Cathay Pacific Haitong: The ATP system is the core key for interplanetary laser communication moving towards networking applications
The Zhitong Finance App learned that Cathay Pacific Haitong released a research report saying that interplanetary laser communication is a high-certainty circuit in the commercial space field. It has now reached the networking application stage. Optical communication can share the terrestrial industry chain, and the ATP system is the core key. The competitive landscape can be divided into three categories: research institutes+start-ups+listed companies. Subsequent industry catalysts include: the launch of batch tenders for low-orbit satellite internet constellations; implementation of the 15th Five-Year Plan policy; technological breakthroughs such as high-speed correlation and successful in-orbit verification.
Cathay Pacific Haitong's main views are as follows:
Interstellar laser communication is becoming the mainstream networking solution for low orbit constellations
Interplanetary laser communication uses lasers as carriers to achieve high-speed data transmission between satellites. Due to the limited terrestrial coverage of low-orbit satellites and limited global deployment of ground stations, interstellar links are an important support for commercial networking of low-orbit constellations. With its advantages of large bandwidth, small size, low power consumption, anti-interference, and no spectrum control, interstellar laser communication has become an immediate requirement for the commercial implementation of low-orbit constellations. “Interstellar laser+satellite microwave” has become the preferred networking architecture for the current low-orbit satellite Internet constellation. China's constellations such as GW, Qianfan, and Honghu are huge. The cumulative market space for interstellar laser communication can reach 100 billion. Long-term superposition of constellation networking needs such as remote sensing satellites and space-based computing power are expected to further increase the racetrack ceiling.
The ATP system is the core key link in interstellar laser communication
The interplanetary laser communication terminal mainly consists of two major modules: a communication transceiver system and an ATP system. 1) The communication transceiver system undertakes functions such as laser generation, signal modulation, optical power amplification, photoelectric detection, and signal demodulation. Core components include a narrow linewidth laser (DBF/EML), optical modulator (MZM/EAM), erbium-doped fiber amplifier (EDFA), detector (PIN/APD), and communication baseband (DSP). The mainstream technology system has the same origin as terrestrial optical fiber communication, and can be migrated on the basis of a mature optical device industry chain, and the industrialization foundation is good. 2) The core task of the ATP system (capture point tracking system) is to establish and maintain a laser communication link between high-speed moving satellite platforms to achieve accurate alignment and stable tracking of light beams in the micro-arc scale. Core components include CPA rough pointing mechanism (servo turntable), FPA precise pointing mechanism (FSM fast mirror), optical antenna (telescope), tracking detector (CMOS/QD), electronic control (FPGA/DSP), etc. This system is the core technical barrier of optical communication in the sky, and accounts for a relatively high proportion of the overall value of terminals.
The competitive landscape can be divided into three categories: research institutes+start-ups+listed companies
1) The main research institutes include 504 of the Fifth Aerospace Institute/Hangzhou Dongfanghong Laser Communications, 704 Aerospace Electronics/Aerospace Electronics, Shanghai Optomechanics/Shangguang Communications, Xi'an Optoelectronics Institute/Zhongke Sky Tower, etc. They have deep technical accumulation, outstanding engineering and in-orbit verification capabilities, and have formed mature supporting systems for large-scale national constellation projects such as the Starnet Project. 2) Startups include Aurora Starlight, Blue Star Light Domain, Helium Star Optical, Aida Optics, etc., which are developing rapidly in high-speed coherent technology research and development and industrialization cost reduction. 3) Listed terrestrial optical communication companies such as Firefight Communications rely on a mature terrestrial optical communication industry chain to promote the migration of chips, devices, modules, and even terminal products to the space-borne scenario, with outstanding advantages in scale. The bank believes that during the 15th Five-Year Plan period, as the construction of the low-orbit satellite Internet constellation accelerates, the interplanetary laser communication industry is expected to expand. It is recommended to focus on leading terminal equipment companies with the ability to self-develop ATP systems and leading terrestrial optical communication companies with the ability to migrate astronautical-grade optical communication technology. Recommended target: Aerospace Electronics; Focus target: Fiberfire Communications.
Risk warning: The pace of constellation construction falls short of expectations; technology iteration and in-orbit verification fall short of expectations; market competition intensifies; commercialization of low-orbit constellations falls short of expectations.