The NTN Satellite Duel: Musk and Apple Spark a Rivalry! Who are the Hidden Taiwanese Champions in a Hundred-Billion-Dollar Market?

The Great Convergence: A New Era of Connectivity

For decades, satellite communications and terrestrial cellular networks existed in parallel universes, developing independently and rarely intersecting. Today, the boundaries between these two worlds are collapsing at an unprecedented rate. A new, integrated space-terrestrial communication era has dawned, presenting astute investors not just with a technological revolution, but with a monumental opportunity to redefine global connectivity.

Farewell to Silos: Why Your Phone is About to Talk to Space

In the old world, the relationship between satellites and mobile phones was clearly defined. Satellite phones were bulky, expensive, and the exclusive tools of explorers or ocean mariners. The smartphone in our pocket, on the other hand, became a useless brick once it left the range of a terrestrial base station. These two industries operated with entirely different technologies, hardware, and business models, like two separate islands.

However, this era of clear demarcation is rapidly coming to an end. The core catalyst is the birth of a "common language" that allows standard consumer devices, like smartphones, to communicate directly with satellites, completely tearing down the walls built by proprietary technology in the satellite industry.

This convergence is no accident but a "perfect storm" formed by the confluence of three powerful forces:

1. The Standardization Revolution: The 3rd Generation Partnership Project (3GPP), the global mobile communications standards body, has formally incorporated satellite networks into its 5G and future 6G standard frameworks, giving it an official name: "Non-Terrestrial Networks" (NTN). This is the most critical cornerstone driving the entire convergence wave.

2. Infrastructure in the Sky: Companies led by SpaceX and OneWeb are deploying massive Low Earth Orbit (LEO) constellations consisting of thousands of satellites. Compared to traditional Geostationary Orbit (GEO) satellites, LEO satellites offer lower latency and higher speeds, providing the hardware foundation for high-quality communication.

3. Miniature Tech in Your Hand: Chip design companies like MediaTek and Qualcomm have developed powerful and highly miniaturized chips. These chips can handle the complex calculations required to communicate with satellites traveling at over 27,000 km/h, turning "direct-to-cell" from theory into reality.

The fundamental shift is from a closed, hardware-defined market to an open, standardized, software-defined platform. This means the potential market for satellite communications will expand from a niche market of hundreds of thousands of users to a vast blue ocean of billions of smartphone users worldwide. For investors, this is a platform shift akin to the personal computer replacing the mainframe. The value chain is being reshaped, and new winners will emerge.

Unveiling the Technology: NTN, LEO, and the 3GPP "Rosetta Stone"

To understand this revolution, we must first understand a few key terms. Among them, the 3GPP NTN standard plays a role akin to the "Rosetta Stone" that deciphered ancient Egyptian hieroglyphs.

Before NTN, each satellite company spoke its own "dialect," requiring its own proprietary receiving equipment to communicate. 3GPP NTN, however, establishes a universal standard. In theory, a single compliant chip can communicate with any satellite that adheres to NTN specifications. This removes the biggest obstacle to the industry's large-scale development.

The 3GPP standardization process is not a single step but a clearly planned roadmap, which also reveals future potential for investors:

• Release 17 (Laying the Foundation): This version is a milestone in NTN development, focusing on enabling basic Internet of Things (IoT-NTN) applications and emergency messaging services. It successfully validated feasibility and laid the groundwork for the entire ecosystem.

• Release 18 (5G-Advanced): The goal is to upgrade NTN from a basic capability to a more powerful solution, supporting higher data rate NR-NTN and moving towards true "mobile broadband from space".

• Release 19 and Beyond (The Bridge to 6G): In future plans, NTN will no longer be an "add-on" to 5G but will be considered a native, fully integrated part of the 6G network. This signals that the long-term trend of an integrated space-terrestrial network is firmly established.

Simultaneously, the infrastructure in the sky has undergone a qualitative change. Traditional GEO satellites are like a few giant spotlights hanging at an altitude of 36,000 kilometers. While their coverage is wide, the long distance results in high signal latency. The new generation of LEO satellites, however, is like a swarm of thousands of small flashlights, flying at high speed just a few hundred kilometers above the Earth, providing more immediate and faster internet service to any corner of the globe. The combination of the 3GPP NTN standard and LEO satellite constellations is the perfect match for this communication revolution.

The New Arena: Players, Alliances, and Strategies

As technological barriers crumble, a new and vibrant ecosystem is forming. From ambitious tech giants to agile startups, players of all kinds are forging unprecedented alliances and competing to shape the future landscape of this market.

