Company Listing and Certifications - The company officially listed on the Beijing Stock Exchange on January 2, 2025, after receiving registration approval from the China Securities Regulatory Commission on December 9, 2024[2]. - The company achieved CMMI Level 5 certification in July 2024 and received the first prize for technological progress in geographic information from the China Geographic Information Industry Association in August 2024[4]. - The company is recognized as a national-level "specialized, refined, distinctive, and innovative" enterprise[47]. - The company has received multiple certifications, including CMMI Level 5 and various quality management system certifications in 2023[47]. Financial Performance - The company's operating revenue for 2024 reached ¥288,346,125.83, representing a 25.90% increase compared to ¥229,035,156.59 in 2023[30]. - The net profit attributable to shareholders for 2024 was ¥84,974,393.95, a 35.68% increase from ¥62,627,922.69 in 2023[30]. - The total assets of the company at the end of 2024 amounted to ¥726,730,763.66, reflecting a 91.93% growth from ¥378,651,012.35 in 2023[32]. - The total liabilities increased to ¥251,118,630.81, a 62.02% rise from ¥154,994,995.09 in 2023[32]. - The net assets attributable to shareholders reached ¥475,612,132.85, up 112.65% from ¥223,656,017.26 in 2023[32]. - The basic earnings per share for 2024 was ¥1.03, which is a 30.38% increase from ¥0.79 in 2023[30]. - The cash flow from operating activities for 2024 was ¥11,648,653.56, a decrease of 21.53% compared to ¥14,844,991.24 in 2023[32]. - Non-recurring gains and losses totaled 24.66 million yuan, compared to 11.83 million yuan in the previous year[40]. Business Operations and Strategy - The company operates in the information transmission, software, and information technology services industry, specifically in software development[20]. - The company focuses on technology development and services, software sales, ground control system construction, and system integration[20]. - The company has a significant market expansion strategy with new product launches and technological advancements planned for the upcoming year[2]. - The company continues to expand its business into commercial aerospace and civil aerospace sectors[44]. - The company is enhancing its talent structure and technical capabilities to support ongoing innovation and product development[53]. - The company is committed to advancing its R&D efforts in response to the evolving demands of the aerospace industry, with a focus on innovative solutions and market expansion[102]. Research and Development - R&D expenses increased by 44.39% to ¥40,166,306.80, reflecting the company's commitment to enhancing competitiveness and innovation[68]. - The total number of R&D personnel increased from 28 to 45, with the number of PhD holders rising from 1 to 2 and Master's degree holders from 13 to 20[99]. - The company holds a total of 33 patents, all of which are invention patents, up from 27 in the previous period[101]. - Significant R&D projects include the development of intelligent scheduling algorithms for satellite resource management, aimed at enhancing the company's capabilities in space control[102]. - The company is focusing on the integration of satellite and ground resources, with ongoing research to improve the efficiency of multi-satellite task planning algorithms[102]. Market Trends and Industry Outlook - The global aerospace industry is expected to continue its growth trend, driven by low Earth orbit constellations and commercial aerospace, with the U.S. and China leading the way[110]. - The domestic commercial aerospace sector achieved 68 rocket launches in 2024, with a 150% increase in satellite deployments compared to 2023[58]. - The aerospace measurement and control management field is experiencing increased demand due to the growing number of satellites in orbit, necessitating expanded ground station networks[59]. - The company anticipates a significant increase in satellite launches, with multiple new rocket models expected to debut in 2025, contributing to a higher frequency of space missions[112]. Shareholder and Capital Structure - The total number of ordinary shares issued by the company is 110,000,000[20]. - The actual controller of the company is the Chinese Academy of Sciences Aerospace Information Innovation Research Institute[21]. - The company successfully raised a total of ¥21,884.50 million through the issuance of 31,625,000 shares at an issue price of ¥6.92 per share[26]. - After the issuance, the total share capital increased from 82,500,000 shares to 114,125,000 shares[26]. - The largest shareholder, Zhongke Xingtou Co., Ltd., holds 38.25 million shares, representing 34.77% of total shares[145]. Employee and Management Information - The total number of employees increased from 195 to 233, with a net addition of 38 employees during the reporting period[179]. - The number of technical staff rose from 150 to 182, reflecting an increase of 32 personnel[179]. - The company has implemented a comprehensive employee compensation policy, ensuring competitive external and fair internal remuneration, while providing social insurance and housing fund contributions[180]. - The annual training plan includes various programs such as onboarding, product knowledge, and safety training, aimed at enhancing employee skills and overall quality[181]. Risks and Challenges - The company faces risks related to rapid technology updates and the need for continuous R&D investment to maintain market competitiveness[129]. - The company is actively monitoring national policies to leverage opportunities and mitigate adverse impacts from potential policy changes[130]. - No significant uncertainties affecting the company's future development have been identified[128].

