联系电话:010-59219558 - 传真:010-59562637 2024年09月01日 证券研究报告|公司研究|军工公司点评 | --- | --- | --- | |--------------------------------------------------------------------|--------------------------------------------------------------------------------------------|-------------| | | | | | 中科星图（688568） | 投资评级 | 买入 | | 2024 年中报点评: 抢抓"商业航天+低空经济"发展 | | 维持评级 | | | 2024年 08月 30 日 | | | 机遇，营收维持高速增长 | 收盘价(元): | 27.27 | | | 目标价(元): | 42.00 | | ◆ 事件：公司 8 月 23 日公告，2024 年上半年公司营收（11.05 亿元, | 公司基本数据 | | | +52.97%），归母净利润（0.64 亿元，+80.05% ...

公司点评报告 · 计算机行业 高增,线上业务步入持续增长阶段 2024 年中报业绩点评 核心观点 ● 事件:公司发布 2024年半年度报告,2024年上半年实现营业收入 11.05 亿 元（+52.97%），归母净利润 0.64亿元（+80.05%），扣非归母净利润 0.05 亿元(-57.51%)。2024Q2实现营业收入6.86亿元(+50.93%),归母净利 润 0.62 亿元(+104.13%),扣非归母净利润 0.17 亿元(-4.72%)。 ● 各业务板块营收均增长,第二增长曲线业务步入持续增长阶段:2024H1分 行业来看,智慧政府板块营收 4.29 亿元（+79.98%）, 占比最大;特种领域 板块营收 3.07亿元(+50.16%);气象海洋板块营收 1.81 亿元(+18.57%); 航天测运控板块营收 0.81 亿元(+32.33%)；企业能源板块营收 0.68 亿元 (+38.78%);线上业务板块营收 0.22 亿元。线上业务作为第二增长曲线, 2024H1 营收超过 2023 全年,收获个人认证开发者 21,306户、企业认证开发 者 17,245户,第二增长曲线业务步入持续增长阶 ...

证券研究报告 非金融公司|公司点评|中科星图（688568） 上半年营收高增，布局商业星座、低空 经济 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月26日 证券研究报告 |报告要点 中科星图发布 2024 年半年度报告，2024 年上半年公司实现营收 11.05 亿元，同比增长 52.97%； 归母净利润 0.64 亿元，同比增长 80.05%；扣非归母净利润 0.05 亿元，同比下降 57.51%；毛 利率为 48.01%，同比下降 3.66pct。2024 年第二季度公司实现营收 6.86 亿元，同比增长 50.93%；归母净利润 0.62 亿元，同比增长 104.13%；扣非归母净利润 0.17 亿元，同比下降 4.72%；毛利率为 47.99%，同比下降 3.80pct。 |分析师及联系人 黄楷 SAC：S0590522090001 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 2024年08月26日 中科星图(688568) 上半年营收高增，布局商业星座、低空经济 | --- | --- | |--------------- ...

证券研究报告·公司深度研究·IT 服务Ⅱ 中科星图（688568） 深度布局低空经济，广阔发展前景可期 2024 年 08 月 26 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1577 | 2516 | 3718 | 5385 | 7535 | | 同比（ % ） | 51.62 | 59.54 | 47.79 | 44.84 | 39.92 | | 归母净利润（百万元） | 242.78 | 342.55 | 486.69 | 677.43 | 940.83 | | 同比（ % ） | 10.20 | 41.10 | 42.08 | 39.19 | 38.88 | | EPS- 最新摊薄（元 / 股） | 0.45 | 0.63 | 0.90 | ...

证券代码：688568 证券简称：中科星图 中科星图股份有限公司 投资者关系活动记录表 编号：2024-003 | --- | --- | |----------------|--------------------------------| | | □分析师会议 | | 投资者关系活动 | □业绩说明会 | | 类别 | □路演活动 | | | ■其他(机构投资者线上交流会议) | | 参与单位名称及 | | | | | | 人员姓名 | | | 时间 | | | 地点 | | | | | | | 星图测控、星图金能董事长：胡煜 | | 公司接待人员姓 | | | | | | 名 | | | | | | | | 一、公司主营业务情况 公司以数字地球技术为发力点，把握数字经济与空天信息融 合发展的重大机遇，不断深化数字地球技术创新，实现数字地球 应用模式从传统的线下向线上转型突破，致力于建设全新的空天 信息应用生态，并通过向商业航天上游布局，开启面向全产业链 投资者关系活动 的战略跃迁。 主要内容介绍 2024 年上半年，公司持续研发数字地球相关产品和核心技 术，在 GEOVIS 数字地球基础软件系列产品的基 ...

