Core Viewpoint - The report indicates that Aerospace Hongtu's 2024 performance fell short of market expectations, with a focus on expanding data element services and enhancing core product competitiveness [1][2][3][4]. Financial Performance - In 2024, Aerospace Hongtu reported revenue of 1.575 billion yuan, a year-on-year decrease of 13.39%, and a net loss attributable to shareholders of 1.393 billion yuan, an increase in loss of 272.23% year-on-year [2][3]. - For Q1 2025, the company achieved revenue of 124 million yuan, down 44.10% year-on-year, with a net loss of 115 million yuan, a decrease in loss of 23.91% year-on-year [2][3]. Operational Insights - The decline in performance is attributed to macroeconomic pressures and a reduction in order quantities in 2023 and 2024, compounded by a pause in military procurement leading to inventory impairment provisions [3]. - The company is focusing on enhancing the competitiveness of its core products, with plans to upgrade its industrial development model and optimize core product capabilities [3]. Strategic Initiatives - Aerospace Hongtu has completed the networking of 12 radar remote sensing satellites, achieving a global revisit cycle of up to 6 hours, which is valuable in fields such as land surveying and disaster reduction [3]. - The company aims to strengthen its cloud platform infrastructure and transition core products to the cloud, enhancing its service capabilities and facilitating seamless migration for clients from offline to online [3][4]. Data Element Services - The company has launched 14 categories of data products on the Shanghai Data Exchange, targeting various sectors including surveying, land, disaster reduction, and agriculture, to support the digital economy [4]. - Aerospace Hongtu is committed to becoming a leading "data merchant," leveraging its data processing capabilities to assist in the construction of digital government and society [4]. Earnings Forecast - The EPS forecast for 2025-2026 has been revised down to 0.48 yuan and 0.81 yuan, respectively, with a projected EPS of 1.26 yuan for 2027 [4]. - The company maintains a "buy" rating, anticipating a recovery in business as downstream customer orders resume [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance was below expectations, with revenue of 1.575 billion yuan, a year-on-year decrease of 13.39%, and a net loss attributable to shareholders of 1.39289 billion yuan, an increase in loss of 272.23% year-on-year [2][9] - The company aims to enhance its core product competitiveness and expand its data element services, focusing on digital applications and cloud transformation [9] - The earnings per share (EPS) forecast for 2025 has been adjusted down to 0.48 yuan, with expectations of recovery in business as downstream customer orders resume [9] Financial Summary - Total revenue for 2024 is projected at 1.575 billion yuan, with a year-on-year decline of 13.39% [10] - The net profit attributable to shareholders for 2024 is expected to be a loss of 1.39289 billion yuan, with a significant increase in loss compared to the previous year [10] - The company anticipates a gradual recovery in revenue, with projections of 2.108 billion yuan in 2025, 2.677 billion yuan in 2026, and 3.298 billion yuan in 2027 [10] - The EPS for 2025 is forecasted at 0.48 yuan, with further increases to 0.81 yuan in 2026 and 1.26 yuan in 2027 [10]

航天宏图信息技术股份有限公司 2024 年年度股东大会会议资料 证券代码：688066 证券简称：航天宏图 航天宏图信息技术股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 为维护全体股东的合法权益，确保股东大会会议秩序和议事效率，保证股东 大会的顺利召开，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、中国证监会《上市公司股东会 规则》以及《航天宏图信息技术股份有限公司章程》（以下简称"《公司章程》"） 和航天宏图信息技术股份有限公司（以下简称"公司"）《股东大会议事规则》 等有关规定，特制定 2024 年年度股东大会会议须知： 1 | | | | 2024 年年度股东大会会议须知 | 3 | | --- | --- | | 年年度股东大会会议议程 2024 | 5 | | 2024 年年度股东大会会议议案 | 7 | | 议案一：关于《2024 年度董事会工作报告》的议案 7 | | | 议案二：关于《2024 年度监事会工作报告》的议案……………………………………………12 | | | 议案三：关于《2024 年度独立董事 ...

国信证券股份有限公司 关于航天宏图信息技术股份有限公司 | 保荐机构名称 | 国信证券股份有限公司 | | --- | --- | | 注册地址 | 深圳市罗湖区红岭中路 号国信证券大厦十六层至二十六层 1012 | | 主要办公地址 | 深圳市福田区福华一路 125 号国信金融大厦 | | 法定代表人 | 张纳沙 | | 保荐代表人 | 巫雪薇、赵晓凤 | 二、保荐机构基本情况 三、上市公司基本情况 | | | 首次公开发行股票并在科创板上市、向特定对象发行股票及 向不特定对象发行可转换公司债券之保荐总结报告书 国信证券股份有限公司（以下简称"国信证券"、"保荐机构"）作为航天 宏图信息技术股份有限公司（以下简称"航天宏图"或"公司"）首次公开发行 股票并在科创板上市、向特定对象发行股票及向不特定对象发行可转换公司债券 的保荐机构，履行持续督导职责期限至 2024 年 12 月 31 日。目前持续督导期限 已届满，根据《证券发行上市保荐业务管理办法》等法规的要求，出具本持续督 导保荐总结报告书。 一、保荐机构及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大 ...