证券代码：920116 证券简称：星图测控 公告编号：2025-021 中科星图测控技术股份有限公司 2024 年年度权益分派预案公告 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。 中科星图测控技术股份有限公司（以下简称"公司"）为积极履行回报股东 义务，根据法律法规及《公司章程》的相关规定，综合考虑公司目前总体运营情 况及所处发展阶段，拟定 2024 年年度分红方案如下： 一、权益分派预案情况 根据公司 2025 年 3 月 3 日披露的 2024 年年度报告（财务报告已经审计）， 截至 2024 年 12 月 31 日，上市公司合并报表归属于母公司的未分配利润为 162,444,854.78 元，母公司未分配利润为 149,492,125.58 元。母公司资本公积为 184,631,849.81 元（其中股票发行溢价形成的资本公积为 184,631,849.81 元，其 他资本公积为 0 元）。 本次权益分派预案经公司 2025 年 3 月 3 日召开的董事会审议通过，该议案 尚需提交公司 202 ...

Group 1: Market Performance - As of February 28, 2025, the North Exchange 50 Index closed at 1306.98 points, reflecting a weekly decline of 2.85%[28] - The average PE ratio for North Exchange A-shares increased to 43.69X, while the PE ratios for the Sci-Tech Innovation Board and the ChiNext decreased to 54.52X and 37.77X, respectively[23] - The average daily trading volume for North Exchange A-shares reached 34.541 billion yuan, up 7.41% from the previous week[24] Group 2: Fund Performance - Multiple North Exchange theme funds reached new net asset value highs, with 12 funds achieving this milestone on February 27, 2025[14] - The average return for North Exchange theme funds in 2025 has reached 24.16%, significantly higher than the 2024 annual return of 14.52%[18] - The average returns for passive index funds related to North Exchange 50, Sci-Tech Innovation 50, CSI 300, and ChiNext were 28.01%, 12.64%, 1.13%, and 5.35%, respectively[20] Group 3: IPO and Valuation Insights - As of February 28, 2025, there were 122 companies on the North Exchange with a PE TTM exceeding 45X, accounting for 46.21% of the total[32] - The number of companies with a PE TTM in the range of 0-30X decreased by 6 compared to the previous peak in November 2024[32] - One company terminated its IPO registration, while another company has completed its registration as of February 28, 2025[4]

Core Viewpoint - The strategic cooperation between Zhongke Xingtou Measurement and Control Technology Co., Ltd. and Beijing Aerospace Yuxing Technology Co., Ltd. aims to enhance commercial aerospace measurement and control services through deep collaboration in technology and market advantages [1] Group 1: Strategic Cooperation - The signing ceremony took place in Hefei, attended by key executives from both companies, indicating a high-level commitment to the partnership [1] - The collaboration will focus on integrating space management and aerospace infrastructure advantages, enhancing cooperation in aerospace measurement and control management, global station network construction, and space data platforms [1] Group 2: Technological Integration - The partnership aims to promote the application of new generation information technologies, such as AI large models, in the aerospace field, thereby improving the intelligence level of commercial aerospace systems [1] - By leveraging station network integration, data sharing, and joint technology development, the companies plan to establish a new paradigm for intelligent space management [1] Group 3: Industry Impact - The strategic collaboration is expected to set a new benchmark in the commercial aerospace sector and accelerate the digitalization and intelligent transformation of aerospace technology, contributing to the high-quality development of China's aerospace industry [1]

