Shenzhen Sunway Communication stands to benefit from a likely surge in users of SpaceX's satellite internet network Starlink, Daiwa Capital Markets analysts say in a research report. With Starlink's registered users exceeding 10 million, per SpaceX's IPO prospectus, the Chinese company now expects to double its user base in 2026 and 2027, and projects 150 million-200 million in 2030. Daiwa sees Shenzhen Sunway Communication as a direct beneficiary, given its position as supplier for Starlink ground terminals. The company highlighted progress in phased-array antenna supply to Starlink and rising cooperation with satellite internet service Amazon Leo. Daiwa raises the stock's target price to 130.00 yuan from 105.00 yuan, with an unchanged buy rating. Shares are 6.8% lower at 110.60 yuan. (ronnie.harui@wsj.com)