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State-owned satellite operator providing satellite TV broadcast, broadband and communications services, under China's aerospace group.
State-owned satellite operator providing satellite TV broadcast, broadband and communications services, under China's aerospace group.
Leases transponders (the radio channels on each satellite) to broadcasters, telecom carriers and government users on multi-year terms, so revenue depends on the capacity in orbit and how fully it is let. Satellites are built and launched by sister companies under its parent, China Aerospace Science and Technology Corporation.
In one line: A Chinese Intelsat/Viasat, state-owned.
Moat: wide (regulatory licence, scale, installed base). State monopoly-like control of China's civilian satellite orbital slots and licences.
Headquarters: Beijing, China · Founded: 2001 · Employees: 620
Size China Satellite Communications (601698.SS) is a China Communication Services company (Specialty Telecommunications) with a market value of $13.9B, the 172nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥21.96 on 6 Nov 2026.
Performance Over six months the shares fell 40.1%, against -5.4% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 11 in its peer set.
Growth Revenue fell 1.7% over the last twelve months (peer median +2.4%); the operating margin is 10.3% (peer median 14.7%).
Valuation It trades at 35.3× enterprise value to sales against a peer median of 2.9× (2nd most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +40 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.0 points below its cost of capital (9.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.59B | CN¥2.64B | CN¥2.54B | CN¥2.60B | CN¥2.71B |
| Revenue growth | — | +4% | -2% | -4% | — |
| Gross profit | CN¥1.72B | CN¥739M | CN¥676M | CN¥889M | CN¥945M |
| EBITDA | n/a | CN¥1.70B | CN¥1.63B | CN¥1.87B | CN¥1.93B |
| Net income | CN¥337M | CN¥441M | CN¥454M | CN¥349M | CN¥923M |
| Free cash flow | CN¥580M | CN¥241M | CN¥427M | CN¥215M | -CN¥879M |
| Capital expenditure | CN¥940M | CN¥1.17B | CN¥1.43B | CN¥1.65B | CN¥2.40B |
| Total debt | CN¥113M | CN¥101M | CN¥132M | CN¥176M | CN¥193M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| China Satellite Communications 601698.SS | $13.9B | -40% | -2% | 10% | 35.3× | 40.0% |
| China Mobile 0941.HK | $227B | -2% | +4% | 19% | 1.3× | -16.3% |
| ViaSat VSAT | $8.81B | -9% | +1% | 2% | 3.0× | 42.8% |
| Eutelsat Communications ETL.PA | $2.40B | -40% | -1% | -6% | 2.9× | n/a |
| Telesat TSAT.TO | $644M | -18% | -24% | -8% | 14.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 601698.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | +1.2% | 3rd lowest of 11 |
| 6-month return | -40.1% | -5.4% | 2nd lowest of 11 |
| Distance from 52-week high | -59.2% | -23.0% | 2nd lowest of 11 |
| Revenue growth (TTM) | -1.7% | +2.4% | 4th lowest of 11 |
| Operating margin | 10.3% | 14.7% | 5th lowest of 11 |
| EV / Sales | 35.3× | 2.9× | 2nd most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 40.0% | 8.2% | most demanding of 8 |
| Growth delivered (Del g) | -0.3% | +1.8% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | +40.3 pp | +0.8 pp | most demanding of 8 |
| ROIC minus cost of capital | -4.0 pp | -2.1 pp | 3rd lowest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Satellite Communications 601698.SS | China | $13.9B | -40% | -2% | 10% | 35.3× | 40.0% | -0.3% |
| AST SpaceMobile ASTS | United States | $12.6B | -57% | +2,257% | -410% | 119.6× | n/a | n/a |
| Telia TELIA.ST | Sweden | $19.2B | 0% | 0% | 18% | 3.3× | -1.1% | -1.9% |
| China Tower 0788.HK | Hong Kong | $20.2B | -18% | +4% | 20% | 2.4× | -1.0% | +3.6% |
| Telefonica TEF.MC | Spain | $21.4B | -16% | -11% | 5% | 1.9× | 11.7% | -4.0% |
| Infrastrutture Wireless Italiane INW.MI | Italy | $7.39B | +1% | +1% | 53% | 11.2× | 8.2% | +10.2% |
| EchoStar ECHO | United States | $27.5B | -26% | -20% | 11% | 1.9× | n/a | n/a |
| ASR Microelectronics 688220.SS | China | $6.56B | +6% | +28% | 1% | 8.7× | n/a | n/a |
| 1&1 1U1.DE | Germany | $5.79B | +7% | +8% | 3% | 1.2× | 12.5% | +1.8% |
| Iridium Communications IRDM | United States | $4.68B | +6% | +4% | 19% | 7.4× | 21.0% | +8.4% |
| PLDT, Inc. Sponsored ADR PHI | United States | $3.88B | -11% | -2% | 22% | 2.6× | -2.9% | +0.8% |