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].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Viewpoints - The company is positioned as a national team in the measurement and control sector, backed by the Chinese Academy of Sciences, and is expanding into commercial fields from its specialized domain [5][10]. - The report highlights the increasing competition in the aerospace industry, emphasizing that measurement and simulation are foundational for industry development [19][20]. - The company has developed proprietary technology and products, aiming to replace international mainstream aerospace analysis software with domestic alternatives [10][11]. Summary by Relevant Sections Market Performance - As of February 13, 2025, the closing price is CNY 58.50, with a market capitalization of CNY 6,676.31 million and a circulating market value of CNY 1,528.31 million [3]. Financial Forecast and Valuation - The company is projected to achieve revenues of CNY 287 million in 2024, with a year-on-year growth rate of 25.50%. The net profit attributable to shareholders is expected to be CNY 83 million, reflecting a year-on-year increase of 32.19% [6][8]. - The report forecasts net profits for 2024-2026 to be CNY 0.83 billion, CNY 1.06 billion, and CNY 1.39 billion, respectively, with corresponding P/E ratios of 80.6, 63.2, and 48.0 [8][10]. Industry Overview - The global commercial aerospace sector is rapidly expanding, with significant investments in satellite internet constellations. The Chinese satellite internet market is expected to reach CNY 450 billion by 2025, driving demand for measurement and simulation services [30][31]. - The report notes that the company has a strong order reserve and has successfully completed large, complex projects in the commercial sector, indicating a robust growth trajectory [10][11]. Business Development - The company has established a solid foundation in specialized aerospace fields and is now leveraging its experience to transition into commercial sectors. It has already secured significant revenue from commercial projects [10][11]. - The report emphasizes the company's commitment to developing a new generation of software platforms and service centers, funded through its IPO proceeds [10][11].

证券代码：920116 证券简称：星图测控 公告编号：2025-002 中科星图测控技术股份有限公司 超额配售选择权实施公告 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"星图测控"、"发行人"或 "公司"）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（以下 简称"本次发行"）超额配售选择权已于 2025 年 1 月 31 日行使完毕。中信建投 证券股份有限公司（以下简称"中信建投证券"）担任本次发行的保荐机构 （主承销商），为具体实施超额配售选择权操作的获授权主承销商（以下简称 "获授权主承销商"）。 本次超额配售选择权的实施情况具体如下： 一、本次超额配售情况 根据《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 并在北京证券交易所上市发行公告》（以下简称"《发行公告》"）公布的超额 配售选择权机制，中信建投证券作为本次发行具体实施超额配售选择权操作的 获授权主承销商，已按本次发行价格 6.92 元/股于 2024 年 12 月 24 日 ...

上海市锦天城律师事务所 关于 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 并在北京证券交易所上市之超额配售选择权实施情况 的 专项法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 专项法律意见书 致：中信建投证券股份有限公司 中信建投证券股份有限公司（以下简称"中信建投"）作为中科星图测控技 术股份有限公司（以下简称"星图测控"或"发行人"）本次发行的保荐机构（主 承销商）。上海市锦天城律师事务所（以下简称"本所"）接受中信建投的委托， 委派本所律师担任中信建投负责组织实施的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并在北京证券交易所（以下简称"北交所"）上 市（以下简称"本次发行"）的发行和承销过程见证项目的专项法律顾问，依据 《中华人民共和国公司法》《中华人民共和国证券法》《证券发行与承销管理办 法》《首次公开发行证券承销业务规则》《北京证券交易所证券发行与承销管理 细则》（以下简称"《管理细则》"）《北京证券交易所向不特定合格投资者公 开发行股票注册管理办法》《北京证券交易 ...

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 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 1 星图测控按照本次发行价格6.92元/股，在初始发行规模2,750.00万股的基础 上新增发行股票数量412.50万股，由此发行总股数扩大至3,162.50万股，发行人 发行后的总股本增加至11,412.50万股，发行总股数占发行后总股本的27.71%。发 行人由此增加的募集资金总额为2,854.50万元，连同初始发行规模2,750.00万股股 票对应的募集资金总额19,030.00万元，本次发行最终募集资金总额为21,884.50 万元，扣除发行费用（不含税）金额2,720.26万元，募集资金净额为19,164.24万 元。 三、超额配售股票和资金交付情况 超额配售选择权实施情况的核查意见 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（以下简称"本 次发行"）超额配售选择权已于2025年1月31日行使完毕。中信建投证券股份有限 公司（以下简称"中信建投证券"）担任本次发行的保荐机构及主承销商，为具 体实施超额配售 ...