Titans in the Sky: The Game of the Three Major Constellations

• SpaceX (Starlink): The Vertically Integrated Disruptor

  • Strategy: Adopts a direct-to-consumer (D2C) and business-to-business (B2B) model, controlling the entire value chain from rocket launches and satellite manufacturing to end-user services.

  • Advantage: Possesses a massive first-mover advantage with over 4,500 active satellites, making it the world's largest satellite constellation. Its service is available in over 50 countries with a rapidly growing user base. The market widely anticipates a future IPO for its subsidiary, Starlink, which could unlock enormous value.

  • Market Strategy: Collaborates with Mobile Network Operators (MNOs) like T-Mobile to launch "Direct to Cell" services, initially offering SMS and later expanding to voice and data. This is a hybrid model that utilizes T-Mobile's terrestrial spectrum and Starlink's satellite network.

• Eutelsat (OneWeb): The Champion of the B2B Wholesale Model

  • Strategy: Adheres to a pure wholesale model, not selling directly to end-users but wholesaling its network capacity to service integrators, MNOs, and enterprise partners.

  • Advantage: After emerging from bankruptcy and merging with traditional GEO satellite operator Eutelsat, it has become a powerful multi-orbit satellite giant. It has established deep partnerships with traditional service providers in the aviation and maritime sectors, giving it a solid market channel.

  • Market Strategy: In aviation, it partners with companies like Intelsat and Panasonic to provide in-flight connectivity. In other sectors, it collaborates with local MNOs to offer enterprise-grade connectivity solutions.

• Amazon (Project Kuiper): The Ecosystem-Driven Behemoth

  • Strategy: This is a long-term play aimed at strengthening the entire Amazon ecosystem. The goal is to provide ubiquitous connectivity for AWS cloud services, its global logistics network, and hundreds of millions of Prime members.

  • Advantage: Possesses nearly limitless capital, the world-leading AWS cloud infrastructure, a massive logistics system, and a ready-made customer base. Its prototype satellites have been successfully launched and have completed key technology validations.

  • Market Strategy: Expected to adopt a hybrid model, offering services directly to consumers (especially Prime members) on one hand, and deeply integrating satellite connectivity with AWS to launch powerful B2B solutions on the other. Although still in its early stages, its potential is immense.

Specialized Innovators and Incumbent Players

• The "Cell Towers in Space" Model: Lynk Global & AST SpaceMobile

  • Lynk Global: A pioneer in this field, its technology allows standard, unmodified mobile phones to connect directly to its "cell towers in space." Its business model involves partnering with MNOs worldwide, allowing users' phones to automatically roam onto Lynk's satellite network when they enter areas with no terrestrial signal. The company has successfully completed technical tests with Taiwan Mobile  and has launched commercial services in Palau.

  • AST SpaceMobile: An incredibly ambitious project aiming to build a space-based cellular broadband network that provides 5G-level speeds directly to standard smartphones. The project has garnered support from major global MNOs like AT&T and Vodafone.

• Partners of the Smartphone Giants: Globalstar & Iridium

  • Globalstar: Chosen by Apple to be the exclusive partner for the iPhone's "Emergency SOS via satellite" service. Apple has invested hundreds of millions of dollars to upgrade Globalstar's ground stations and satellites, securing most of its network capacity in a deeply symbiotic relationship.

  • Iridium: A long-standing satellite operator with an extremely reliable network. It has chosen to partner with chip giant Qualcomm to launch the "Snapdragon Satellite" service, aimed at providing satellite messaging capabilities to high-end Android phones.

Industry Enablers: Chipmakers and Mobile Operators

• The Brains of the Operation (Chipmakers):

  • MediaTek: Actively positioning itself as a leader in 3GPP NTN standards, it launched the world's first commercial 5G IoT-NTN chip (MT6825). Its strategy is to promote the adoption of open standards.

  • Qualcomm: Pursues a dual-track strategy, partnering with Iridium for a proprietary solution while also developing chips compliant with 3GPP standards, leveraging its leadership in the high-end phone market.

  • Samsung: Integrates NTN functionality into its own Exynos modems, a vertical integration strategy aimed at strengthening the competitiveness of its own branded devices.

• The Gatekeepers to the Customer (Mobile Operators): MNOs (like T-Mobile and Taiwan Mobile) play a crucial role in this ecosystem. They possess a massive user base, customer relationships, and valuable terrestrial spectrum resources. Their choice of satellite partner is not only a key market indicator but also a powerful endorsement of that satellite's technology.