隐证券 计算机/IT 服务Ⅱ 收入持续高增，向商业航天全产业链战略跃迁 中科星图（688568.SH） 2024 年 08 月 24 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |----------------------|---------------------------| | | | | 陈宝健（分析师） | 刘逍遥（分析师） | | chenbaojian@kysec.cn | liuxiaoyao@kysec.cn | | S0790520080001 | 证书编号： S0790520090001 | 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 -32% -16% 0% 16% 32% 2023-08 2023-12 2024-04 2024-08 中科星图 沪深300 收入保持高速增长，"赛马"机制成效显著 （1）2024 年上半年公司实现营业收入 11.05 亿元，同比增长 52.97%；实现归母 净利润 6359.16 万元，同比增长 80.05%；实现扣非归母净利润 469.19 万元，同 比下滑 57.51%。其中，Q2 单季 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 32.4 CNY, indicating a potential upside from the current price of 27.08 CNY [6]. Core Insights - The company continues to experience high revenue growth, achieving 1.105 billion CNY in revenue for the first half of 2024, a year-on-year increase of 52.97%. The net profit attributable to shareholders reached 63.59 million CNY, up 80.05% year-on-year [2][3]. - The company is actively expanding its presence in various civilian sectors, including low-altitude economy, commercial aerospace, water conservancy, and meteorology, which has contributed to its revenue growth [3]. - The introduction of multiple new products and the "4+2" satellite constellation plan are aimed at enhancing data capabilities and addressing core infrastructure needs in the low-altitude economy [4][5]. Revenue and Profitability - The company reported a revenue of 1.105 billion CNY for H1 2024, reflecting a growth rate of 52.89% compared to the previous year. However, the non-recurring net profit decreased by 57.51% due to a shift in revenue structure and significant bad debt losses [3]. - The revenue projections for 2024-2026 are estimated at 3.63 billion CNY, 5.05 billion CNY, and 6.79 billion CNY, respectively, with net profits expected to be 440 million CNY, 620 million CNY, and 830 million CNY [9]. Product Development and Market Positioning - The company launched several new products at the 2024 Aerospace Information Conference, including advanced satellite control platforms and a cloud developer platform, which enhance its capabilities in satellite data and remote sensing applications [4]. - The company is strategically positioning itself in the low-altitude economy by developing a low-altitude flight management and service platform, which is supported by government policies promoting low-altitude economic development [5][8]. Financial Metrics - The company’s financial metrics indicate a projected PE ratio of 40 times for 2024, with a net profit margin of approximately 12.1% [10][12]. - The company’s total market capitalization is approximately 14.71 billion CNY, with a total share count of 543.33 million shares [6].

中科星图（688568.SH）2024 年中报点评 1H24 收入同比增长 53%；集团化战略优势显著 2024 年 08 月 23 日 [盈利预测与财务指标 Table_Forcast] 事件：公司 8 月 22 日发布了 2024 年中报，1H24 实现营收 11.0 亿元， YoY+53.0%；归母净利润 0.6 亿元，YoY+80.1%；扣非归母净利润 0.05 亿元， YoY-57.5%。公司 1H24 归母净利润靠近此前业绩预告数据上限，基本符合市场 预期。收入和利润增长较多主要是公司充分挖掘客户需求，持续推进落实"集团 化、生态化、国际化"的发展战略导致。 Q2 归母净利润同比大增 104%；净利率水平有所提升。单季度看，公司 1Q24~2Q24 分别实现营收 4.2 亿元、6.9 亿元，YoY+56.4%、+50.9%；分别 实现归母净利润 0.02 亿元、0.62 亿元，YoY-62.1%、+104.1%。由于公司利润 集中于下半年释放，故中报收入端的表现更加重要，公司 24Q1 和 Q2 收入均保 持了较高增长。盈利能力方面，公司 2Q24 毛利率同比减少 3.80ppt 至 48.0%； ...

