Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [3][5]. Core Insights - The company, specializing in aerospace measurement and control, has over 20 years of experience and is expanding from specialized fields into civilian and commercial aerospace sectors. It provides comprehensive space management solutions, supporting the entire aerospace mission process [1]. - The domestic progress in reusable rockets and the rapid development of the satellite internet industry are expected to drive demand for measurement and control services, leading to increased revenue and profitability for the company [2]. - The company is projected to benefit significantly from the accelerating growth in the satellite industry, with expected revenues of 3.86 billion, 5.34 billion, and 7.54 billion yuan for the years 2025 to 2027, respectively [3]. Financial Summary - Revenue and profit forecasts for the company are as follows: - 2025: Revenue of 386 million yuan, net profit of 115 million yuan - 2026: Revenue of 534 million yuan, net profit of 163 million yuan - 2027: Revenue of 754 million yuan, net profit of 241 million yuan - The company is expected to achieve a compound annual growth rate (CAGR) of 33.93% in revenue and 35.03% in net profit from 2025 to 2026 [4][10].

Satellite Launch Achievements - Multiple important satellites have been successfully launched recently, including the satellite internet low-orbit 04 group on June 6, 2025, and the first batch of 12 satellites for the space computing constellation on May 14, 2025[12][13] - The North Exchange has 15 aerospace/military-related companies with a total market value of 64.257 billion yuan[15] Company Performance - Star Map Control (920116.BJ) achieved a revenue of 288 million yuan in 2024, representing a year-on-year growth of 25.90%, and a net profit of 84.9744 million yuan, up 35.68%[19] - In Q1 2025, Star Map Control reported a revenue of 44 million yuan, a 34.49% increase year-on-year, and a net profit of 13.4027 million yuan, up 10.35%[19] Market Trends - The average weekly performance of five major industries on the North Exchange showed positive growth: high-end equipment (+1.37%), information technology (+4.59%), chemical new materials (+3.10%), consumer services (+1.49%), and pharmaceutical biology (+2.15%)[3][22] - The median price-to-earnings (P/E) ratios for various sectors have changed, with high-end equipment at 44.6X, information technology at 95.9X, and chemical new materials at 40.9X[3][22] Technology Sector Insights - Among 149 companies in the North Exchange's technology sector, 100 companies saw an increase, with a median growth of 1.72% in the week from June 3 to June 6, 2025[4][35] - The total market value of these companies rose from 449.266 billion yuan to 459.574 billion yuan during the same period[37] Risk Factors - The report highlights risks including macroeconomic environment changes, market competition, and data statistical errors[6][59]

Group 1 - Recent successful satellite launches highlight investment opportunities in aerospace and military sectors, particularly focusing on scarce targets like Xingtu Measurement and Control [2][12][15] - The total market capitalization of 15 aerospace/military companies listed on the North Exchange reached 64.257 billion yuan, covering products such as aerospace measurement and control, carbon fiber raw silk, and RF coaxial connectors [15][17] - Xingtu Measurement and Control (920116.BJ) reported a revenue of 288 million yuan in 2024, representing a year-on-year growth of 25.90%, with a net profit of 84.9744 million yuan, up 35.68% [19][21] Group 2 - The average weekly performance of five major industries on the North Exchange showed positive growth, with high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology industries increasing by 1.37%, 4.59%, 3.10%, 1.49%, and 2.15% respectively [3][22] - The median price-to-earnings (P/E) ratios for high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology industries were 44.6X, 95.9X, 40.9X, 59.2X, and 44.7X respectively [3][22] Group 3 - In the technology new industry, 149 companies saw a median price increase of 1.72%, with notable performers including Zhongcheng Technology (+26.93%), Laisai Laser (+23.99%), and Xingtu Measurement and Control (+17.22%) [4][35] - The total market capitalization of the technology new industry increased from 449.266 billion yuan to 459.574 billion yuan, with the median market capitalization rising from 2.295 billion yuan to 2.297 billion yuan [37][43] Group 4 - Recent announcements included significant project wins for companies like Kairun Intelligent Control, which secured a bid worth 30 million yuan from the State Grid Zhejiang, and Huaxin Yongdao, which won a project in Chengdu valued at 9.06 million yuan annually for three years [5][57][58]