Currently, the market is gradually forming two major strategic camps. One is the "vertical integration/proprietary model" represented by SpaceX and Apple/Globalstar, which favors creating closed "walled gardens" to control every aspect from technology to user experience. The other is the "horizontal division/partnership model" represented by OneWeb, Lynk, and MediaTek, which is committed to building a collaborative ecosystem based on open standards. Investors must determine which model is better suited for future market development: a closed system with strong control but potentially bypassed by standards, or an open ecosystem with slower development but greater potential scale. This will be the key battle that determines the industry's landscape for the next decade.

Comparative Analysis of Major LEO Satellite Operators

Player	Constellation Status (Launched/Planned)	Technology Path	Business Model	Key Partners/Customers	Target Market
SpaceX (Starlink)	~4,500+ / 12,000+	Primarily proprietary, gradually aligning with standards	D2C, B2B, MNO partnerships	T-Mobile, Optus, Rogers, KDDI	Consumer broadband, enterprise, maritime, aviation, government
Eutelsat (OneWeb)	~618 / 648 (Gen 1)	Embracing 3GPP standards	B2B wholesale	Chunghwa Telecom, Intelsat, Panasonic, Gogo	Aviation, maritime, government, cellular backhaul
Amazon (Kuiper)	2 (prototypes) / 3,200+	Embracing 3GPP standards	D2C, B2B (integrated with AWS)	Vodafone, Verizon	Consumer broadband, AWS cloud services, logistics, enterprise
Lynk Global	3 (commercial) / ~1,000	3GPP-like standard (space-based cell tower)	MNO roaming partnerships	Taiwan Mobile, PNCC (Palau)	Mobile coverage extension, IoT

Unlocking Value: Business Models and Revenue Streams

For investors, the core question is: where does the money come from? The convergence of terrestrial and space networks will spawn a series of new business models, with enormous revenue potential from mass consumer markets to high-margin vertical industries.

The Consumer Market: From SOS Emergency Services to Seamless Video Streaming

The development of the consumer market will be gradual, unfolding in roughly three stages:

• Phase 1: Emergency Services (The Foot in the Door)

  • Model: Offered as a free add-on feature for high-end smartphones, such as Apple's "Emergency SOS via satellite". Revenue is primarily derived from the premium on hardware sales and the deep partnership agreement between Apple and Globalstar.

  • Value: Direct revenue in this phase is limited, but the strategic value is immense. It successfully demonstrates the technology's feasibility and utility to the public, embedding satellite communication capabilities in the hands of hundreds of millions of users and completing the first step of market education.

• Phase 2: Messaging and Low-Speed Data (The First Subscription Service)

  • Model: An add-on subscription service, priced between $5 to $15 per month on top of standard mobile plans, allowing users to send and receive text messages or use lightweight data services in areas without cellular signal.

  • Value: This is the first scalable, recurring revenue business model for the consumer market. The T-Mobile and Starlink partnership is a pioneer of this model, setting a benchmark for the market.

• Phase 3: The Ultimate Goal - Global Mobile Broadband

  • Model: Offering premium global seamless roaming plans that allow users to make voice calls, hold video conferences, and watch high-definition streaming video smoothly from anywhere on Earth.

  • Value: This is the ultimate prize in the consumer market. It will directly challenge expensive traditional international roaming fees and create a brand-new market for global seamless connectivity, with extremely large potential value.

The Enterprise Goldmine: High-Margin Vertical Application Markets

Compared to the still-maturing consumer market, the value of enterprise applications is clearer, and the return on investment is faster.

• Maritime Communications: This is the most mature market for satellite applications. The low-latency, high-speed service offered by LEO satellites is a disruptive upgrade to traditional GEO satellite services. There is a clear ROI for improving crew welfare, transmitting operational data, tracking cargo, and complying with maritime safety regulations.

• Aviation Communications: In-flight connectivity (IFC) is a huge growth area. LEO satellite networks can finally allow passengers to enjoy a smooth internet experience at 30,000 feet, just like at home. For airlines, real-time operational data transmission brings tangible benefits, such as predictive maintenance, route optimization, and fuel savings.

• Logistics and Internet of Things (IoT): Providing the last mile of coverage for the interconnected world. From tracking transoceanic containers and monitoring soil moisture in remote farmlands to managing oil and gas pipelines and connecting construction sites without cell signal, the low-power IoT-NTN standard will open up a massive market of billions of devices.