（2024 年度） 债券受托管理人 （深圳市红岭中路 1012 号国信证券大厦 16-26 层） 二〇二五年五月 1 证券代码：688066 证券简称：航天宏图 债券代码：118027 债券简称：宏图转债 航天宏图信息技术股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、 《航天宏图信息技术股份有限公司 2022 年度向不特定对象发行可转换公司债券 之受托管理协议》（以下简称"《受托管理协议》"）、《航天宏图信息技术股 份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）等相关公开信息披露文件、第三方中介机构出具的专业意见等，由 本次债券受托管理人国信证券股份有限公司（以下简称"国信证券"）编制。国 信证券对本报告中所包含的从上述文件中引述的内容和信息未进行独立验证，也 不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责 任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国信证券所作的承诺 或声 ...

国信证券股份有限公司 关于航天宏图信息技术股份有限公司 2024年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律、法规的规定，国信证券股份有限公司（以下简称"国信证券" 或"保荐机构"）作为航天宏图信息技术股份有限公司（以下简称"航天宏图"或"公 司"）持续督导工作的保荐机构，负责航天宏图2024年度的持续督导工作，并出 具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并 针对具体的持续督导工作制定相应的工作 | 保荐机构已建立健全并有效执行了持 | | 1 | | 续督导制度，并制定了相应的工作计划 | | | 计划 | | | | 根据中国证监会相关规定，在持续督导工作 开始前，与上市公司或相关当事人签署持续 | 保荐机构已与航天宏图签订《保荐协 | | | | 议》，该协议明确了双方在持续督导期 | | 2 | 督导协议，明确双方在持续督导期间的权利 | 间的权利和义务，并报上海证券交易所 | | | 义务，并报上海证券交易所备案 | 备案 ...

Group 1 - The year 2024 marks the formal inclusion of data assets in accounting practices, with 92 listed companies reporting a total of 2.495 billion yuan in data assets by the end of the year [1][2] - The number of companies reporting data assets has increased from 17 in the first quarter to 92 by the annual report, with the total value rising from 79 million yuan to 2.495 billion yuan [2] - Major contributors to data asset reporting include China Mobile, Cloud Horse, China Unicom, and China Telecom, each reporting over 100 million yuan in data assets [2][5] Group 2 - Data assets are primarily classified as intangible assets, with over 60 companies accounting for more than 1.3 billion yuan in this category, representing approximately 60% of the total [3] - The inclusion of data assets in financial statements helps companies optimize their financial reports, impacting asset scale and net profit [3] - Data asset reporting is seen as a foundation for digital transformation and exploring data trading and value-added services [3] Group 3 - The standardization and normalization of data asset reporting is a growing concern, as not all data resources qualify as assets [4] - Companies face challenges in distinguishing between data resources, products, and assets, necessitating a comprehensive approach to compliance and management [4] - Some companies have been cautious in reporting data assets, with instances of previously reported data being corrected or omitted in annual reports [5]

短期业绩承压，静待营收拐点 证券研究报告 航天宏图 (688066 CH) | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 计算机应用 | 航天宏图发布年报，2024 年实现营收 15.75 亿元（yoy-13.39%），归母净 利-13.93 亿元（同比增亏），扣非净利-14.53 亿元（同比增亏）。其中 Q4 实 现营收 2.30 亿元（yoy-0.81%，qoq-54.10%），归母净利-11.71 亿元（同比 增亏）。2024 年公司归母净利低于我们预期（0.83 亿元），我们判断主因： 2024 年 7 月 6 日起，公司特种领域采购资格暂停，导致 2024 年计提存货 跌价资产减值损失 9.3 亿元。我们认为，随着下游需求复苏，公司 25 年营 收有望回暖。维持"买入"评级。 25 年下游需求有望逐步企稳，静待营收拐点 2024 年公司数据分析应用服务业务收入 9.35 亿元，同比-10.77%，毛利率 30.76%，同比-4.90pct。系统设计开发业务收入 6.31 亿元，同比-16.04%， ...

Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]

截至 2025 年 4 月 28 日，航天宏图信息技术股份有限公司（以下简称"公 司"）股价已触发"宏图转债"转股价格向下修正条件。 经公司第四届董事会第四次会议审议，公司董事会决定本次不向下修正 "宏图转债"转股价格，同时在未来的 1 个月内（即 2025 年 4 月 29 日至 2025 年 5 月 28 日），如再次触发"宏图转债"转股价格向下修正条件，亦不提出向下 修正方案。 | 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：118027 | 债券简称：宏图转债 | | 航天宏图信息技术股份有限公司 关于不向下修正"宏图转债"转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 股调整为 88.62 元/股。详见公司于 2023 年 1 月 13 日披露在上海证券交易所网站 （www.sse.com.cn）上的《航天宏图信息技术股份有限公司关于可转换公司债券 "宏图转债"转股价格调整的公告》（202 ...