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 report suggests a positive investment outlook for the low-altitude economy, highlighting significant government support and infrastructure development opportunities [3][5][6]. Core Insights - The low-altitude economy is experiencing rapid growth driven by continuous policy support and substantial project investments, with over 120 billion yuan in public bidding projects reported since 2024 [3][27]. - The establishment of the Low Altitude Economy Administration indicates a more structured approach to managing and promoting the low-altitude economy [6][11]. - The report emphasizes the necessity of building foundational infrastructure, including takeoff and landing sites, low-altitude intelligent networks, and communication/navigation facilities to ensure safe low-altitude operations [3][30]. Summary by Sections 1. Policy and Industry Dynamics - Since early 2024, low-altitude economy policies have been increasingly emphasized at the national level, with over 50 provinces and cities releasing action plans targeting a trillion-yuan industry scale [3][21][27]. - The report notes that the establishment of the Low Altitude Economy Administration is a significant step towards enhancing the organizational framework for low-altitude economic development [6][11]. 2. Infrastructure Planning - The report categorizes low-altitude infrastructure into three main types: takeoff and landing sites, low-altitude communication/navigation facilities, and air traffic management systems [30]. - It predicts that by 2035, investments in general airports and various takeoff platforms will reach approximately 1.8 trillion yuan [3]. 3. Intelligent Network Development - The report highlights the importance of developing a low-altitude intelligent network to ensure the safe operation of low-altitude activities, requiring advanced technology and system capabilities [3][30]. 4. Communication and Monitoring Facilities - The report stresses the urgent need for low-altitude communication and monitoring facilities, particularly focusing on 5G-A, radar, and Beidou systems as critical areas for investment [3][30]. 5. Investment Recommendations - The report recommends focusing on companies involved in low-altitude air traffic management, data services, and infrastructure development, suggesting specific companies for investment consideration [3][27].

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]

证券代码：688568 证券简称：中科星图 公告编号：2025-009 中科星图股份有限公司 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"中科星图"或"公司"）于 2025 年 3 月 3 日召开第三届董事会第三次会议、第三届监事会第三次会议，审议通过了公司 2025 年度向特定对象发行 A 股股票的相关议案。《中科星图股份有限公司 2025 年度向特定对象发行 A 股股票预案》《中科星图股份有限公司 2025 年度向特定 对象发行 A 股股票方案的论证分析报告》等相关文件已在上海证券交易所网站 （www.sse.com.cn）披露，敬请投资者注意查阅。 中科星图股份有限公司董事会 2025 年 3 月 4 日 关于 2025 年度向特定对象发行 A 股股票预案披露的 提示性公告 1 本次公司 2025 年度向特定对象发行 A 股股票预案的披露事项不代表审核、 注册部门对本次发行相关事项的实质性判断、确认或批准，预案所述本次发行相 关事项的生效和完成尚待有权国资监管部门批准、公司股东大会 ...

股票简称：中科星图 股票代码：688568 （北京市顺义区临空经济核心区机场东路 2 号） 中科星图股份有限公司 2025 年度向特定对象发行 A 股股票预案 $$\Xi{\cal O}=\Xi\hbar\phi\equiv\Xi\beta$$ 中科星图股份有限公司 2025 年度向特定对象发行 A 股股票预案 公司声明 1、中科星图股份有限公司及董事会全体成员保证本预案内容真实、准确、 完整，并确认不存在虚假记载、误导性陈述或重大遗漏。 2、本预案按照《上市公司证券发行注册管理办法》等法规及规范性文件的 要求编制。 3、本次向特定对象发行股票完成后，公司经营与收益的变化，由公司自行 负责；因本次向特定对象发行股票引致的投资风险，由投资者自行负责。 4、本预案是公司董事会对本次向特定对象发行股票的说明，任何与之相反 的声明均属不实陈述。 5、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 6、本预案所述事项并不代表审批机关对于本次向特定对象发行股票相关事 项的实质性判断、确认或批准，本预案所述本次向特定对象发行股票相关事项的 生效和完成尚待公司股东大会审议通过并取得有关审批机关 ...

