北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 北京市君合律师事务所 关于中科星图股份有限公司 2024 年第三次临时股东大会之 法律意见书 二零二四年十一月 | 北京总部 | 电话: (86-10) 8519-1300 | 上海分所 | 电话: (86-21) 5298-5488 | 广州分所 | 电话: (86-20) 2805-9088 | 深圳分所 | 电话: (86-755) 2939-5288 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: (86-10) 8519-1350 | | 传真: (86-21) 5298-5492 | | 传真: (86-20) 2805-9099 | | 传真: (86-755) 2939-5289 | | 杭州分所 | 电话: (86-571) 2689-8188 | 成都分所 | 电话: (86-28) 6739-8000 | 西安分所 | 电话: (86-29) 8550-9666 | 青 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 56.54 CNY per share, based on a 45x PE valuation for 2025 [3][14]. Core Insights - The company reported a robust growth in Q3 2024, achieving a revenue of 2.007 billion CNY, a year-on-year increase of 43.44%, and a net profit of 146 million CNY, up 41.27% year-on-year [4][5]. - The growth is attributed to the company's strategic positioning in the aerospace and information industry, effectively tapping into customer demand and increasing order backlog [5]. - The company has launched several innovative products, enhancing its market presence and solidifying its leadership in the aerospace information sector [5][6]. Summary by Sections Earnings Forecast - The company is projected to achieve revenues of 3.678 billion CNY, 5.244 billion CNY, and 7.281 billion CNY for the years 2024, 2025, and 2026, respectively, with growth rates of 46.2%, 42.6%, and 38.9% [2][10]. - The expected EPS for 2024, 2025, and 2026 is 0.89 CNY, 1.26 CNY, and 1.71 CNY, respectively [2][10]. Business Segments - The company is focusing on various sectors, including special fields, smart government, aerospace measurement and control, meteorological ecology, enterprise energy, and online business, with significant projected growth rates across these segments [8][9][10]. - For instance, the smart government segment is expected to grow by 55%, 50%, and 45% in the years 2024, 2025, and 2026, respectively [9]. Financial Metrics - The company’s gross margin for the first three quarters of 2024 was 47.49%, slightly down by 1.30 percentage points year-on-year, while the net margin was 11.44%, down by 0.46 percentage points [5][6]. - The overall expense ratio for the first three quarters of 2024 was 33.28%, an increase of 0.02 percentage points compared to the same period last year [5]. Cash Flow - The company reported a positive net cash flow from operating activities in Q3 2024, attributed to improved receivables management and collection efforts [5][6].

中科星图股份有限公司 2024 年第三次临时股东大会会议资料 证券代码：688568 证券简称：中科星图 中科星图股份有限公司 2024 年第三次临时股东大会会议资料 二〇二四年十一月 中科星图股份有限公司 2024 年第三次临时股东大会会议资料 2024 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保 证股东大会的顺利进行，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》《上市公司股东大会规则》以及《中科星图股份有限 公司章程》（以下简称《公司章程》）、《中科星图股份有限公司股东大会议事规 则》（以下简称《股东大会议事规则》）等相关规定，特制定 2024 年第三次临时 股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工 作人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理签到 手续，并请按规定出示证券账户卡、身份证明文件或法人单位证明、授权委托 书等，上述登记材料均需提供复印件一份，个人登记材料复印件须个人签字， 法 ...

证券代码：688568 证券简称：中科星图 公告编号：2024-061 中科星图股份有限公司 关于控股子公司星图测控申请公开发行股票 2024 年 3 月 6 日，星图测控提交的《关于中科星图测控技术股份有限公司 公开发行股票并在北交所上市申请文件的审核问询函的回复》已在北交所官网披 露。 2024 年 3 月 18 日，星图测控收到《关于中科星图测控技术股份有限公司公 开发行股票并在北交所上市申请文件的第二轮审核问询函》。 2024 年 10 月 31 日，星图测控提交的《关于中科星图测控技术股份有限公 1 并在北京证券交易所上市的自愿性进展提示公告 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。 中科星图股份有限公司（以下简称"公司"）控股子公司中科星图测控技术 股份有限公司（以下简称"星图测控"）为全国中小企业股份转让系统挂牌企业， 证券简称：星图测控，证券代码：874016。公司持有星图测控 46.36%股份。星图 测控正在申请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。现就有关事 ...

Summary of the Conference Call for China Star Map Company Company Overview - China Star Map Company is a subsidiary of the Chinese Academy of Sciences Aerospace Institute, primarily engaged in satellite operations, especially in remote sensing applications. The company operates in both special and civilian sectors, with special applications accounting for 70% and civilian applications for 30% of its business [4][6][10]. Strategic Directions - The company has two main strategic directions: 1. Establishing a full commercial space industry chain. 2. Data layout for related applications, leveraging resources from the Aerospace Institute to launch multiple satellite constellations [4][6]. - The company aims to build a global measurement and control network, operational service centers, and a space information cloud platform [4][6]. Financial Performance and Growth Projections - Over the past eight years, China Star Map has maintained high growth, driven by increased national investment in military information technology and enhanced market positioning capabilities [7]. - The profit target for 2024 is set at 7.7 billion yuan, representing a 40% year-on-year increase from the current profit of approximately 5.5 billion yuan. This growth is attributed to core positioning in the special sector, rapid expansion in the civilian market, and performance improvements from mergers and acquisitions [9][10]. Mergers and Acquisitions Strategy - The company employs a "horse racing" mechanism to control and empower high-potential subsidiaries, with plans for gradual public listings of subsidiaries like Xingtong Measurement and Control [8][12]. - The expected market value of Xingtong Measurement and Control is projected to reach 5 billion yuan following its approval by the Beijing Stock Exchange [8]. Investment in Technology and Applications - Significant resources have been allocated to intelligence reconnaissance and open-source intelligence analysis, similar to the U.S. company Palantir, particularly in AI-driven knowledge graph applications and decision support [10][11]. - The company sees substantial growth potential in both defense information technology and civilian markets, indicating a robust long-term development outlook [10][12]. Shareholder Equity Management - To address potential dilution of shareholder equity from subsidiary listings, the company plans to repurchase and cancel shares, aiming to enhance earnings per share [11]. Conclusion - China Star Map Company is positioned for continued high growth through strategic investments in technology, a robust mergers and acquisitions strategy, and a focus on expanding its market presence in both military and civilian sectors. The company's proactive measures to manage shareholder equity further strengthen its investment appeal.