Financial Performance - The company achieved operating revenue of 288,346,125.83 yuan, an increase of 25.90% compared to the same period last year[4] - Net profit attributable to shareholders reached 84,974,393.95 yuan, up 35.68% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 60,312,530.45 yuan, reflecting an 18.72% increase from the previous year[4] - Basic earnings per share increased to 1.03 yuan, a growth of 30.54% compared to the same period last year[6] Assets and Equity - Total assets at the end of the reporting period were 726,730,763.66 yuan, representing a 91.93% increase year-on-year[6] - Shareholders' equity attributable to the company was 475,612,132.85 yuan, up 112.65% from the previous year[6] - The company's net asset per share increased to 4.32 yuan, a rise of 59.41% compared to the same period last year[5] Growth Drivers - The growth in revenue and profit was attributed to improvements in the sales and product service system, as well as successful business expansion efforts[6] - The company raised funds through a public offering of shares to unspecified qualified investors, contributing to the increase in total assets and equity[6] Caution for Investors - Investors are advised to exercise caution as the reported figures are preliminary and unaudited, with final data to be disclosed in the annual report[7]

关于使用部分闲置募集资金进行现金管理的进展公告 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、授权委托理财情况 （一）审议情况 中科星图测控技术股份有限公司（以下简称"公司"）于 2025 年 2 月 11 日 召开第一届董事会第二十二次会议、第一届监事会第十二次会议，审议通过了《关 于使用部分闲置募集资金进行现金管理》的议案，为提高闲置募集资金使用效率， 在确保资金安全、保证日常流动资金需要的前提下，公司拟使用不超过人民币 1.24 亿元的闲置募集资金进行现金管理，择机购买安全性高、流动性好、能够保 障投资本金安全的产品，主要为结构性存款、通知存款、大额存单等产品，不影 响募集资金投资计划正常进行。在上述额度内，资金可循环滚动使用，拟投资的 期限最长不超过 12 个月，如单笔产品存续期超过前述有效期，则决议的有效期 自动顺延至该笔交易期满之日。公司董事会授权董事长在上述额度范围内行使相 关投资决策权并签署相关文件，财务负责人负责具体组织实施及办理相关事宜。 部分暂时闲置募集资金进行现金管理到期收 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][3]. Core Viewpoints - The company, Xingtou Measurement and Control, is positioned as a national-level specialized and innovative "little giant" enterprise focusing on satellite measurement and control management, as well as digital simulation in the commercial aerospace sector [3][21]. - The company achieved revenue of 163 million yuan in the first three quarters of 2024, representing a year-on-year growth of 34.34%, and a net profit of 50 million yuan, up 82.10% year-on-year [3][51]. - The report anticipates that the company's net profit will reach 87 million yuan, 107 million yuan, and 129 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.76, 0.93, and 1.13 yuan per share [3][49]. Company Overview - The company specializes in providing comprehensive solutions in the aerospace field, including technical development and services, software sales, measurement and control ground system construction, and system integration [25][26]. - The main revenue contributors are technical development and services, which accounted for 88.93% of revenue in the first half of 2024, while measurement and control ground system construction has emerged as a new growth point [41][42]. - The company has expanded its business from specialized fields to civil and commercial aerospace, with a significant increase in revenue from the civil and commercial sectors, rising from 3.73% in 2021 to 34.81% in 2023 [44][46]. Industry Insights - The commercial aerospace industry in China is entering a golden period, with the satellite internet becoming a prevailing trend, driven by supportive policies and technological advancements [60][61]. - The report highlights that the commercial aerospace market in China is expected to reach 2.34 trillion yuan by 2024, indicating substantial growth potential [4][61]. - The demand for satellite measurement and control services is rapidly expanding due to the increasing number of satellites in orbit, projected to reach 8,000 by 2024 [4][61].

