中科星图股份有限公司（以下简称"公司"）于 2025 年 3 月 4 日披露关于 召开 2024 年年度股东大会的通知，公司拟于 2025 年 3 月 25 日下午 14:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表决方式， 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中科星图 股份有限公司关于召开 2024 年年度股东大会的通知》（公告编号：2025-017）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会 并投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的 股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股东 名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议案 情况等信息。投资者在收到智能短信后，可根据使用手册（下载链接： https://vote.sseinfo.com/i/yjt_help.pdf）的提示步骤直接投票，如遇拥堵等情况，仍 可通过原有的交易系统投票平台和互联网投票平台进行投票。 证券代码：688568 证券简称：中科星图 公告编号：2025-0 ...

Investment Rating - The report maintains a "Buy" rating for companies in the automotive and real estate sectors, indicating a positive outlook for investment opportunities in these industries [8][11][12]. Core Insights - The automotive industry is undergoing significant changes, with a shift towards three distinct business models: Robotaxi operations, high-end manufacturing, and personalized brands. This evolution necessitates a reevaluation of traditional investment frameworks [4][7]. - The real estate sector is expected to experience a peak in debt restructuring in 2025, with companies possessing quality commercial assets likely to recover more swiftly through diversified strategies and asset management capabilities [8]. - The macroeconomic environment shows mixed signals, with U.S. economic data indicating resilience despite concerns over fiscal tightening under the Trump administration, which has impacted market sentiment negatively [1][19]. Summary by Sections Automotive Industry - The automotive sector is predicted to face a major framework adjustment, moving away from the traditional new car cycle focus. The next 5-10 years will be characterized by a "mobility revolution," particularly optimistic about the commercial viability of Robotaxi services [4]. - Companies will likely differentiate into three categories: Robotaxi operators, high-end manufacturers, and personalized brands, each requiring distinct valuation frameworks [7]. Real Estate Sector - The report suggests that 2025 may witness a peak in debt restructuring among real estate firms, with those having strong asset portfolios and diversified operations poised for recovery [8]. - Companies with quality holding properties and mature asset management capabilities are expected to lead the recovery process, leveraging REITs to restart financing channels [8]. Macroeconomic Overview - Recent U.S. economic data has been mixed, with non-farm employment figures slightly below expectations, yet not alarming enough to trigger recession fears. The market remains sensitive to fiscal policy changes under the current administration [1][19]. - The divergence in fiscal narratives between the U.S. and Europe is notable, with the U.S. leaning towards fiscal tightening while Europe is moving towards fiscal expansion, impacting market dynamics [1][19]. Fixed Income and Debt Instruments - The report discusses the issuance of convertible bonds by Yonggui Electric, highlighting its strategic focus on intelligent connectors and industry upgrades. The expected listing price for the convertible bond is projected between 127.77 and 142.08 yuan [3][27]. - The bond's protective features and moderate dilution impact are noted, with a recommendation for active subscription due to its favorable risk-return profile [27][28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company has demonstrated continuous high growth, with a revenue increase of 29.49% year-on-year, reaching 3.257 billion yuan in 2024. The net profit attributable to shareholders was 352 million yuan, reflecting a year-on-year growth of 2.67% [5][13] - The company is positioned to become a leader in the AI and low-altitude economy sectors, leveraging its "1+2+N+M" low-altitude strategy and launching innovative products like the GEOVIS intelligent low-altitude brain [15] - The second growth curve, particularly in cloud services, has shown significant growth, with various business segments achieving substantial revenue increases [14] Financial Performance Summary - In 2024, the company achieved a total revenue of 3.257 billion yuan, with a year-on-year growth of 29.49%. The net profit attributable to shareholders was 352 million yuan, with a growth of 2.67% [5][13] - For Q4 2024, the company reported a revenue of 1.250 billion yuan, a year-on-year increase of 12.00% and a quarter-on-quarter increase of 38.53%. However, the net profit for this quarter decreased by 13.95% year-on-year [5][13] - The company forecasts revenues of 4.656 billion yuan, 6.058 billion yuan, and 7.807 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 42.95%, 30.11%, and 28.86% [15][17] Business Segment Performance - Revenue from various business segments in 2024 includes: 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%), and online business (103 million yuan, +395.44%) [14] - The gross profit margins for these segments varied, with special fields at 50.88% and online business at 76.80% [14] Future Outlook - The company is expected to maintain its growth trajectory, with projected net profits of 593 million yuan, 782 million yuan, and 1.024 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 68.74%, 31.81%, and 30.90% [15][17] - The company is actively pursuing opportunities in the low-altitude economy, which encompasses infrastructure development, aircraft manufacturing, and application scenarios [15]

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 indicates a shift from strong beta to strong alpha in the computer industry, suggesting a focus on sectors with significant growth potential such as AI applications, cloud computing, and domestic innovation [4][6][7]. Core Insights - The report emphasizes the importance of AGI (Artificial General Intelligence) expectations, highlighting that the release of Manus has intensified market interest in AGI, which could lead to a significant evolution in technology companies and AI applications [7][8]. - The RISC-V open-source ecosystem is rapidly developing, with a projected compound annual growth rate (CAGR) of over 40% for RISC-V based SoCs, expected to reach 20 billion units by 2024 and over 200 billion by 2031 [9][11]. - The report suggests focusing on companies within the RISC-V ecosystem and those involved in AI, cloud computing, and domestic innovation, such as Haiguang Information, Keda Information, and others [8][19]. Summary by Sections Industry Overview - The computer industry index rose by 6.46% from March 2 to March 8, outperforming the ChiNext index by 4.85 percentage points [21][22]. - The report notes that the current momentum in the computer industry is comparable to the upward trend observed from 2018 to 2020, but with stronger potential this time [4][6]. RISC-V Ecosystem - RISC-V architecture is rapidly evolving, characterized by its modularity and open-source nature, which allows for high scalability and low energy consumption [11][12]. - The domestic RISC-V ecosystem is thriving, with major companies like Alibaba and Huawei actively participating, and the RISC-V International Foundation has over 4000 members from 52 countries [9][14]. - Investment recommendations include companies like Haiguang Information, Cambrian, and Loongson Technology, which are positioned to benefit from the increasing penetration of domestic software and hardware [19][20]. Market Performance - The report highlights that the computer industry has shown strong performance, with significant weekly gains and a notable increase in trading volume [21][22]. - Specific stocks such as Xinkai Pu and Hengfeng Information have seen substantial weekly increases, indicating strong market interest [23]. Major News - The report covers significant developments in AI, including the launch of the QwQ-32B model by Alibaba, which demonstrates competitive performance with significantly fewer parameters compared to existing models [36]. - The report also notes the increasing deployment of AI technologies in the financial sector, with multiple institutions adopting the DeepSeek model for various applications [44].

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].