Investment Rating - The report maintains an "Accumulate" rating for the company [5] - The target price is set at 50.72 CNY, with the current price at 40.35 CNY [5] Core Insights - The company's overall performance meets market expectations, with revenue and profit growth exceeding 40% in the first three quarters [3] - The company is positioned to achieve better-than-expected performance due to its proactive layout in the low-altitude economy and commercial aerospace sectors [3] - The company has established itself as a leader in the digital earth sector and is expanding into the commercial aerospace market through the "Star Map Cloud" platform [10] Financial Performance Summary - In the first three quarters of 2024, the company achieved revenue of 2.007 billion CNY, a year-on-year increase of 43.44%, and a net profit attributable to shareholders of 146 million CNY, up 41.27% [10] - For Q3 2024, revenue reached 903 million CNY, a 33.29% increase year-on-year, with a net profit of 82 million CNY, growing 21.07% [10] - The company reported positive operating cash flow for the first time in Q3 2024, with a gross margin of 46.86%, up 1.12 percentage points year-on-year [10] Future Financial Projections - Expected net profits for 2024-2026 are projected at 482 million CNY, 716 million CNY, and 972 million CNY respectively, with EPS of 0.89 CNY, 1.32 CNY, and 1.79 CNY [10] - The company is anticipated to maintain strong revenue growth, with projected revenues of 3.856 billion CNY in 2024, 5.439 billion CNY in 2025, and 6.988 billion CNY in 2026 [11] Market Position and Strategy - The company leverages its strong technological barriers and market advantages in satellite applications and services, supported by research capabilities from the Chinese Academy of Sciences [10] - The company aims to deepen its involvement in the commercial aerospace supply chain, establishing a comprehensive and self-controlled industrial system [10] - The "4+2" model encompasses satellite manufacturing, launching, applications, services, and essential ground infrastructure development [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading player in the "Digital Earth" sector, maintaining a strong growth trajectory with projected net profits of 478 million, 663 million, and 910 million yuan for 2024-2026, respectively. The corresponding EPS is expected to be 0.88, 1.22, and 1.67 yuan per share, with PE ratios of 45.9, 33.1, and 24.1 times for the same period [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 2.007 billion yuan, a year-on-year increase of 43.44%. The net profit attributable to the parent company was 146 million yuan, up 41.27%, and the net profit after deducting non-recurring gains and losses was 70.071 million yuan, reflecting a growth of 24.94%. In Q3 alone, the operating revenue reached 903 million yuan, a 33.29% increase year-on-year, with a net profit of 82.09 million yuan, up 21.07%, and a non-recurring net profit of 65.379 million yuan, growing by 45.16% [4][6] - The gross margin for Q3 was 46.86%, an increase of 1.12 percentage points year-on-year. The sales expense ratio and R&D expense ratio were 6.81% and 13.49%, respectively, both showing a decrease, while the management expense ratio increased to 8.94%, up 1.53 percentage points year-on-year [4] - The company's cash flow from operating activities for the first three quarters was -501 million yuan, showing a decline year-on-year. However, Q3 saw a positive cash flow of 15.7241 million yuan, attributed to improved collection management [4] - As of the end of Q3, the company's contract liabilities amounted to 1.42 billion yuan, a growth of 118.07% from the beginning of the year, indicating an increase in contract prepayments. The advance payments stood at 240 million yuan, reflecting a rise in procurement payments for existing orders, suggesting a robust order backlog [4] Strategic Development - The company completed the first phase of its "4+2" commercial aerospace full industry chain layout in May 2024, which includes the development of four satellite constellations for electromagnetic, meteorological, remote sensing, and new computing power, along with a global measurement and control network and an operational service center [5]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 2.01 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 43.4%. The net profit attributable to shareholders was 150 million yuan, up 41.3% year-on-year, and the net profit excluding non-recurring items was 70 million yuan, reflecting a 24.9% increase year-on-year. The performance aligns with market expectations [1]. - The company is benefiting from the development opportunities in the aerospace information industry, with an increase in orders contributing to revenue growth. The revenue growth rate and gross margin have remained high, with the gross margin for Q3 2024 at 46.9%, an increase of 1.12 percentage points year-on-year [1]. - The company has increased its R&D investment, with R&D expenses reaching 300 million yuan, a year-on-year increase of 27.6%. The company’s cash flow from operating activities improved in Q3 2024, showing a net cash flow of 20 million yuan compared to a negative cash flow of 150 million yuan in Q3 2023 [1]. - The company is deepening its layout in the low-altitude economy, which is expected to accelerate into a substantial construction phase, benefiting from national policies promoting low-altitude economic networks [1]. Financial Summary - For the first three quarters of 2024, the company achieved revenues of 4.2 billion yuan, 6.9 billion yuan, and 9.0 billion yuan for Q1, Q2, and Q3 respectively, with year-on-year growth rates of 56.4%, 50.9%, and 33.3% [1]. - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is expected to be 485 million yuan, 681 million yuan, and 928 million yuan respectively, with corresponding PE ratios of 45x, 32x, and 24x [2][5]. - The company’s total revenue is projected to reach 7.513 billion yuan by 2026, with a growth rate of 42.6% [2][5].

