证券研究报告 非金融公司|公司点评|中科星图（688568） 业绩持续高增，低空+AI 推动公司业务 发展 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月11日 证券研究报告 |报告要点 公司发布 2024 年年报。公司全年实现营收 32.57 亿元，同比+29.49%；实现归母净利润 3.52 亿元，同比+2.67%；实现扣非归母净利润 2.40 亿元，同比+4.03%。其中，2024Q4，公司实现 营收 12.50 亿元，同比+12.00%，环比+38.53%；实现归母净利润 2.06 亿元，同比-13.95%；实 现扣非归母净利润 1.69 亿元，同比-2.70%。 |分析师及联系人 陈安宇 SAC：S0590523080004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年03月11日 中科星图(688568) 业绩持续高增，低空+AI 推动公司业务发展 | 行 业： | 计算机/IT 服务Ⅱ | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 57.74 元 | 基本数据 | 总 ...

中信建投证券股份有限公司 1、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 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 关于中科星图股份有限公司 2021 年度向特定对象发行 A 股股票 持续督导保荐总结报告书 中信建投证券股份有限公司（以下称"中信建投证券"或"保荐机构"）作 为中科星图股份有限公司（以下简称"中科星图"、"公司"、"发行人"）2021 年 度向特定对象发行 A 股股票的保荐机构，持续督导期限截至 2024 年 12 月 31 日。 目前，持续督导期已经届满，中信建投证券根据《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》《科创板上市公司持续监管办法（试 行）》等有关法律法规规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 4、法定代表人：王常青 5、本项目保荐代表人：曾诚、闫明庆 6、项目联系人：曾诚 ...

2024 年度持续督导跟踪报告 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐机构"）作 为中科星图股份有限公司（以下简称"中科星图"、"公司"）2021 年度向特定对 象发行 A 股股票的保荐机构，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指引 第 1 号——规范运作》《科创板上市公司持续监管办法（试行）》等相关规定， 对中科星图进行持续督导。 2024 年度，中信建投证券对中科星图的持续督导工作情况总结如下： 中信建投证券股份有限公司 关于中科星图股份有限公司 | | 发现以下情形之一的，督促上市公司做出说 | | | --- | --- | --- | | | 明并限期改正，同时向上海证券交易所报告： （一）涉嫌违反《上市规则》等相关业务规则； | | | | （二）证券服务机构及其签名人员出具的专 | | | | 业意见可能存在虚假记载、误导性陈述或重 | 2024 年度，中科星图未发生相关情 | | 14 | 大遗漏等违法违规情形或其他不当情形； | 况 | | | （三）公司出现《保荐办法》第七十条规定的 | | | ...

Investment Rating - The report maintains a "Recommended" rating for Zhongke Leitu (688568.SH) [1] Core Views - The company achieved a revenue of 3.257 billion yuan in 2024, representing a year-on-year growth of 29.49%, and a net profit attributable to shareholders of 352 million yuan, up by 2.67% [4] - The online business segment saw significant growth, with revenue increasing by 395.44% year-on-year to 103 million yuan [4] - The company is focusing on new strategies in the low-altitude sector, which is expected to open new growth opportunities [4] Financial Performance Summary - **2024 Financials**: - Revenue: 3.257 billion yuan - Net Profit: 352 million yuan - Gross Margin: 49.59% [5][7] - **2025-2027 Projections**: - Expected Revenue: 4.456 billion yuan (2025), 6.013 billion yuan (2026), 7.925 billion yuan (2027) - Expected Net Profit: 480 million yuan (2025), 693 million yuan (2026), 958 million yuan (2027) - Projected EPS: 0.88 (2025), 1.28 (2026), 1.76 (2027) [5][7] - **Growth Rates**: - Revenue Growth: 36.81% (2025), 34.94% (2026), 31.79% (2027) - Net Profit Growth: 36.54% (2025), 44.26% (2026), 38.29% (2027) [5][7] Business Segment Performance - **Revenue by Segment in 2024**: - Special Fields: 1.003 billion yuan (+19.92%) - Government Business: 956 million yuan (+28.91%) - Enterprise Business: 256 million yuan (+10.90%) - Aerospace Measurement and Control: 288 million yuan (+25.90%) - Meteorological Ecology: 563 million yuan (+47.36%) - Online Business: 103 million yuan (+395.44%) [4] Strategic Initiatives - The company is developing the Star Map Cloud platform and has established strategic partnerships to expand into the low-altitude economy and commercial aerospace sectors [4]