Summary of Key Points Core Viewpoint - The trading volume and turnover of stocks on the Beijing Stock Exchange (BSE) showed significant activity on June 4, with a total trading volume of 1.129 billion shares and a turnover of 24.566 billion yuan, indicating an increase of 1.921 billion yuan compared to the previous trading day [1]. Trading Performance - A total of 179 stocks closed higher, accounting for 67.55% of the tradable stocks, with notable gainers including KQ Co., Ltd. (up 17.57%), Kunming Technology (up 9.28%), and Henghe Co., Ltd. (up 8.63%) [1]. - Conversely, 81 stocks closed lower, with the largest declines seen in Laisai Laser (down 8.79%), Youji Co., Ltd. (down 5.83%), and Noss Land (down 4.02%) [1]. Active Stocks - 80 stocks had a turnover exceeding 100 million yuan, with the highest turnover recorded for Jinbo Biological (625.12 million yuan), Xingtou Measurement Control (456.93 million yuan), and Lingge Technology (454.31 million yuan) [1]. - The trading activity was characterized by high turnover rates, with 49 stocks having a turnover rate exceeding 10%, and 10 stocks exceeding 20% [1]. Detailed Stock Data - The top-performing stocks by closing price and turnover included: - Jinbo Biological: Closing price 520.00 yuan, increase of 7.36%, turnover 625.12 million yuan [1]. - Xingtou Measurement Control: Closing price 71.88 yuan, increase of 6.95%, turnover 456.93 million yuan [1]. - Lingge Technology: Closing price 28.41 yuan, increase of 5.50%, turnover 454.31 million yuan [1]. - Notable declines included: - Laisai Laser: Closing price 21.70 yuan, decrease of 8.79%, turnover 408.11 million yuan [1]. - Youji Co., Ltd.: Closing price 25.53 yuan, decrease of 5.83%, turnover 256.90 million yuan [1].

Core Insights - The article highlights the emergence of Xingtum Control as a leading player in the space management sector, emphasizing its mission to safeguard space assets and its innovative "Insight" platform [2][3] - The company aims to become a global leader in space management services, addressing the challenges posed by the increasing number of satellites and the need for efficient orbital management [3][4] Company Overview - Xingtum Control was established in 2016 and became the first domestic company listed on the Beijing Stock Exchange focused on space management [2] - The company has developed the "Insight" space management software, which utilizes advanced technologies for high-precision orbital calculations and collision avoidance [3][4] Industry Context - The commercial space industry in China has evolved significantly over the past decade, transitioning from a nascent stage to a robust sector with numerous emerging companies [3] - The Chinese government's initiatives, such as the "Thousand Sails Constellation" plan, aim to deploy thousands of satellites, which will transform the industry landscape [3][4] Technological Advancements - Xingtum Control is integrating artificial intelligence into its "Insight" system to enhance capabilities like orbital prediction and collision avoidance [4][5] - The company plans to establish a new generation of control centers and incorporate cutting-edge technologies like laser communication [5] Market Potential - The commercial space market in China is projected to exceed 100 billion yuan by 2024, with the number of companies tripling compared to five years ago [5] - Xingtum Control anticipates a revenue growth of 25.90% and a net profit increase of 35.68% in 2024, reflecting its strong market position [5]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company, Xingtu Measurement and Control, achieved a revenue of 44 million yuan in Q1 2025, representing a year-on-year increase of 34.49%, and a net profit attributable to the parent company of 13 million yuan, up 10.35% year-on-year [5] - The company is positioned well in the commercial aerospace sector, with expectations for continued growth due to the expansion of low-orbit satellite constellations and the ongoing development of the domestic commercial aerospace market [5] - The report maintains profit forecasts for 2025-2026 and introduces a new forecast for 2027, predicting net profits of 107 million, 129 million, and 167 million yuan for 2025, 2026, and 2027 respectively, with corresponding diluted EPS of 0.67, 0.81, and 1.05 yuan per share [5] Financial Performance Summary - In Q1 2025, the company's asset-liability ratio was 27.10%, down 8.30 percentage points year-on-year, indicating improved debt repayment capacity [5] - The gross profit margin for Q1 2025 was 60.86%, an increase of 8.24 percentage points year-on-year, while the net profit margin was 30.77%, a decrease of 6.74 percentage points, primarily due to increased R&D expenses and reduced non-operating income [5] - Revenue from the aerospace measurement and control business accounted for nearly 70% of total revenue over the past three years, indicating a stable revenue stream [6] Business Segmentation - The company's revenue from aerospace measurement and control has remained stable, with proportions of 67.82%, 69.41%, and 68.17% from 2022 to 2024, while aerospace digital simulation accounted for 32.18%, 30.59%, and 31.83% respectively [6] - The company has a strong foothold in the special fields of aerospace, with a significant portion of revenue derived from this area, accounting for 74.74%, 65.19%, and 73.18% from 2022 to 2024 [6] Strategic Developments - The company signed a strategic cooperation agreement with Aerospace Yuxing on February 28, 2025, which is expected to accelerate the implementation of its fundraising project for the commercial aerospace measurement and control service center and station network [7]