• Government and Defense: Secure, reliable, and globally covered communication networks are the cornerstone of modern defense, disaster response, and border security. Government agencies are among the most stable and profitable customers for satellite communication services.

The Partnership Model: The Economics of Wholesale

• Model: Satellite operators like OneWeb and Lynk sell their network capacity at wholesale prices to MNOs. The MNOs then package this "satellite roaming" service into their own plans for end-users.

• Attraction for Satellite Operators: This model significantly reduces customer acquisition costs, provides predictable and stable revenue, and allows them to leverage the MNOs' existing billing and customer service systems.

• Attraction for MNOs: MNOs can claim to offer "100% global coverage" without investing heavily in building their own satellite networks. This allows them to launch high-value-added services to retain high-value customers and enhance their brand image.

In summary, investors should have a clear view of the development stages and risk-reward profiles of different business models. B2B enterprise applications are currently the most defined and profitable market. The consumer D2D market, with the largest potential scale, will take longer to cultivate. The wholesale model, in partnership with MNOs, offers a relatively balanced path of risk and reward. Companies that can flexibly utilize multiple models will be in a more advantageous position in the future competition.

Part IV: Measuring the Trillion-Dollar Opportunity

Translating vision into numbers is key to investment decision-making. By synthesizing data from multiple market research firms, we can clearly see the emergence of a massive market on the verge of explosive growth.

The Macro Picture: A Market Poised for Growth

First, the entire satellite communications market is a large and robustly growing industry. According to forecasts, the global satellite communications market size will grow from approximately $90 billion in 2024 to over $160 billion to $260 billion between 2030-2034, with a compound annual growth rate (CAGR) of about 10%. This provides a solid foundation for the development of new technologies: a huge existing market is waiting to be disrupted and upgraded by new technology.

4.2 The Super Growth Engine: NTN and Direct-to-Device (D2D)

The truly exciting growth story is in the emerging sub-sector of NTN and D2D. The growth rate here far exceeds the traditional market, showing astonishing explosive power.

• Market Size and CAGR:

  • The satellite NTN market is projected to grow from about $300 million to $560 million in 2024/2025 to $2.8 billion to $4.5 billion by 2030/2033, with a CAGR as high as 34% to 38%.

  • The broader 5G NTN market (including more ground infrastructure) is expected to grow from about $7 billion in 2024 to over $84 billion to $139 billion by 2033/2034, with a CAGR of 35% to 42%.

  • The Direct-to-Device market is projected to grow from its current ~$1.5 billion to nearly $15 billion by 2033.

These figures send a consistent and strong signal: the NTN/D2D sub-market is growing at 3 to 4 times the rate of the overall satellite market. It is at a critical inflection point, moving from a niche to a mainstream market, and exhibiting a classic "hockey-stick" growth curve.

Where is the Growth Momentum Coming From?

• By Component: Currently, hardware (such as user terminals, antennas, and chips) accounts for the majority of market revenue (about 67.9%). However, software will be the fastest-growing segment, as managing these complex, dynamic networks requires extremely advanced software solutions.

• By Orbit: Low Earth Orbit (LEO), due to its low-latency characteristics, has become the market leader and the fastest-growing orbit type, accounting for over 50% of the market share.

• By End-User: Commercial applications (maritime, aviation, etc.) are currently the largest market segment, but demand from the government and defense sectors is expected to be a significant growth driver in the future.

• By Region: North America is currently the largest market globally due to early adoption and strong government funding. However, the Asia-Pacific region is expected to be the fastest-growing region in the future.

For investors, this reveals a multi-stage investment opportunity. Before widespread service revenue is realized, the market will first experience a massive wave of investment in infrastructure. In 2024 alone, the market is expected to spend $2 billion on specialized chips and over $3 billion on related technology investments. This means the first wave of value creation will belong to the hardware and component manufacturers who provide the "shovels and pickaxes." The second, more durable and larger wave will belong to the operators who provide services on top of this infrastructure. Investors can choose to enter at different points in this value chain based on their risk appetite.

Taiwan's Connection: A Key Hub in the Global Supply Chain

Taiwan is not absent from this global space race. Although the major satellite operators are mostly from Europe and the US, a significant portion of the critical ground equipment required for their success is designed and manufactured by Taiwan's powerful electronics supply chain. For local investors hoping to participate in this feast, the Taiwanese supply chain offers an excellent entry point.