证券代码：688568 证券简称：中科星图 公告编号：2024-050 中科星图股份有限公司 关于 2024 年第三季度计提资产减值准备的公告 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。 一、计提资产减值准备情况概述 根据《企业会计准则》及相关会计政策的规定，为客观、公允地反映中科星 图股份有限公司（以下简称"公司"）截至 2024 年 9 月 30 日的财务状况和 2024 年第三季度的经营成果，本着谨慎性原则，公司对截至 2024 年 9 月 30 日合并报 表范围内各类应收款项、存货、合同资产、固定资产、无形资产等资产进行了全 面清查，认为上述资产中部分资产存在一定的减值迹象，公司需对各项可能发生 资产减值损失的相关资产计提减值准备。 2024 年第三季度，公司计提的信用减值及资产减值准备共计 35,761,388.23 元，具体情况如下表所示： | 单位：人民币元 | | --- | | | 项目 | 2024 年第三季度计提金额 | | | --- | --- | --- | --- | | 信用减值损失 | 应 ...

中科星图股份有限公司 2024 年第三季度报告 证券代码：688568 证券简称：中科星图 中科星图股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 1 / 14 中科星图股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|----------------|-------------------|---- ...

证券代码：688568 证券简称：中科星图 公告编号：2024-052 中科星图股份有限公司 第二届监事会第二十四次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 中科星图股份有限公司（以下简称"公司"）第二届监事会第二十四次会议于 2024年10月28日在星图大厦九层多功能会议室以现场结合通讯的方式召开，会议通 知已于2024年10月24日以邮件的形式送达全体监事。本次会议由监事会主席、职工 监事朱晓勇召集并主持，应出席监事3人，实际出席监事3人。本次会议的召集、召 开程序均符合《中华人民共和国公司法》《中华人民共和国证券法》等相关法律法规、 规范性文件及《中科星图股份有限公司章程》（以下简称《公司章程》）的规定， 会议决议合法、有效。 二、监事会会议审议情况 监事会认为：2024年第三季度报告的编制和审议程序符合相关法律法规及 《公司章程》等内部规章制度的规定；公司2024年第三季度报告的内容与格式符 合相关规定，公允地反映了公司2024年第三季度的财务状况和经营成果等事项； 在第三季 ...

证券代码：688568 证券简称：中科星图 公告编号：2024-051 中科星图股份有限公司 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn）披露 的《中科星图股份有限公司 2024 年第三季度报告》。 本议案已经公司第二届董事会审计委员会 2024 年第五次会议审议通过。 表决结果：11 票同意，0 票反对，0 票弃权。 特此公告。 中科星图股份有限公司董事会 中科星图股份有限公司（以下简称"公司"）第二届董事会第三十七次会议 于 2024 年 10 月 28 日在星图大厦九层多功能会议室以现场结合通讯的方式召开， 会议通知已于 2024 年 10 月 24 日以邮件的形式送达全体董事。本次会议由董事 长许光銮召集并主持，应出席董事 11 人，实际出席董事 11 人，公司监事、高级 管理人员列席了本次会议。本次会议的召集、召开程序均符合《中华人民共和国 公司法》《中华人民共和国证券法》等相关法律法规及《中科星图股份有限公司 章程》（以下简称《公司章程》）的规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 董事 ...

