## Shentaike's Low Earth Orbit Satellite Business Explodes, November Revenue Hits Record High and Surpasses Previous High

Communications satellite component manufacturer **Shentaike (3491)** has recently continued to show strong performance. The November self-reported results were announced, with monthly revenue reaching NT$285 million, setting a new historical high, a significant increase of 48% compared to the same period last year; net profit after tax was NT$86 million, with earnings per share of NT$1.3 for the month, a 13% profit growth year-over-year.

Compared to the third quarter's revenue of NT$484 million and net profit of NT$88 million, the operational data for November clearly warmed up, indicating that the company's business momentum in the fourth quarter is accelerating significantly. The cumulative net profit for the first 11 months reached NT$303 million, with earnings per share of NT$4.6. Although slightly down compared to the same period last year, it remains the second-highest level for the same period.

## Low Earth Orbit Satellite Orders Booming, Business Share Surges Over 60%

Shentaike's growth engine is driven by strong demand in the low earth orbit satellite market. The company has been cultivating in the satellite application field for many years, and its satellite component product line has successfully entered satellite main systems, covering key modules such as payload, telemetry, tracking and command systems (TT&C), inter-satellite links (ISL), and direct-to-device (D2C). Among these, the new generation TT&C and ISL products have begun shipping in the fourth quarter and continue to ramp up.

In terms of overall business composition, satellite components contribute about 65% of revenue, while ground station equipment accounts for approximately 35%. The proportion of low earth orbit satellite business has become even more prominent—at the end of September, this business contributed about 58% of revenue; by October, it approached 70%, and in November, it further increased to 64.5%. Cumulative revenue from low earth orbit satellites for the first 11 months of this year has already reached about NT$1.2 billion, compared to NT$1 billion for the entire last year, showing a clear growth trend.

## Sufficient Order Backlog, Revenue Expected to Double by 2026

The company's order backlog is also impressive. The current order scale for low earth orbit satellite business has reached NT$1 billion, laying a solid foundation for sustained growth. Management remains cautiously optimistic about the outlook from the fourth quarter through 2026, expecting that revenue contributed by low earth orbit satellites will at least double from the current level.

In addition to the two main low earth orbit satellite operators as existing customers, Shentaike is actively expanding into small and medium-sized satellite companies. Currently, about five potential partners are in negotiations. One has officially become a signed customer, with satellite launches expected to start next year; another plans to initiate sample-stage transactions next year, which could inject new momentum into mid-term business growth.

Furthermore, the company continues to track emerging application directions such as space AI centers and space solar energy, and has begun collaborating with related startups to explore future business opportunities, actively positioning itself for future market prospects.

## Strong Fundamentals Drive Stock Price to New Highs

The robust performance and growth prospects have attracted widespread market attention. Shentaike's stock price has recently hit new highs, breaking the NT$600 mark last Friday and continuing to rise, with today’s closing price at NT$628. Revenue performance is also strong, with a cumulative revenue of NT$2.132 billion for the first 11 months, up 1.34% year-over-year, setting a new historical high for the same period.