Deconstructing the 'Made in Taiwan' Value Chain

Taiwanese manufacturers play the crucial role of "arms dealers" in this revolution, providing indispensable "weapons and ammunition" to major global satellite operators.

• User Terminals (Ground Receivers): WNC (Wistron NeWeb Corp.) (6285) is a global leader in networking communication equipment and a key supplier of ground user terminal equipment for major operators like Starlink, with products covering antennas, routers, and power supplies.

• RF Components (The Core Internals): UMT (Universal Microwave Technology) (3491) is an expert in microwave and millimeter-wave components. Its products are widely used in satellite payloads and gateways, making it a core supplier to the world's top two LEO operators.

• Antennas and Measurement: Audix (3138) specializes in antenna design and measurement equipment distribution. It is actively developing ground receiving stations for LEO and GEO satellite IoT applications and collaborating with international giants to develop satellite communication modules.

• Printed Circuit Boards (PCBs, The Skeleton): Compeq (2313) is the world leader in High-Density Interconnect (HDI) boards, providing high-quality PCBs for complex satellites and user terminal equipment. Its technological barrier forms a strong moat.

• System Integration: Large groups like Hon Hai (Foxconn) (2317), Compal (2324), and Kinpo (2312) are also deeply involved, with business scopes ranging from component supply to system assembly. Foxconn has even successfully launched its own experimental LEO communication satellite, "Pearl".

The 'National Team' Advantage: A Complete Industrial Ecosystem

Taiwan's advantage lies not only in the strength of individual companies but also in a complete and proactive ecosystem composed of the government, research institutions, and telecom operators.

• Government and Research Institutions: The Taiwanese government has listed the space industry as a strategic emerging industry, with institutions like the Industrial Technology Research Institute (ITRI) leading technological R&D. ITRI took the lead in developing 5G NTN base station technology and, in collaboration with MediaTek, completed the world's first lab interoperability test for direct-to-satellite phone connection based on 3GPP standards, demonstrating Taiwan's forward-looking position in core technologies. The government also plans to invest funds to build Taiwan's own LEO communication satellite constellation.

• Proactive Telecom Operators: Taiwan's telecom operators are early adopters of this wave. Taiwan Mobile partnered with Lynk to successfully validate "cell tower in space" technology, becoming the first telecom operator in Taiwan to achieve direct-to-satellite phone calls. Chunghwa Telecom has also signed an exclusive agency agreement with OneWeb, the world's second-largest LEO satellite service provider. These collaborations not only accelerate the landing of new services in Taiwan but also create more business opportunities for Taiwanese supply chain manufacturers.

For investors, investing in the Taiwanese supply chain is a relatively robust strategy. Regardless of whether Starlink, OneWeb, or Kuiper ultimately wins the market, they will all need a large amount of ground equipment to serve millions of users worldwide. This means that the demand for companies like WNC, UMT, and Compeq will be proportional to the overall market's user growth. This is a smart investment approach that diversifies risk and rides the tailwinds of the industry's overall growth.

Overview of Key Taiwanese Satellite Supply Chain Companies

Company (Ticker)	Core Products/Services	Role in Value Chain	Known Partners/Customers
WNC (6285)	User terminals, antennas, routers	Ground equipment manufacturing & integration	Starlink
UMT (3491)	RF components for satellite payloads/gateways	Key component supplier	Two major global LEO operators
Compeq (2313)	High-Density Interconnect (HDI) PCBs	Foundational materials for satellites/terminals	SpaceX, Kuiper
Audix (3138)	Antenna design, ground stations, measurement equipment	Antenna solutions & system development	European/American LEO satellite companies, Southeast Asian GEO satellite clients
Hon Hai (Foxconn) (2317)	Components, system assembly, satellite manufacturing	Vertically integrated manufacturing services	Own experimental satellite "Pearl"
Compal (2324)	Ground stations, motherboards, power supplies	Ground equipment components & assembly	Ground stations for Southeast Asian & Taiwan Coast Guard vessels

Navigating the Stars: Investment Outlook, Risks, and the 6G Horizon

As we stand at the dawn of this new era, a future driven by an integrated space-terrestrial network is clearly unfolding before us. This is a paradigm shift that will fundamentally reshape the communications industry. But like any great voyage, the path ahead is filled with both brilliant stars and hidden risks.

Investment Thesis Summary

The core conclusion of this analysis is that the convergence of satellite and cellular networks is transforming from a niche, proprietary system-dominated market into a massive, standards-driven service market for the general public. This opens up a new multi-billion dollar track with an annual growth rate exceeding 30%.

