China Hardware: Key takeaways from Thematic Calls on Commercial Space Supply Chain Beneficiaries in China

研报英文原文证据摘录

China Hardware: Key takeaways from Thematic Calls on Commercial Space Supply Chain Beneficiaries in China

China Hardware

30 July 2026 Citi Research

scaling to 30mn units in 2027, with the domestic foldable market also growing.

• Space Business — Early Stage but Credible: On the ground terminal side, Lens Tech has supplied structural parts to

the overseas customer since 2023, with revenue expected to exceed RMB100mn in 2025. On the satellite side,

space-grade UTG was successfully deployed on a domestic satellite, marking its first in-orbit validation. For the

overseas key client, two prototype samples have been submitted; commercial selection is expected around mid-

2027 at the soonest. Current domestic space-grade UTG ASP stands at ~RMB 10k+/m², while overseas pricing

remains under negotiation.

• Capex Outlook: Lens Tech targets 100k/300k m² of UTG capacity in 2026/2027, primarily smartphone-driven. If the

key customer achieves launch cadence by mid-2027, capacity could expand to 500k m² in 2027. Importantly,

because core processing equipment is largely self-developed by Lens Intelligent, capex requirements remain

manageable relative to the scale of opportunity.

Sunway’s Commercial Space Business Exposure

• Exclusive Connector Franchise: Sunway is the exclusive connector supplier of ground terminal for the overseas

customer. This product line commands a gross margin double its blended corporate gross margin (20-21%), making

it the highest-quality earnings stream in the portfolio. The connector shipments are expected to reach ~11 million

sets in 2026, plus a 10-20% churn replacement factor. Blended ASP has settled at ~RMB 150/set as product mix

normalizes.

• Domestic Satellite — Systems Integration at Premium Value: Unlike its component-only role overseas, Sunway