中科星图股份有限公司 2024 年第二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 年第二次临时股东大会会议资料 二〇二四年十一月 | 2024 | 年第二次临时股东大会会议须知 1 | | --- | --- | | 2024 | 年第二次临时股东大会会议议程 3 | | 2024 | 年第二次临时股东大会会议议案 5 | | | 议案一 5 | | | 议案二 7 | | | 议案三 9 | | | 议案四 10 | | | 附件一 11 | | | 附件二 16 | | | 附件三 19 | 四、股东及股东代理人参加股东大会依法享有发言权、质询权、表决权等 权利。股东及股东代理人参加股东大会应认真履行其法定义务，不得侵犯公司 和其他股东及股东代理人的合法权益，不得扰乱股东大会的正常秩序。 五、要求发言的股东及股东代理人，应当按照会议的议程，举手示意并经 会议主持人许可后发言。股东及股东代理人发言或提问应围绕本次会议议案进 行，简明扼要，时间不超过 5 分钟。 六、股东及股东代理人要求发言时，不得打断会议报告人的报告或其他股 东及股东代理人的发言，在股 ...

Investment Rating - The report initiates coverage on the company with an "Overweight" rating, setting a target price of 50.72 RMB [3][4] Core Views - The company is a leader in the digital earth field, leveraging its core advantages in geospatial big data to expand into low-altitude economy and commercial aerospace sectors, driving rapid revenue growth [2][3] - The company's core product, GEOVIS Digital Earth, has undergone multiple technological iterations and is a well-known brand in the industry [3] - The company is actively exploring new opportunities in commercial aerospace and low-altitude economy, aiming to integrate AI deeply into these sectors to enhance product and service intelligence [3][10] Financial Projections - Revenue is projected to grow from 3.856 billion RMB in 2024 to 6.988 billion RMB in 2026, with EPS expected to increase from 0.89 RMB in 2024 to 1.79 RMB in 2026 [3][11] - Net profit attributable to the parent company is forecasted to rise from 482 million RMB in 2024 to 972 million RMB in 2026 [11] Business Segments - GEOVIS software sales and data services are expected to maintain a high growth rate of 40% from 2024 to 2026, with a gross margin of around 70% [11] - The system integration equipment business is projected to grow at a slower pace, with revenue growth rates of 40%, 30%, and 20% from 2024 to 2026, respectively, and a declining gross margin [11] Valuation Analysis - Using the PE valuation method, the company is valued at 38.5 times its 2025 earnings, resulting in a fair value of 27.557 billion RMB [13][14] - The PS valuation method suggests a fair value of 27.741 billion RMB, based on a 5.1 times multiple of 2025 sales [15][17] Industry and Market Position - The company is a pioneer in the digital earth industry in China, with a strong market position and technological advantages [19][20] - The global digital earth market is expected to grow significantly, with the company well-positioned to capitalize on this growth due to its leading position in the domestic market [54][55] Strategic Initiatives - The company is focusing on expanding its commercial aerospace and low-altitude economy businesses, aiming to build a comprehensive and self-sufficient industrial system [3][10] - The company is also developing a "4+2" model for commercial aerospace, covering satellite manufacturing, launch, application, and service, as well as ground infrastructure [36] Technological Innovation - The company has built its own digital earth supercomputer and connected it to a national-level intelligent computing center, enhancing its technological capabilities [3][21] - The company is continuously innovating in areas such as big data, cloud computing, and AI, which are critical for its future growth [22][23] Market Opportunities - The company is well-positioned to benefit from the rapid growth of the commercial aerospace and low-altitude economy sectors, which are expected to drive future revenue growth [3][10] - The company's strategic focus on digital earth technology and its integration with AI and other advanced technologies will likely open up new market opportunities [20][21]

中科星图股份有限公司 章 程 二〇二四年十月 | 第一章 总 | 则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 股 | 份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 7 | | 第四章 | 股东和股东大会 | 8 | | 第一节 股 | 东 | 8 | | 第二节 | 股东大会的一般规定 | 10 | | 第三节 | 股东大会的召集 | 14 | | 第四节 | | 股东大会的提案与通知 16 | | 第五节 | 股东大会的召开 | 17 | | 第六节 | | 股东大会的表决和决议 20 | | 第五章 董事会 | | 26 | | 第一节 董 | 事 | 26 | | 第二节 | 独立董事 | 28 | | 第三节 | 董事会 | 37 | | 第六章 | | 总经理及其他高级管理人员 41 | | 第七章 监事会 | | 42 | | 第一节 监 | 事 | 42 | | 第二节 | 监事会 | 43 | | 第八章 | | 财务会计制度、利润分配和审计 4 ...