国信证券股份有限公司 2023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，负责航天宏图上市后的持续督导工作，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 | 保荐机构已建立健全并有效执行了持 | | 1 | 针对具体的持续督导工作制定相应的工作 | | | | 计划 | 续督导制度，并制定了相应的工作计划 | | | 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 | | | 通过日常沟通、定期回访、现场 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Views - The company reported a revenue of 1.819 billion yuan in 2023, a year-on-year decline of 25.98%, and a net profit attributable to shareholders of -374.21 million yuan, a decrease of 241.51%, slightly below market expectations [6][9] - The decline in performance is attributed to project bidding delays, with Q4 2023 revenue dropping to 232 million yuan, a year-on-year decrease of 78.18% [6][7] - The company is focusing on building a high-precision commercial radar satellite constellation, having successfully launched 4 satellites in 2023 and planning to launch at least 12 more in 2024 [8][9] Summary by Sections Market Data - Closing price: 19.20 yuan - One-year low/high: 17.18/100.80 yuan - Price-to-book ratio: 2.29 - Circulating A-share market value: 5,014.91 million yuan - Total market value: 5,014.91 million yuan [3] Financial Performance - Total revenue forecast for 2024 is 2.484 billion yuan, with a projected year-on-year growth of 36.60% [6] - The company’s gross profit margin for 2023 was 35.92%, a decrease of 13.74 percentage points from the previous year [7] - The net cash flow from operating activities in 2023 was -870 million yuan, primarily due to increased employee compensation and procurement payments [20] Business Segments - Revenue from system design and development decreased by 22% to 752 million yuan, with a gross margin of 35% [7] - Revenue from data analysis application services fell by 29% to 1.048 billion yuan, with a gross margin of 36% [7] - Revenue from proprietary software sales increased by 82% to 19 million yuan, with a gross margin of 91% [7] Future Outlook - The company expects to benefit from the recovery of downstream customer orders, with EPS forecasts for 2024 and 2025 adjusted to 0.61 yuan and 1.10 yuan, respectively [9]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is suggested to "maintain attention" due to potential growth opportunities [25]. Core Viewpoints - The company experienced a significant decline in revenue and profit in 2023, with total revenue of 1.819 billion yuan, down 25.98% year-on-year, and a net profit attributable to shareholders of -374 million yuan, down 241.51% year-on-year [1]. - The company is focusing on developing autonomous data sources primarily in aerospace and aviation, launching the "Hongtu No. 1" satellite in 2023 to provide diverse services to clients and expand into B-end and C-end markets [2]. - The company is accelerating its overseas market expansion, having signed contracts in Bolivia and implementing projects in several other countries, which is expected to lead to a rapid increase in overseas orders [2]. Financial Performance Summary - In 2023, the company reported a revenue of 1.819 billion yuan, a decrease of 25.98% from 2022, with a projected revenue increase to 2.864 billion yuan in 2024, representing a growth rate of 57.50% [7][25]. - The net profit attributable to shareholders was -374 million yuan in 2023, with expectations of a turnaround to a profit of 125 million yuan in 2024, reflecting a growth rate of 133.46% [7][25]. - The gross profit margin for 2023 was 35.92%, down 12.13 percentage points year-on-year, with expectations of recovery in subsequent years [1][25]. Industry Context - The company operates within the Computer/IT Services sector, focusing on satellite operations and spatial data services, positioning itself as a leader in the industry [3][25]. - The company is expected to benefit from government support for special construction projects and the expansion of overseas business opportunities, which may enhance its growth prospects [25].