Investment Rating - The report assigns an "Accumulate" rating for the company, Star Map Measurement and Control [1][3]. Core Viewpoints - Star Map Measurement and Control is positioned as a national-level specialized and innovative "little giant" enterprise, focusing on satellite measurement and control management and digital simulation, with significant growth potential driven by the expanding commercial aerospace and satellite internet markets [3][4]. - The company achieved revenue of 163 million yuan in the first three quarters of 2024, representing a year-on-year increase of 34.34%, and a net profit of 50 million yuan, up 82.10% year-on-year [3][51]. - The report forecasts the company's net profit for 2024-2026 to be 87 million, 107 million, and 129 million yuan respectively, with corresponding EPS of 0.76, 0.93, and 1.13 yuan per share, indicating a strong growth trajectory [3][4]. Company Overview - Star Map Measurement and Control specializes in satellite on-orbit management and services, providing comprehensive solutions that include technical development, software sales, ground system construction, and system integration [21][25]. - The company's main products and services are categorized into technical development and services, software sales, ground system construction, and system integration, with a focus on customized solutions for various aerospace applications [25][26]. Financial Summary - The company expects to achieve a total revenue of 287 million yuan in 2024, with a net profit of 83 million yuan, reflecting a year-on-year growth of 25.50% and 32.18% respectively [49]. - From 2021 to 2023, the company's revenue grew from 104 million yuan to 229 million yuan, with net profits increasing from 35 million yuan to 63 million yuan, showcasing a robust growth trend [49][51]. - The gross profit margin has remained stable, with a slight decline in recent years, indicating effective cost management despite increasing operational scale [53][58]. Industry Insights - The commercial aerospace sector is entering a golden period, with supportive policies and technological advancements driving rapid growth in satellite internet and measurement and control services [4][61]. - The report highlights that the global satellite count is expected to reach 8,000 by 2024, significantly increasing the demand for ground measurement and control services [4][61]. - The market for ground segment services is projected to reach 35 billion USD between 2026 and 2030, indicating a substantial opportunity for companies in the aerospace measurement and control sector [4][61].

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted on February 20, 2025, at multiple locations in Shenzhen [3] - Attendees included representatives from various investment firms such as Baoying Fund and Dachen Fund [3] - Company representatives included the board members, vice general manager, financial director, and board secretary Zhang Zihang [3] Group 2: Insights on the "Insight" Platform - The "Insight" platform is a comprehensive software for aerospace mission analysis, providing support for mission design, testing, launch, operation, and application [4] - It integrates various service modules and algorithms to meet diverse aerospace mission requirements and enhance delivery efficiency [4] Group 3: Industry Challenges and Responses - The company faces challenges related to national industrial policies and limited talent reserves in multidisciplinary fields [5] - To address these challenges, the company has increased R&D investment and talent acquisition, establishing a product and service system based on the "Insight" platform [5] - The company aims to leverage technological and product advantages to improve market position as demand for special, civilian, and commercial aerospace grows [5] Group 4: Core Technologies - The company has developed core technologies in high-precision trajectory, attitude, control calculations, and intelligent scheduling of measurement and control resources [6] - These technologies support the development of the "Insight" series products, forming a highly coordinated technical system [6] - The capabilities include autonomous operation and intelligent scheduling for aerospace missions, ensuring stable business development [7]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [3][11]. Core Insights - The company, a "small giant" in aerospace measurement and control, is expected to benefit significantly from the rapid development of satellite internet infrastructure [4][6]. - The company has shown strong financial growth, with a compound annual growth rate (CAGR) of 103.93% in revenue and 84.69% in net profit from 2020 to 2023 [5][24]. - The satellite internet market in China is projected to reach 44.692 billion yuan by 2025, with a CAGR of 11.2% from 2021 to 2025 [34][36]. Summary by Sections 1. Company Overview - The company specializes in aerospace measurement and control, with a focus on both military and civilian applications, and has a strong technical foundation [5][13]. - Established in 2016, the company has expanded its operations into specialized, civilian, and commercial aerospace sectors [5][13]. 2. Financial Performance - The company reported revenues of 229 million yuan in 2023, a year-on-year increase of 61.90%, and a net profit of 63 million yuan, up 23.41% [24][26]. - The projected revenues for 2024 to 2026 are 287 million yuan, 368 million yuan, and 476 million yuan respectively, with corresponding net profits of 84 million yuan, 109 million yuan, and 143 million yuan [3][11]. 3. Market Dynamics - The demand for aerospace measurement and simulation is expected to grow as satellite launches increase, with China planning to deploy over 600 satellites by 2025 [8][36]. - The company is well-positioned to capitalize on the growing satellite internet market, which is becoming a focal point in global strategic competition [7][29]. 4. Business Expansion - The company has successfully expanded its revenue from civilian and commercial sectors, with the proportion of income from these areas rising from 3.73% in 2021 to 34.81% in 2023 [10][43]. - The company is leveraging its expertise in specialized fields to enhance its capabilities in commercial aerospace, supported by significant investment in research and development [9][43].