Investment opportunities span the entire value chain:

1. High-risk, high-reward satellite operators: Directly betting on the success of constellations like Starlink and OneWeb.

2. Lower-risk mobile network operators: Enhancing their own services through satellite partnerships to retain high-value customers.

3. Robust "shovels and pickaxes" suppliers: Investing in hardware and component manufacturers, such as the Taiwanese supply chain, to share in the growth of the entire industry.

Traversing the Asteroid Belt: Key Risks and Challenges

Despite the bright prospects, investors must remain vigilant of the "asteroid belt" on this journey—the potential major risks.

• Spectrum Wars (Regulatory Risk): This is currently the biggest uncertainty. Radio spectrum is an extremely scarce national resource. Fierce competition for spectrum rights is underway between satellite and terrestrial telecom operators, and among different satellite operators. The complexity of national regulatory frameworks (like the FCC's SCS rules in the US) and the slow pace of global spectrum coordination (such as the WRC-27 World Radiocommunication Conference) add variables to the market. For example, the FCC stipulates that satellite use of terrestrial spectrum is on a "secondary" basis and must not cause interference to primary terrestrial users, which is a very high technical and regulatory hurdle. The ultimate direction of spectrum policy will directly determine the scale and profitability of the D2D market.

• Space Economics (Financial Risk): Deploying and maintaining a constellation of thousands of satellites requires astronomical capital expenditure. LEO satellites have a limited lifespan (about 5 to 7 years), meaning continuous investment is needed for replacement and replenishment. OneWeb's past bankruptcy is the most vivid warning of this risk.

• The Challenge of Physics (Technical Risk): Establishing a stable connection between a standard mobile phone and a satellite hundreds of kilometers high, flying at tens of thousands of kilometers per hour, is a massive engineering challenge. Overcoming issues like Doppler shift, signal latency, and seamless handovers between satellites and ground stations remains an ongoing effort for engineers.

• Orbital Congestion and Space Debris (Operational Risk): As tens of thousands of satellites are launched into orbit, the risk of collisions between them increases daily. The "space debris" problem poses a long-term threat to all space activities, a severe challenge to the industry's sustainable development.

The 6G Horizon: The Future Beyond 5G

Finally, we should view this space-terrestrial convergence revolution as a crucial step towards the next generation of mobile communications—6G.

In the grand vision of 6G, the distinction between terrestrial and non-terrestrial networks will blur. The entire network will evolve into a single, intelligent, three-dimensional communication structure, achieving seamless coverage from the ground to space.

From this perspective, every investment made today in NTN technology, LEO constellations, and integrated chips is not just to capture the tail end of the 5G era, but to lay the foundation for the development of communication technology for the next two decades. This is a long-term investment theme spanning decades, and we are at the very beginning of this great journey.

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29. 低軌衛星引爆供應鏈！「這2台廠」成全球最大供應商迎來黃金進場時期 - 奇摩股市, https://tw.stock.yahoo.com/news/%E4%BD%8E%E8%BB%8C%E8%A1%9B%E6%98%9F%E5%BC%95%E7%88%86%E4%BE%9B%E6%87%89%E9%8F%88-%E9%80%992%E5%8F%B0%E5%BB%A0-%E6%88%90%E5%85%A8%E7%90%83%E6%9C%80%E5%A4%A7%E4%BE%9B%E6%87%89%E5%95%86-%E8%BF%8E%E4%BE%86%E9%BB%83%E9%87%91%E9%80%B2%E5%A0%B4%E6%99%82%E6%9C%9F-233100199.html

30. 耀登今年營運先蹲後跳| 集中市場| 證券 - 經濟日報, https://money.udn.com/money/story/5710/8702254

31. 啟碁宣布6月營收下降，累計前半年營收微幅減少-權知道 - CMoney投資網誌, https://cmnews.com.tw/article/newsyoudeservetoknow-afd1e448-69d9-11f0-a58b-c45ab212cd79

32. 低軌衛星持續布建法人點名：這三間台廠最有望受惠| 市場焦點| 證券| 經濟日報, https://money.udn.com/money/story/5607/8765501

33. 台灣大測試手機直連低軌衛星成功！攜Lynk Global驗證「太空基地台」，原理是什麼？, https://www.bnext.com.tw/article/81456/taiwanmobile-lynk-global

34. Mobile Satellite Services Market Size | Industry Forecast [2030] - Fortune Business Insights, https://www.fortunebusinessinsights.com/mobile-satellite-services-mss-market-103743