股票简称：中科星图 股票代码：688568 （北京市顺义区临空经济核心区机场东路 2 号） 中科星图股份有限公司 2025 年度向特定对象发行 A 股股票方案的 论证分析报告 二〇二五年三月 1 中科星图股份有限公司（以下简称"公司"）是上海证券交易所科创板上市 的公司。为满足公司业务发展的资金需求，增强公司资本实力，提升盈利能力， 根据《公司法》《证券法》《公司章程》和中国证监会颁布的《上市公司证券发行 注册管理办法》（以下简称《管理办法》）等有关法律、法规和规范性文件的规定， 公司拟向特定对象发行A股股票，募集资金不超过250,000.00万元（含本数）。 （本报告中如无特别说明，相关用语具有与《中科星图股份有限公司2025年 度向特定对象发行A股股票预案》中的释义相同的含义） 一、本次向特定对象发行的背景和目的 （一）本次向特定对象发行的背景 空天信息产业是以空间技术为核心，利用空间基础设施和信息技术，提供空 间信息服务和空间应用服务的新兴产业，涵盖卫星制造、发射、运行、应用等多 个环节，涉及导航、遥感、通信、科学探测等多个领域，具有高技术含量、高附 加值、高战略性的特点。近年来，全球主要国家和领军企业 ...

中科星图股份有限公司 内部控制审计报告 信会师报字[2025]第 ZG10688 号 中科星图股份有限公司 内部控制审计报告 目录 页次 内部控制审计报告 1-2 内部控制审计报告 信会师报字[2025]第 ZG10688 号 中科星图股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了中科星图股份有限公司（以下简称"贵公司"） 2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是贵公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 四、财务报告内部控制审计意见 我们认为，贵公司于 2024 年 12 月 31 日按照《企业内部控制基 本规范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 此页无正文 （特殊普通合伙） 立信会计师事务所 中 ...

中科星图股份有限公司 2022 年度、2023 年度、2024 年度 非经常性损益明细表及鉴证报告 信会师报字[2025]第 ZG10085 号 目 录 | | | 页 次 | | --- | --- | --- | | 一、 | 非经常性损益明细表鉴证报告 | 1-2 | | 二、 | 非经常性损益明细表 | 1-2 | 关于中科星图股份有限公司2022至2024年度 非经常性损益明细表鉴证报告 信会师报字[2025]第 ZG10085 号 中科星图股份有限公司全体股东： 我们审计了中科星图股份有限公司（以下简称"中科星图"）2022 年 度、2023 年度及 2024 年度的财务报表，包括 2022 年 12 月 31 日、2023 年 12 月 31 日、2024 年 12 月 31 日的合并及母公司资产负债表，2022 年度、 2023 年度、2024 年度合并及母公司利润表、合并及母公司现金流量表、合 并及母公司所有者权益变动表和相关财务报表附注，并于 2023 年 4 月 14 日出具了报告号为信会师报字[2023]第 ZG11666 号的无保留意见审计报告、 2024 年 4 月 12 日出具了 ...

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"）首次公开发行股票并在 科创板上市及 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（2024 年 4 月修 订）》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求 （2022 年修订）》（证监会公告〔2022〕15 号）和《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》等相关规定，对中科星图 2024 年度募 集资金存放与实际使用情况进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）首次公开发行股票募集资金 根据公司 2019 年 3 月 20 日召开的 2019 年第二次临时股东大会会议决议， 并经中国证券监督管理委员会证监许可[2020]1131 号文《关于同意中科星图股份 有限公司首次公开发行股票注册的批复》，同意公司首次公开发行股票的注册申 请。本次公开发行人民币普通股（A 股）5,500 万股，每股面值人民币 1.00 元， 每股发行认购价格为人民币 ...