收入端，公司 2023 年收入呈现波动，且波动集中于 Q4，公司单 Q4 实 现营收 2.32 亿元，同比下降 78.18%，分业务来看，2023 年公司空间 基础设施规划与建设收入为 1.54 亿元（YoY-18.92%）、PIE+行业收入 为 15.88 亿元（YoY-27.44%）、云服务产品线收入为 0.77 亿元（YoY1.03%）。各项业务均受到一定程度的影响，主要由于 1）公司客户集 中在政府、大型国企和特种领域，受宏观经济环境承压以及公司在军 采网招投标资质暂停的影响，部分项目的招投标进度推迟；2）部分 项目验收时间推迟。考虑到公司招标资质目前已恢复，且下游波动因 素逐渐消退，我们认为未来特种领域订单有望逐步恢复；此外，万亿 国债资金发放，并重点用于灾后重建、防洪治理、自然灾害应急能力 提升、水利等领域，有望提振公司相关领域订单需求，收入有望恢复 增长态势。 利润端，呈现较大程度下滑，主要由于 1）毛利率自 2022 年的 48.05%下降至 35.92%，我们认为主要由于成本和收入在确认时 间上的错配；2）收入下滑而各项费用较为刚性，导致各项费用率基 数降低。 星遥感产业景气度高 新签订单超 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will outperform the market by over 20% [21][22]. Core Views - The company is a leading enterprise in remote sensing and BeiDou navigation satellite application services, facing short-term performance pressure but expected to improve in 2024 [22][29]. - The company has successfully launched four high-resolution commercial radar satellites in 2023 and plans to launch at least twelve more in 2024, aiming to establish a commercial closed loop from data to information to knowledge [32]. - The overseas strategic layout is gradually improving, with contracts signed in Bolivia and branches established in regions such as Hong Kong, Australia, and the UK, which is expected to enhance the volume of overseas orders [31]. Financial Summary - The company reported a revenue of 1,819 million yuan in 2023, a decrease of 25.98% year-on-year, and a net profit attributable to shareholders of -374 million yuan, a decline of 241.51% [30]. - The forecast for net profit attributable to shareholders for 2024 is adjusted to 150 million yuan, with corresponding EPS of 0.58 yuan per share, and for 2025, it is projected at 278 million yuan, with EPS of 1.06 yuan [29]. - The gross margin for 2023 was 35.9%, with a projected recovery to 46.8% in 2024 [28].

Financial Performance - The net profit attributable to shareholders for 2023 was -374,205,669.01 RMB, indicating a loss compared to the previous year[6]. - The net cash flow from operating activities for 2023 was -869,795,793.10 RMB, reflecting significant cash outflows[6]. - The company will not distribute cash dividends, issue bonus shares, or increase capital from reserves for the 2023 fiscal year[6]. - The company reported a revenue of ¥1,818,742,736.36 in 2023, a decrease of 25.98% compared to the previous year[23]. - The net profit attributable to shareholders was -¥374,205,669.01, representing a decline of 241.51% year-over-year[23]. - Basic earnings per share were -¥1.63, a decrease of 259.80% compared to the previous year[24]. - The company's net assets attributable to shareholders decreased by 15.31% to ¥2,283,490,183.44[23]. - The company reported a significant increase in accounts receivable, which poses a risk to cash flow due to long payment cycles from government and state-owned clients[98]. - The gross profit margin is under pressure due to the reliance on government contracts and the impact of macroeconomic conditions[103]. - The company faced a 61.96% decrease in net cash from financing activities, primarily due to the previous year's issuance of convertible bonds[103]. - The company achieved operating revenue of ¥1,818,742,736.36, a decrease of 25.98% compared to the previous year[102]. Research and Development - The R&D expenditure accounted for 21.03% of the revenue, an increase of 9.00 percentage points from the previous year[24]. - R&D expenses increased by 29.40% year-on-year, totaling ¥382,548,032.07, driven by the recruitment of high-level R&D personnel and increased investment in core products and new technologies such as AI and smart computing[74][75]. - The total R&D expenditure accounted for 21.03% of operating revenue, an increase of 9 percentage points compared to the previous year[74]. - The company is committed to continuous R&D investment to solidify its capabilities in space data integration and to develop intelligent industry applications based on multi-source data fusion[36]. - The company has achieved significant recognition in the field of artificial intelligence, winning awards such as the CCF Science and Technology Progress Award and the Tianzhi Cup championship[59]. - The company is actively exploring the application of cutting-edge AI technologies in remote sensing data processing, enhancing its competitive edge in the industry[59]. - The company has completed significant advancements in its projects, with several already achieving their targeted milestones[78][79]. Strategic Development - The company is focused on long-term stability and development, considering macroeconomic conditions and industry status in its strategic planning[6]. - The