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601698.SH · A-shares

601698.SH China Satcom: satellite communications operator

China Satcom CAST satellite-comms operator; revenue small vs mcap — theme premium embedded.

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Snapshot

Price (~)
CNY 24
Market cap (~)
CNY 101.4B
Revenue (latest FY/cum)
CNY 2.6B
Latest NI (attr.)
CNY 113.1M
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

China Satcom CAST satellite-comms operator; revenue small vs mcap — theme premium embedded. Price ~¥24.00, mkt ~¥1014B; PE-TTM N/A.

Business

Model: space-segment ops & satcom services. Flagships: broadcast/transmission. Edge: spectrum/orbit & state missions. Strategy: HTS and vertical apps.

Value chain

Satcom mid-stack; upstream manufacture/launch; downstream media/gov. Risks: in-orbit/launch; commercialization; CapEx.

Corporate events

Events

Events
DateEventDetailNote
持续卫星通信运营空间段资源主题标的
As of 2026-09-25

Valuation

Operator multiple on cash flow + theme; PE noisy when earnings thin.

Valuation snapshot

Valuation snapshot
MetricValueNote
现价24.00东方财富行情
总市值1013.85 亿f116
PE-TTMN/A（亏损或不可用）亏损则为 null
PB6.39x行情字段
As of 2026-09-25

Valuation · ~3y QE

Interactive chart available in the reader.

QE close×shares/TTM NI; div yield null without source · As of 2026-09-25

Price · ~3y QE

Interactive chart available in the reader.

Eastmoney monthly K aligned to quarter-end · As of 2026-09-25

Financial trends (~24m)

Single-quarter revenue/NI from Eastmoney cumulative filings via differencing; gross margin is reported period GM. Null when missing.

Quarterly revenue · 8Q

Interactive chart available in the reader.

Eastmoney cumulative revenue differenced; null when missing · As of 2026-09-25

Gross margin · reported

Interactive chart available in the reader.

Eastmoney reported GM (period) · As of 2026-09-25

Quarterly NI · 8Q

Interactive chart available in the reader.

Eastmoney cumulative NI differenced; PE null if TTM≤0 · As of 2026-09-25

Financial health

Financial health
ItemValueNote
经营现金流（约，每股×股本）2.40 亿MGJYXJJE×股本估算，非审计
资产负债率9.8%最新报告期
ROE（加权）0.70%报告期
审计/持续经营以最新年报审计意见为准未在本包重审
As of 2026-09-25

Operations

Volume: fill rates; price: bandwidth ASP; cost: depreciation/ops.

Operating snapshot

Operating snapshot
ItemValueYoY/noteNote
最新报告期2026-Q2—东方财富 MAINFINADATA
单季营收6.86 亿见收入图 YoY累计拆单季
单季归母净利0.86 亿见利润图累计拆单季
毛利率（报告期披露）22.8%—销售毛利率字段
赛道航天装备—申万国防军工二级语境
As of 2026-09-25

Competition

Defense market share is usually undisclosed; share charts use nulls.

Market share

Interactive chart available in the reader.

Usually undisclosed for defense — nulls · As of 2026-09-25

Peer share

Interactive chart available in the reader.

Null without named source · As of 2026-09-25

Peers

Peers
NameRoleNoteStrengthWeakness
中国卫通运营中空间段利润薄
中国卫星制造/应用中卫星制造订单波动
航天电子电子中测控制导周期
As of 2026-09-25

Management

Management / control

Management / control
RoleNameSince24m change
控股股东航天科技集团持续央企
经营层以最新年报披露为准持续—
As of 2026-09-25

Stability: CASC-controlled.

Outlook

Watch fill rates, launches, apps, CapEx.

Scenarios

Scenario Condition Implication
Bull Orders/deliveries beat Earnings + multiple
Base Steady production Hold/watch recognition
Bear Destock/budget slip Theme + earnings drawdown

Risks

In-orbit failure; slow commercial; rich valuation; policy.

Tracking

  1. Quarterly revenue/NI YoY and contract liabilities
  2. Gross margin, inventory, receivables
  3. OCF vs CapEx
  4. Material reorg/program disclosures
  5. Defense index relative performance / crowding

References

  1. CNINFO — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=601698
  2. Eastmoney quotes & MAINFINADATA
  3. Other: IR

Not investment advice.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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