证券代码：688568 证券简称：中科星图 公告编号：2024-060 中科星图股份有限公司 关于召开2024年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 中科星图股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日在上 海证券交易所网站（www.sse.com.cn）发布了《中科星图股份有限公司 2024 年第 三季度报告》，为便于广大投资者更加全面深入地了解公司经营业绩、财务状况， 公司计划于 2024 年 11 月 18 日（星期一）15:30-16:30 在"价值在线"（www.ir- online.cn）举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 1 会议召开时间：2024 年 11 月 18 日（星期一）15:30-16:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络文字互动 会议问题征集：投资者可于 2024 年 11 月 18 日（星期一）15:30 前访问 网址 https://ese ...

证券代码：688568 证券简称：中科星图 公告编号：2024-059 中科星图股份有限公司 关于股票交易异常波动的公告 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、准确性和完整性承担法律责任。 重要内容提示： 针对公司股票交易异常波动的情况，经公司自查并发函问询控股股东及实际 控制人，对相关问题进行了必要核实。现就有关情况说明如下： （一）日常经营情况 经公司自查，公司目前生产经营活动正常，内部经营秩序正常。公司所处市 1 场环境、行业政策未发生重大调整。 （二）重大事项情况 一、股票交易异常波动的具体情况 公司股票交易于 2024 年 11 月 4 日、11 月 5 日、11 月 6 日连续三个交易日 内日收盘价格涨幅偏离值累计超过 30%，根据《上海证券交易所交易规则》《上 海证券交易所科创板股票异常交易实时监控细则》的有关规定，属于股票交易异 常波动情形。 二、公司关注并核实的相关情况 中科星图股份有限公司（以下简称"公司"）股票交易于 2024 年 11 月 4 日、11 月 5 日、11 月 6 日连续三个交易日内日收盘价格涨幅偏离值累 计 ...

关于《中科星图股份有限公司股票交易异常波动的询证函》 (以下无正文) 中科星图股份有限公司: (本页无正文，为《关于<中科星图股份有限公司股票交易异常波动的询证函> 的回函》之盖章页） 你司发出的《中科星图股份有限公司股票交易异常波动的询证函》已收悉, 经认真自查核实,现将有关问题回复如下: 中国 2 2 一、截至目前,我院不存在涉及你司的应披露而未披露的重大信息; 二、截至目前,我院不存在处于筹划阶段涉及你司的重大事项,包括值坏→常常 于并购重组、股份发行、债务重组、业务重组、资产剥离和资产注入等重大事吸 的回函 三、在本次股票交易异常波动期间,我院不存在买卖你司股票的情形。 特此函复。 ...

中科星图股份有限公司: 函》的回函 关于《中科星图股份有限公司股票交易异常波动的询证 你司发出的《中科星图股份有限公司股票交易异常波动的询证函》已收 悉，经认真自查核实,现将有关问题回复如下: 一、截至目前,我司不存在涉及你司的应披露而未披露的重大信息; 二、截至目前,我司不存在处于筹划阶段涉及你司的重大事项,包括但不 限于并购重组、股份发行、债务重组、业务重组、资产剥离和资产注入等重大 事项; 三、在本次股票交易异常波动期间，我司不存在买卖你司股票的情形。 特此函复。 (以下无正文) (本页无正文,为《关于<中科星图股份有限公司股票交易异常波动的询证函>的 回函》之盖章页） 限责任公司 中科九度(北 1 8 0 0 202024年 11月 6 日 . . . . . ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The company has achieved continuous high growth in performance, with a revenue of 2.007 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 43%. The net profit attributable to shareholders is 146 million yuan, up 41% year-on-year [5]. - The company is accelerating its layout in the commercial aerospace industry chain and aims to build a digital foundation for the low-altitude economy [6][7]. - The introduction of the "Smart Low Altitude Brain" aims to provide data support for low-altitude operations, enhancing the company's capabilities in low-altitude traffic services [6]. - The company plans to continue its "4+2" commercial aerospace industry chain construction plan over the next five years, which includes the development of various satellite constellations and a global measurement and control network [7]. Financial Performance - The company forecasts revenues of 3.590 billion yuan, 4.873 billion yuan, and 6.385 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 488 million yuan, 679 million yuan, and 913 million yuan [9][11]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.90 yuan, 1.25 yuan, and 1.68 yuan, respectively [9][11]. - The company maintains a gross margin of approximately 47.5% to 48.0% over the forecast period [11]. Market Comparison - The company's stock price is currently at 43.24 yuan, with a market capitalization of 23.493 billion yuan. The projected price-to-earnings (P/E) ratio for 2025 is between 45 and 55 times, indicating a reasonable value range of 56.23 to 68.72 yuan [2][10].