company aims to leverage the national push for data element market development, with a goal of achieving an average annual growth rate of over 20% in the data industry by 2026[36]. - The company is actively developing a space-ground integrated data resource system, enhancing its data acquisition capabilities through the launch of the "Hongtu-1" satellite constellation, which can complete global land mapping tasks within one year[37]. - The company is positioned to leverage national policies promoting the digital economy, enhancing its service capabilities and application scope in various industries[52]. - The company is focusing on the integration of digital technologies and spatial big data to promote efficient governance and resource management in the context of digital China[63]. - The company is committed to developing application-level products for specialized industries, focusing on intelligence integration, decision support, and refined meteorological assurance products[153]. Corporate Governance - The company has not disclosed any special arrangements for corporate governance or significant matters affecting its operations[9]. - The company emphasizes the importance of retaining core technical personnel to maintain its competitive edge in the technology-intensive satellite application industry[94]. - The company has established a transparent performance evaluation and incentive mechanism for its directors, supervisors, and senior management, ensuring compliance with legal regulations[157]. - The company is actively engaging in equity incentive plans to retain key talent and enhance performance[162]. - The company has seen significant changes in its board composition, with several new appointments and resignations in 2023[164]. Market Expansion - The company is actively developing a general-purpose remote sensing intelligent interpretation model to enhance its software platform services across various sectors, aiming to reduce costs and increase efficiency[41]. - The company has established branches in multiple countries, including Hong Kong, Australia, and the UK, and is implementing overseas projects in Thailand, Australia, Pakistan, and Bangladesh, indicating a robust international strategy[42]. - The company is expanding its order categories and increasing order volume, particularly in satellite internet and civil space infrastructure projects[46]. - The company is actively pursuing market expansion through innovative technologies and strategic partnerships in the GIS and remote sensing sectors[81]. - The company is expanding its market presence in various sectors, including agriculture, disaster prevention, and military applications, leveraging its advanced satellite imaging capabilities[84]. Innovation and Technology - The company is engaged in the development of remote sensing image processing software and cloud services, indicating ongoing innovation efforts[12]. - The company has developed the PIE-Engine platform, which has evolved from a multi-source remote sensing data processing tool to a new generation smart earth platform, covering over ten industries including natural resources and emergency management[47]. - The company is focusing on building a space information perception integration system centered on data acquisition capabilities, in line with the national "New Infrastructure" initiative[45]. - The company is developing the PIE-Engine remote sensing cloud platform, which integrates cloud computing, IoT, big data, and AI technologies, significantly reducing local hardware investment costs[64]. - The company is focusing on advanced technologies such as digital twins, AI, and large models, conducting core technology research to meet market demands for 3D data processing and intelligent remote sensing analysis[66]. Financial Management - The company has reported a significant increase in long-term equity investments, with a value of ¥246,231,665.48, up 911.48% from the previous year[125]. - The company has allocated 51,989,082.94 RMB for share buybacks, which accounts for 13.89% of the net profit attributable to shareholders[195]. - The company has established a new investment fund with a scale of RMB 2.75 billion, with an actual contribution of RMB 31.2 million as of December 31, 2023[138]. - The company is facing risks of significant revenue decline due to delayed project bids and increased financial costs, influenced by the macroeconomic environment[92]. - The company is actively working on cost reduction and efficiency improvement measures to enhance profitability, including optimizing personnel structure and reducing expenses[93].