截至4月29日，北交所融资融券余额合计52.06亿元，较前一交易日减少977.97万元，其中，融资余额 52.05亿元，较前一交易日减少954.43万元，为连续3个交易日减少；融券余额为46.88万元，较前一交易 日减少23.53万元。 证券时报·数据宝统计显示，截至4月29日，北交所股票中，融资余额居前的为锦波生物、艾融软件、贝 特瑞，最新融资余额分别为2.18亿元、1.44亿元、1.32亿元，从最新融资余额占流通市值比例看，算术 平均值为1.20%，最新融资余额占流通市值比例居前的有派诺科技、美登科技、国子软件等，占比分别 为7.63%、5.75%、4.40%。 活跃度来看，获融资净买入超百万元个股4月29日加权平均换手率为4.44%，换手率居前的有万达轴 承、科拜尔、亿能电力等，日换手率分别为23.44%、18.91%、18.08%，当日北交所股票日均换手率为 4.22%。（数据宝） 4月29日融资余额增加居前的北交所股票 | 代码 | 简称 | 4月29日涨跌幅 | 最新融资余额 | 较上一日增加 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | -- ...

证券代码：920116 证券简称：星图测控 公告编号：2025-040 中科星图测控技术股份有限公司 第一届监事会第十四次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 本次会议召集、召开、议案审议程序等方面符合《公司法》和《公司章程》 的有关规定。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于 2025 年一季度报告的议案》议案 1.议案内容： 根据《北京证券交易所股票上市规则》《北京证券交易所上市公司业务办理 指南第 6 号——定期报告相关事项》等法律法规、规范性文件、《公司章程》以 1.会议召开时间：2025 年 4 月 29 日 2.会议召开地点：公司会议室 3.会议召开方式：现场结合通讯方式 4.发出监事会会议通知的时间和方式：2025 年 4 月 24 日以邮件方式发出 5.会议主持人：监事会主席张瑞 6.召开情况合法、合规、合章程性说明： 及《中科星图测控技术股份有 ...

证券代码：920116 证券简称：星图测控 公告编号：2025-039 中科星图测控技术股份有限公司 第一届董事会第二十四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 4 月 29 日 2.会议召开地点：公司会议室 3.会议召开方式：现场结合通讯方式 4.发出董事会会议通知的时间和方式：2025 年 4 月 24 日以邮件方式发出 5.会议主持人：董事长胡煜 6.会议列席人员：监事及其他高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议召集、召开、议案审议程序等方面符合《公司法》和《公司章程》 的有关规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于 2025 年一季度报告的议案》 1.议案内容： 根据《北京证券交易所股票上市规则》《北京证券交易所上市公司业务办理 指南第 6 号——定期报告相关事项》等法律法规、规范性文件、《公司 ...

中信建投证券股份有限公司 关于中科星图测控技术股份有限公司 使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金及使用银行承兑汇票、信用证等方式支付募投项 目所需资金并以募集资金等额置换的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"）作为 中科星图测控技术股份有限公司（以下简称"星图测控""公司"或"发行人"）向不 特定合格投资者公开发行股票并在北京证券交易所上市的保荐机构，根据《证券 发行上市保荐业务管理办法》《北京证券交易所上市公司持续监管办法（试行）》 《北京证券交易所上市公司持续监管指引第9号——募集资金管理》《北京证券交 易所股票上市规则》等有关规定，对星图测控使用募集资金置换预先投入募投项 目及已支付发行费用的自筹资金及使用银行承兑汇票、信用证等方式支付募投项 目所需资金并以募集资金等额置换的事项进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 2024 年 12 月 9 日，中国证券监督管理委员会做出《关于同意中科星图测控 技术股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监许可 〔2024〕1767 号），2024 年 12 月 27 ...