Investment Rating - The report maintains a "Recommended" rating for Zhongke Leitu (688568.SH) [1] Core Views - The company achieved a revenue of 3.257 billion yuan in 2024, representing a year-on-year growth of 29.49%, and a net profit attributable to shareholders of 352 million yuan, up 2.67% [4] - The online business segment saw significant growth, with revenue increasing by 395.44% year-on-year to 103 million yuan [4] - The company is focusing on new strategies in the low-altitude sector, which opens up new growth opportunities [4] Financial Performance Summary - **2024 Financials**: - Revenue: 3.257 billion yuan - Net Profit: 352 million yuan - Gross Margin: 49.59% [4][5] - **2025-2027 Projections**: - Expected Revenue: 4.456 billion yuan (2025), 6.013 billion yuan (2026), 7.925 billion yuan (2027) - Expected Net Profit: 480 million yuan (2025), 693 million yuan (2026), 958 million yuan (2027) - Corresponding EPS: 0.88 (2025), 1.28 (2026), 1.76 (2027) [5][7] - **Growth Rates**: - Revenue Growth: 36.81% (2025), 34.94% (2026), 31.79% (2027) - Net Profit Growth: 36.54% (2025), 44.26% (2026), 38.29% (2027) [5][7] Business Segment Performance - **Revenue by Segment in 2024**: - Special Fields: 1.003 billion yuan (+19.92%) - Government Business: 956 million yuan (+28.91%) - Enterprise Business: 256 million yuan (+10.90%) - Aerospace Measurement and Control: 288 million yuan (+25.90%) - Meteorological Ecology: 563 million yuan (+47.36%) - Online Business: 103 million yuan (+395.44%) [4] Strategic Initiatives - The company is developing the Star Map Cloud platform and has launched the Star Map Low Altitude Cloud V1.0, which aims to enhance low-altitude airspace management and services [4] - Collaborations with 15 entities have been established to expand into new low-altitude economic fields [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 3.257 billion yuan in 2024, representing a year-on-year growth of 29.49%, with a net profit of 352 million yuan, up 2.67% year-on-year. However, the Q4 performance was below market expectations, with a revenue of 1.250 billion yuan, a 12% increase year-on-year, but a net profit decline of 13.95% [4][7] - The traditional business continues to grow steadily, while the second growth curve is accelerating beyond expectations, particularly in online business, which saw explosive growth [7] - The company plans to raise 2.5 billion yuan for investments in low-altitude and AI cloud platforms, which will strengthen its technological moat and support long-term sustainable development [7] Financial Data and Profit Forecast - The company forecasts total revenue growth from 4.438 billion yuan in 2025 to 8.730 billion yuan in 2027, with corresponding net profits expected to rise from 446 million yuan to 915 million yuan [6][9] - The gross margin for 2024 was reported at 49.59%, an increase of 1.26 percentage points year-on-year, while the net margin decreased to 16.14% due to significant impairment losses [7] - The report anticipates a decrease in profit forecasts for 2025-2026 due to increased investments and credit impairment losses, with revised net profit estimates of 4.46 billion yuan and 6.37 billion yuan for 2025 and 2026, respectively [7]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 3.26 billion yuan in 2024, representing a year-over-year growth of 29.5%, with a net profit attributable to shareholders of 0.35 billion yuan, up 2.7% year-over-year [1]. - The company is focusing on enhancing its capabilities in aerospace information and plans to raise 2.5 billion yuan for investments in satellite, low-altitude, and AI sectors [3][4]. - The second growth curve, primarily driven by cloud services, has shown significant progress, with a 395.4% year-over-year increase in online business revenue [2]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.26 billion yuan and a net profit of 0.35 billion yuan, with a gross margin of 49.6% [1][5]. - The fourth quarter saw a revenue of 1.25 billion yuan, a 12.0% increase year-over-year, but net profit decreased by 14.0% [1]. Business Segments - The GEOVIS technology and services segment grew by 38.1%, while software sales and data services increased by 35.6% [2]. - The special fields and government business contributed 31% and 29% to the total revenue, respectively [2]. Future Outlook - The company plans to raise 2.5 billion yuan to support projects in aerospace, low-altitude regulation, and big data analysis [3]. - Forecasted net profits for 2025, 2026, and 2027 are 0.48 billion yuan, 0.62 billion yuan, and 0.79 billion yuan, respectively, with corresponding PE ratios of 66x, 51x, and 40x [4][5].