| 航天宏图 PIES AT 股票代码 688066 2024 航天宏图信息技术股份有限公司 "提质增效重回报" 行动方案 目录 | 01 | | | --- | --- | | 紧跟科技前沿，加强核心产品竞争力 | Page 02 | | 02 | | | 规范公司治理，夯实发展根基 | Page 04 | | 03 | | | 提升信披质量，有效传递价值 | Page 06 | | 04 - | | | 持续稳定分红，重视股东回报 | Page 08 | | 05 | | 落实回购方案，提振市场信心 Page 10 2024年度"提质增效重回报" 行动方案 GG 为贯彻落实"关于开展科创板上市公司'提质增效重回报'专项 行动的倡议"，落实以投资者为本的理念，推动上市公司持续优化 经营、规范治理和积极回报投资者，大力提高上市公司质量，助力 信心提振、资本市场稳定和经济高质量发展精神要求，特此制定航 天宏图信息技术股份有限公司（以下简称"公司"或"航天宏图"） 2024年度"提质增效重回报" 行动方案。 01 2024年度"提质增效重回报" 行动方案 紧跟科技前沿， 加强核心产品竞争力 公司经过长期不断经验技 ...

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 核心技术人员离职的核查意见 国信证券股份有限公司（以下称"保荐机构"、"国信证券"）作为航天宏 图信息技术股份有限公司（以下简称"航天宏图"、"公司"）的持续督导机构， 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》 《上海证券交易所科创板上市公司自律监管规则适用指引第 1 号—规范运作》等 法律法规的要求，对航天宏图核心技术人员离职的事项进行了核查，核查情况及 核查意见如下： 出版、传授、转让或者以其他任何方式使任何第三方（包括按照保密制度的规定， 不得知悉该项秘密的公司其他职员）知悉公司商业秘密，也不得在履行职务之外 使用这些秘密信息；将对公司专有技术秘密无限期保密，直至公司宣布解密或者 秘密实际上已经公开；约定在公司按合同支付竞业限制补偿金的前提下，其与公 司终止或解除劳动合同（不论终止或解除的理由，亦不论终止或解除是否有理由） 之日起的 24 个月内，不得自营或为他人经营与公司有竞争的业务，不在与公司 有业务竞争关系的单位或与公司有业务竞争关系的单位直接或间接设立、参股、 控股、实际控制的公司、企业、研发机构、咨询调查机 ...

北京市君泽君律师事务所 北京市东城区金宝街 89 号金宝大厦 11 层 邮编:100005 11F Jinbao Tower, 89 Jinbao Street, Dongcheng District, Beijing, P.R.China 电话(Tel):(86-10) 6652 3388 传真(Fax):(86-10) 6652 3399 网址（Website）: www.junzejun.com 电子信箱(E-mail): jzj@junzejun.com 北京市君泽君律师事务所 关于航天宏图信息技术股份有限公司 2022 年限制性股票激励计划第二个归属期归属条件未成就 并作废已授予但尚未归属的限制性股票的法律意见书 关于航天宏图信息技术股份有限公司 2022 年限制性股票激励计划第二个归属期归属条件 未成就并作废已授予但尚未归属的限制性股票的 法律意见书 君泽君律师事务所 Le un Law Offices 君泽君[2024]证券字 2020-0106-10-1 致:航天宏图信息技术股份有限公司 北京市君泽君律师事务所(以下简称"本所")受航天宏图信息技术股份有限 公司(以下简称"公司")委托,担任公 ...

您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 进行查验 Thornton et la 内部控制审计报告 致同审字(2024)第 110A009549 号 航天宏图信息技术股份有限公司 二〇二三年度 内部控制审计报告 致同会计师事务所 (特殊普通合伙) 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的 程度降低,根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 Grant Thornton 致同 四、财务报告内部控制审计意见 航天宏图信息技术股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了航天宏图信息技术股份有限公司(以下简称航天宏图公司)2023 年 12月 31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效 性是航天宏图公司董事会的责任。 二、注册会计师的责任 我们的责 ...