**The Explosive Growth of Low Earth Orbit Satellite Business and the Story Behind Shengtaka's Stock Price Breaking Through 600 NT Dollars**

Shengtaka (3491) has recently been in the spotlight. Last week, its stock price first broke through the 600 NT dollar mark, and today it surged to 628 NT dollars, with market buying momentum continuously flowing in. This wave of gains is not unfounded; the underlying fundamentals are indeed strong enough.

## Impressive November Data and Accelerating Profit Momentum

Looking at November's performance, Shengtaka's results are truly remarkable. Monthly revenue reached 285 million NT dollars, setting a new record high, with a year-over-year increase of 48%. Net profit after tax was 86 million NT dollars, translating to an EPS of 1.3 NT dollars, a 13% increase from the previous year.

Compared to Q3's revenue of 484 million NT dollars and net profit after tax of 88 million NT dollars, November's performance clearly warmed up. Cumulative revenue for the first 11 months reached 2.132 billion NT dollars, up 1.34% year-over-year, hitting a new high for the same period. From another perspective, the cumulative net profit after tax for the first three quarters was 303 million NT dollars, with an EPS of 4.6 NT dollars. Although slightly adjusted compared to the same period last year, it remains one of the highest levels for the period.

## Low Earth Orbit Satellite Growth Engine, Revenue Share Surpasses 60%

Shengtaka's highlight is the explosive growth of its low earth orbit satellite business. Currently, satellite component revenue accounts for about 65%, with ground station contributions at 35%. The product line has successfully penetrated key applications of satellite bodies, including communication payloads, remote sensing tracking and command systems, inter-satellite links, and direct-to-device segments. Among these, TT&C and ISL new products began volume shipments in the fourth quarter.

The most critical indicator is that the revenue share from low earth orbit satellite business continues to rise. In September, it contributed about 58%, in October nearly reached 70%, and by November, it surged to 64.5%. Looking at the cumulative 11 months, revenue from low earth orbit satellites has reached 1.2 billion NT dollars, compared to 1 billion NT dollars for the entire last year, indicating very strong growth momentum.

On the order front, Shengtaka's backlog has accumulated to 1 billion NT dollars, and the company is optimistic about the outlook from Q4 to 2026. Institutional investors expect that December shipments may surpass the previous two months, and Q4 revenue from low earth orbit satellites could significantly exceed the first three quarters. A bolder prediction is that by 2026, the contribution of low earth orbit satellite revenue will at least double compared to current levels.

## Customer Base Expansion, Small and Medium Satellite Companies Become New Blue Ocean

It is worth noting that Shengtaka not only relies on its two major existing low earth orbit satellite operators but is also actively expanding into small and medium satellite companies. Currently, there are about five new potential high-potential customers. One has already become an official customer and plans to launch satellites next year; another is expected to start trading and enter the sample stage next year. These new customers are expected to add momentum to the company's medium- and long-term growth.

Additionally, the company is closely monitoring emerging applications such as space AI centers and space solar power, and has begun cooperation with startups to proactively seize future business opportunities.

## Market Popularity and Investment Opportunities Await Discovery

Driven by strong fundamentals and clear growth prospects, market enthusiasm for Shengtaka remains high. After breaking through the 600 NT dollar mark, the stock price continued to rise to 628 NT dollars, demonstrating strong upward momentum. This reflects investors' recognition of the low earth orbit satellite industry's prospects and Shengtaka's position within it.

For investors tracking satellite industry concepts, Shengtaka's performance is worth continuous attention. Whether Q4 shipments can accelerate as expected, and whether new customer orders can be converted as scheduled, will be key points to watch in the future.