Investment Rating - The investment rating for the company is "Recommended" [4][6]. Core Viewpoints - The company achieved a revenue of 3.26 billion yuan in 2024, representing a year-over-year growth of 29.5%, with a net profit attributable to shareholders of 0.35 billion yuan, up 2.7% year-over-year [1]. - The company is focusing on upgrading its aerospace information capabilities and plans to raise 2.5 billion yuan for investments in satellite, low-altitude, and AI sectors [3]. - The second growth curve, primarily driven by cloud services, has shown significant progress, with a 395.4% year-over-year increase in online business revenue [2]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.26 billion yuan and a net profit of 0.35 billion yuan, with a gross margin of 49.6% and a net margin of 16.1% [1]. - The fourth quarter saw a revenue of 1.25 billion yuan, a 12.0% increase year-over-year, but a net profit decline of 14.0% year-over-year [1]. Business Segments - The GEOVIS technology development and services segment grew by 38.1%, while GEOVIS software sales and data services increased by 35.6% [2]. - The special fields and government business contributed 31% and 29% to the total revenue, respectively, with meteorological ecology and online business revenues growing by 47.4% and 395.4% [2]. Future Outlook - The company plans to raise up to 2.5 billion yuan for various projects, including the construction of a cloud platform for aerospace information and a digital service platform for low-altitude regulation [3]. - The projected net profits for 2025, 2026, and 2027 are 0.48 billion yuan, 0.62 billion yuan, and 0.79 billion yuan, respectively, with corresponding PE ratios of 66x, 51x, and 40x [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned as a leading player in AI SaaS and data analysis applications in China, with significant growth potential driven by its unique offerings in satellite and low-altitude data [6][9] - The company is expected to experience a structural adjustment in its revenue growth momentum in 2025, with a focus on enhancing its business model from project-based to subscription-based services [6] Summary by Sections Market Performance - The company's stock has shown a relative performance against the CSI 300 index, with a notable absolute increase of 18.55% over one month and 26.19% over two months [4] Financial Performance - In 2024, the company reported revenue of 3.26 billion yuan (up 29.49% YoY) and a net profit of 352 million yuan (up 2.67% YoY) [8] - The company has a projected revenue growth of 32.3% in 2025, reaching approximately 4.31 billion yuan, and a net profit of 490 million yuan, reflecting a 39.4% increase [9][10] Business Segments - The fastest-growing segment is the online business (Star Map Earth), with revenue expected to reach 103 million yuan in 2024, a YoY increase of 395.44% [6] - The meteorological ecological business (Weitianxin) is projected to generate 563 million yuan in revenue, up 47.36% YoY, while government business (Star Map Wisdom) is expected to reach 956 million yuan, up 28.91% YoY [6] Profitability - The gross margin for the Star Map Cloud online business is 76.80%, contributing to an overall gross margin increase to 49.59% [6] - The company plans to increase investment in Star Map Cloud, low-altitude cloud, and AI data analysis platforms, with a proposed capital increase of 2.5 billion yuan [8] Future Outlook - The company aims to leverage AI technologies to reduce marginal development costs and enhance user experience, positioning itself for scalable growth in the AI SaaS and data analysis market [6] - The projected net profit for 2026 and 2027 is expected to reach 809 million yuan and 1.22 billion yuan, respectively, indicating continued strong growth [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved expected performance and is planning a private placement to enhance its aerospace industry layout [1] - The company is a leading player in the "Digital Earth" sector, with a strong emphasis on increasing R&D investment, leading to a downward adjustment in net profit forecasts for 2025-2026 [3] - The company is transitioning into a high-growth phase with its second growth curve, showing significant revenue growth in various sectors [4] Financial Performance - In 2024, the company achieved operating revenue of 3.257 billion yuan, a year-on-year increase of 29.49% [4] - The company's gross profit margin improved to 49.59%, with a net profit of 352 million yuan, reflecting a 2.67% year-on-year growth [4] - The company forecasts operating revenues of 4.449 billion yuan and 5.981 billion yuan for 2025 and 2026, respectively, with corresponding net profits of 493 million yuan and 707 million yuan [8] Strategic Initiatives - The company is implementing a new low-altitude strategy, leveraging its capabilities in aerospace information and cloud computing [5] - A comprehensive strategy for the commercial aerospace industry is being developed, focusing on enhancing satellite application capabilities and expanding into upstream satellite constellation operations [5] - The company plans to raise 2.5 billion yuan through a private placement to fund various projects, including the construction of cloud platforms and data analysis systems [6] Valuation Metrics - The current stock price is 56.20 yuan, with a market capitalization of 30.535 billion yuan [1] - The projected EPS for 2025, 2026, and 2027 are 0.91 yuan, 1.30 yuan, and 1.82 yuan, respectively, with corresponding P/E ratios of 61.9, 43.2, and 30.9 [3][8]