证券代码：688568 证券简称：中科星图 公告编号：2024-037 中科星图股份有限公司 第二届董事会第三十五次会议决议公告 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、董事会会议召开情况 中科星图股份有限公司（以下简称"公司"）第二届董事会第三十五次会议 于 2024 年 8 月 21 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 8 月 11 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 年半年度报告及其摘要的议案》 表决结果：11 票同意，0 票反对，0 票弃权。 （三）审议通过《关于公司 2024 年度"提质增效重回报"专项行动方案 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,104,632,665.67, representing a 52.97% increase compared to ¥722,126,200.77 in the same period last year[15]. - Net profit attributable to shareholders was ¥63,591,639.72, an increase of 80.05% from ¥35,318,078.56 in the previous year[15]. - The company's operating revenue increased by 52.97% year-on-year, while net profit attributable to shareholders grew by 80.05%[17]. - Basic and diluted earnings per share both rose by 100% compared to the same period last year, reaching CNY 0.12 per share[17]. - Operating profit reached ¥87,038,930.63, reflecting a growth of 44.89% compared to the previous year[66]. - The company reported a total revenue of 273,110.88 million RMB for the first half of 2024, with a net profit of 22,975.92 million RMB, representing a significant increase compared to the previous year[49]. - The company reported a total comprehensive income of CNY 65,152,451.03 for the current period, reflecting a significant increase in overall profitability[169]. Assets and Liabilities - The company's total assets increased by 8.68% to ¥6,552,766,043.25 from ¥6,029,257,472.13 at the end of the previous year[15]. - The net assets attributable to shareholders decreased by 1.25% to ¥3,519,754,256.29 from ¥3,564,222,788.45 at the end of the previous year[15]. - Total liabilities increased to ¥2,574,188,084.90, up from ¥2,123,218,681.77, which is an increase of around 21.3%[152]. - The company's equity attributable to shareholders decreased slightly to ¥3,519,754,256.29 from ¥3,564,222,788.45, a decline of about 1.2%[152]. - The company's total liabilities decreased by CNY 58,256,267.67 during the reporting period, indicating improved financial health[170]. Cash Flow - The net cash flow from operating activities was negative at -¥516,724,078.93, compared to -¥237,368,221.87 in the previous year[15]. - The company reported a net cash flow from operating activities of -218,961,366.76 RMB, compared to -98,409,786.73 RMB in the same period of 2023, indicating a significant decline in operational cash flow[163]. - Cash inflow from operating activities totaled CNY 773,832,585.42, an increase of 19.5% compared to CNY 647,410,394.72 in the first half of 2023[161]. - Cash outflow from operating activities reached CNY 1,290,556,664.35, up 45.8% from CNY 884,778,616.59 in the same period last year[162]. - The company reported a cash and cash equivalents balance of CNY 1,021,465,291.38 at the end of the first half of 2024, down from CNY 1,719,136,712.80 at the end of the first half of 2023[162]. Research and Development - Research and development expenses accounted for 20.80% of operating revenue, a decrease of 4.62 percentage points from the previous year[16]. - Total R&D investment reached approximately ¥229.76 million, a 25.16% increase compared to the same period last year, with a significant rise in expensed R&D investment by 31.12% to ¥169.93 million[44]. - The company is committed to increasing R&D investment to fully integrate the low-altitude industry chain and empower various sectors[30]. - The company has applied for 403 new intellectual property rights during the reporting period, including 53 invention patents and 350 software copyrights, and has obtained 309 new rights, comprising 21 invention patents and 277 software copyrights[42]. Strategic Initiatives - The company plans to expand its presence in the aerospace information industry, which is projected to exceed CNY 1 trillion by 2025[20]. - The company is focusing on the integration of aerospace technology and industry development to create new growth drivers[21]. - The company is leveraging customer demand and industry characteristics to drive its "group, ecological, and international" development strategy[17]. - The company aims to become a global leader in space and aerial big data systems and services, focusing on a comprehensive strategy for commercial aerospace development[29]. Shareholder Commitments - The company reported a commitment to not reduce its shareholding for 12 months starting from July 8, 2023, for shareholders holding over 5% of shares, including Zhongke Shuguang[93]. - The company has established a commitment to ensure that any share reduction after the lock-up period will not be below 100% of the IPO price[96]. - The company has committed to not proposing share buybacks during the lock-up period, reinforcing its commitment to shareholder value[94]. - The controlling shareholder has committed to avoiding any business activities that may compete directly or indirectly with the company's operations[113]. Environmental and Social Responsibility - The company has implemented carbon reduction measures, promoting energy-saving and emission-reduction practices through green office initiatives[86]. - The company has not reported any significant progress in poverty alleviation or rural revitalization efforts[87]. - The company has not engaged in any employee stock ownership plans or other employee incentive measures[84]. Legal and Compliance - There are no significant lawsuits or arbitration matters reported during the reporting period, indicating a stable legal standing[124]. - The company has committed to linking future equity incentive plans to the execution of return compensation measures[122]. - The company has established measures to prevent any potential conflicts of interest arising from related party transactions[117].