Sunway Communication and SpaceX is the core driver of its commercial space business. The collaboration began in 2021, and after 23 months of extreme environment testing and 3 rounds of on-site audits, the company officially obtained certification in Q1 2023, becoming the first domestic connector enterprise to enter SpaceX’s supply chain [1].

• High-precision connectors for Starlink ground terminals
  : Exclusive global supplier with a market share of nearly 100% [2]
• LCP material millimeter-wave phased array antennas
  : Supplied to Starlink mini terminals and 2nd/3rd-generation terminals
• Starship terminal antennas
  : The only A-share enterprise supplying terminal antennas to SpaceX Starship. The products use LCP materials to adapt to extreme temperature differences in space, with 11 units delivered in 2025 [1]

According to the company’s 2025 third quarterly report data [3]:

• The overall revenue growth rate is indeed low, with only 1.07% YoY growth, mainly affected by the slowdown in the traditional consumer electronics business
• However, non-GAAP net profit grew 4.69% and gross margin increased by 0.73 percentage points, indicating that profitability is improving
• The high gross margin feature (40%-50%) of the commercial space business has significantly contributed to the overall gross margin improvement

Based on verification from multiple sources [2][4], the development status of Sunway Communication’s commercial space business is as follows:

• SpaceX Orders
  : Approx. RMB 1.05-1.4 billion (70% of total) [2]
• Amazon Kuiper Project
  : RMB 100-200 million
• Domestic Clients (e.g., Huawei)
  : Approx. RMB 900 million
• Other
  : Approx. RMB 150 million

Based on the latest data [2][4]:

• 2024
  : Commercial space business accounts for
  10%-13%
  of total revenue
• 2025
  : Projected to increase to
  12%-15%

This means Sunway Communication’s commercial space business has crossed the 10% threshold and is emerging as the core driver of the company’s “second growth curve”.

• Traditional consumer electronics business usually has a PE ratio of 20-35x
• The commercial space business can support a higher valuation due to its high growth and high gross margin features
• Sunway Communication’s current PE (TTM) is approximately 118x [5], significantly higher than traditional consumer electronics companies

• 2025
  : Satellite communication business revenue is projected to reach RMB 1.5-2.0 billion, accounting for 12%-15% of total revenue
• 2030
  : Satellite communication business revenue is expected to exceed
  RMB 5 billion
  , accounting for
  30%
  of total revenue, becoming the company’s largest revenue source [2]

1. SpaceX plans to IPO in 2026, with continuous expansion of Starlink user scale
2. The development of the Starship project brings new cooperation opportunities such as rocket structural components
3. Expansion of new clients such as Amazon’s “Kuiper Project”
4. Domestic satellite internet construction (e.g., China Satellite Network Group) brings localization substitution opportunities

1. Customer Concentration Risk
   : SpaceX orders account for 70% of the commercial space business, resulting in high customer concentration
2. Valuation Correction Risk
   : The current PE (118x) is at a historical high, and whether performance can support the high valuation remains to be verified
3. Market Competition Risk
   : The commercial space connector market may face competition from new entrants
4. Exchange Rate Risk
   : The high proportion of overseas business means exchange rate fluctuations may affect performance

• Top Left
  : Revenue structure trend shows continuous increase in the proportion of commercial space business
• Top Right
  : Commercial space business revenue proportion forecast, which exceeded 10% in 2024
• Bottom Left
  : 2025 commercial space revenue composition, with SpaceX orders dominating
• Bottom Right
  : Gross margin comparison, with commercial space business (45%) significantly higher than traditional business (25%)

• Top Left
  : Stock price performance shows that rumors of SpaceX orders drove the stock price to double
• Bottom Left
  : Valuation change shows a shift from “consumer electronics valuation” to “commercial space valuation”

[1] Eastmoney Caifuhao - “Sunway Communication has in-depth and stable cooperation with Musk’s SpaceX” (https://caifuhao.eastmoney.com/news/20251230025635099132350)

[2] Eastmoney Caifuhao - “Sunway Communication’s aerospace business accounts for 12%-15%, 2025 satellite communication business projection” (https://caifuhao.eastmoney.com/news/20251229214930284865260)

[3] Eastmoney Finance - “Sunway Communication: Net profit of RMB 486 million in the first three quarters of 2025” (https://finance.eastmoney.com/a/202510283547345670.html)

[4] Jiuyangongshe - “Sorting out SpaceX-related industrial chains” (https://www.jiuyangongshe.com/a/1zxprzx1g38)

[5] Jinling API Market Data - Company Financial Indicators (Based on data as of January 8, 2026)