Shengyang Technology's South American Satellite Cooperation Drives Limit-Up

Shengyang Technology’s limit-up on December 17, 2025, stemmed from its earliest sealing of the board in the tushare_zt_pool limit-up pool, accompanied by 14.67 million shares traded throughout the day and 352 million yuan in unfulfilled buy orders at the limit price, reflecting the rapid response of funds to the news [0][3]. The core catalyst of the event is that its subsidiary FTA signed a South American cooperation agreement with a leading European satellite company with full-orbit capabilities and has entered the initial implementation phase of the contract, meaning that the research and development of technical solutions and delivery work are progressing simultaneously [1][2]. Previously, FTA had a cooperation foundation with European communication satellite companies in DVB-NIP technology, and this South American project further moves towards commercialization [4].

Policy and industry aspects: The national-level 2025-2027 commercial aerospace development plan, the establishment of the Commercial Aerospace Department, and the MIIT’s satellite communication user targets provide strategic support for the track [5][6][7]; the increased launch frequency of the Long March series rockets, the success of reusable rocket tests, and the accelerated layout of satellite constellations have marginally improved the supply side [5][6], directly driving the Wind Satellite Index and CSI Satellite Industry Index to continue to rise [7], and institutional expectations for the satellite internet scale have also been raised to more than 45 billion yuan [8]. Against this background, Shengyang Technology’s cooperation news was amplified by funds and sentiment, forming a sector resonance and short-term explosion.

Technically, the limit-up on December 17 pushed the stock price to 14.08 yuan, only 0.85% away from the 52-week high of 14.20 yuan. After the heavy volume on the 10th and 11th, it experienced four days of shrinking volume consolidation, showing a typical single-day breakthrough feature driven by news [0]. Currently, the trading volume has not continued to increase compared to the recent average. If it cannot maintain capital attention in the future, there will be technical pressure to retrace to 13 yuan or even 12.45 yuan [0].

1. News Linkage with Funds
   : This limit-up is mainly due to the substantial progress of the South American cooperation landing, coupled with the previous DVB-NIP cooperation laying a technical foundation, making funds have expectations for future order realization [1][2][4].
2. Policy and Track Resonance
   : The country’s strategic deployment of commercial aerospace and multiple industrial progress simultaneously harvest market sentiment, forming a directional hot spot in the satellite communication sector and improving the liquidity of individual stocks [5][6][7][8].
3. Sentiment Amplification Risk
   : Under the current limit-up background, it is very close to the historical high, and the market value is dominated by valuation and profit expectations. Short-term sentiment is overheated, depending on whether subsequent cooperation can provide verifiable revenue and profit support [0][1][2].

• Valuation and Profit Pressure
  : TTM loss and PB ratio of 6.94 times, the stock price is close to the high. If new orders cannot be introduced in the short term, the valuation correction may accelerate [0].
• News Realization Rhythm
  : The cooperation is in the initial stage of the contract, and the specific amount and delivery rhythm have not been disclosed. If the subsequent progress is slow, market sentiment will cool down quickly [1][2].
• Capital Volatility
  : The proportion of sealing orders on the limit-up day to the circulating market value is limited, and the recent trading volume has fluctuated significantly. If the main funds withdraw at a high level, it will bring correction pressure [0][3].
• Policy and Industry Dividends
  : The strategic height of commercial aerospace has increased, the market space of satellite internet has expanded, and the industrial chain has accelerated, providing long-term opportunities for individual stocks with landing paths [5][6][7][8].

1. Shengyang Technology’s limit-up reflects the triple drive of “South American project + sector policy + capital chase”, which is a typical event-driven reaction [0][1][2][3].
2. Although the company has already laid out satellite communication terminals, its profitability is still weak. In the short term, it needs to verify the capital undertaking capacity through corrections [0].
3. In the medium and long term, we need to pay attention to the actual revenue contribution of the cooperation project and the policy realization rhythm of the industrial chain. If it can continuously obtain orders and improve profitability, there will still be growth paths in the future, but currently, we need to balance risks and expectations [4][5][6][7][8].
4. It is recommended to observe whether the trading volume can continue after the limit-up. If the volume increases and there is substantial order disclosure, the signal will be stronger; if the volume shrinks or there is no new information, it may retrace to the 12.8~13 yuan area [0][3].