关于召开2024年度业绩说明会的公告 证券代码：688568 证券简称：中科星图 公告编号：2025-002 中科星图股份有限公司 本次业绩说明会以现场结合网络互动形式召开，公司将针对 2024 年度经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点和方式 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。 重要内容提示： 现场：北京市顺义区临空经济核心区机场东路 2 号国家地理信息科技产业 园 1A-4 星图大厦 9 层多功能会议室 网络：价值在线（www.ir-online.cn） 1 会议召开时间：2025 年 3 月 4 日（星期二）下午 15:00-16:30 会议召开地点： 会议召开方式：现场结合网络互动 会议问题征集：投资者可于 2025 年 3 月 4 日（星期二）12:00 前访问网 址 https://eseb.cn/1mblnQmPCk8 或使用微信扫描下方二维码在报名时进行 会前提问，或通过公司邮箱 investor ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company, Zhongke Xingtou, is a leader in digital earth product development and industrial application, focusing on integrating new information technologies with the aerospace industry. Its core business includes the GEOVIS digital earth product, which spans the entire industrial chain of space and terrestrial big data [5]. - As of the third quarter, the company achieved total revenue of 2.007 billion yuan, a year-on-year increase of 43.44%, and a net profit attributable to the parent company of 146 million yuan, up 41.27% year-on-year [5]. - The company is actively constructing a digital new infrastructure to promote the large-scale development of the low-altitude economy, launching the "Xingtu Low Altitude Cloud V1.0" to support efficient and intelligent management of low-altitude airspace [6]. - Zhongke Xingtou is expanding its applications in logistics, tourism, urban transportation, and medical rescue, aiming to enhance the low-altitude economic ecosystem [7]. - The company's cloud platform, Xingtu Cloud, is central to its digital transformation, providing comprehensive solutions across various industries, with significant growth in user adoption and revenue [9]. Financial Summary - The company forecasts its earnings per share (EPS) for 2024, 2025, and 2026 to be 0.81, 1.28, and 1.89 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 73.07, 46.59, and 31.45 [11]. - Projected revenues for 2023, 2024, 2025, and 2026 are 2.516 billion, 3.606 billion, 5.106 billion, and 7.030 billion yuan, with growth rates of 59.54%, 43.36%, 41.57%, and 37.69% respectively [13]. - The net profit attributable to the parent company is expected to grow from 342.55 million yuan in 2023 to 1.02774 billion yuan in 2026, with growth rates of 41.10%, 29.14%, 56.82%, and 48.15% [13].

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses **中科星图 (Zhongke Xingtou)** and its strategic initiatives in the **low-altitude economy** and **AI technology** sectors [2][3][4][5]. Key Points and Arguments 1. **Low-altitude Economy Development**: - 中科星图 has been actively developing its low-altitude economy since 2020, launching the "星图低空云 1.0" service platform in January 2025, which integrates data, computing power, and ecosystem collaboration [2][3]. - The low-altitude economy market is projected to exceed **100 billion RMB** in government client demand, potentially reaching over **200 billion RMB** when including county-level administrative regions [2][8]. 2. **Technological Advancements**: - The company has integrated the **DeepSeek R1** large model to enhance operational efficiency and reduce development costs, achieving a **10% improvement** in user intent recognition and a **30% increase** in the efficiency of building intelligent applications in the spatial information industry [3][4]. - 中科星图's strategy includes the "一加二加 N 加 M" framework, focusing on creating a comprehensive low-altitude cloud service and establishing various demonstration projects [2][3]. 3. **Commercial Space Initiatives**: - The company is leveraging advanced technology to better understand commercial satellite parameters and reduce user development barriers, thereby promoting a full industry chain layout in commercial space [4][5]. - The "天象控" plan aims to utilize spatial information processing and supercomputing capabilities to enhance low-altitude industry management [5]. 4. **Market Trends in the Computer Sector**: - The computer sector has shown significant activity, with recent trading volumes exceeding **3 trillion RMB**, representing **18%** of the total market [10]. - The total market capitalization of the computer sector is approximately **4.73 trillion RMB**, accounting for **4.8%** of the total A-share market [10]. 5. **Future Outlook**: - The low-altitude economy is expected to grow rapidly, with significant orders anticipated in the near future due to ongoing infrastructure developments [7]. - The integration of AI technologies across various sectors is seen as a critical factor for future competitiveness, with companies needing to adopt large models to maintain their market position [12][13]. Additional Important Insights - The low-altitude economy is closely tied to national strategic planning and security, indicating its importance in future economic development [7]. - The computer sector's performance has been characterized by short-term bullish trends followed by longer bearish phases, suggesting volatility but also potential for recovery [9]. - The integration of AI in various industries, including finance, education, and pharmaceuticals, is expected to drive significant advancements and market opportunities [15]. This summary encapsulates the key discussions and insights from the conference call, highlighting 中科星图's strategic initiatives and the broader market context.

Core Insights - Xingtian Cloud has officially integrated with the DeepSeek-R1 model, enhancing its capabilities in providing space and earth information services across various industries [1] Summary by Categories Technology Enhancement - The integration with DeepSeek has improved user intent recognition and logical reasoning capabilities by 10% [1] - The platform now offers a zero-code development process for intelligent agents, increasing construction efficiency by 30% [1] Application Development - Xingtian Cloud leverages Xingtian Earth to create a unified intelligent earth Q&A portal, facilitating access to multi-domain information through "natural language + visual interaction" [1] - The deep integration of the DeepSeek model with proprietary intelligent computing architecture enhances parsing efficiency and accuracy [1] Knowledge Integration - The platform combines space and earth information specialized knowledge bases, vector libraries, and functional interface libraries, enabling decision-making through natural language models and multi-agent execution modes [1] - This comprehensive approach covers various application scenarios within the digital earth domain [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Viewpoints - The company is positioned as a leader in the AI and low-altitude economy, leveraging its strengths in cloud computing and AI capabilities to capture market opportunities [5][6] - The low-altitude economy in China is projected to exceed 1 trillion yuan by 2026, driven by supportive government policies and infrastructure investments [13][14] - The company aims to establish a comprehensive low-altitude cloud technology ecosystem, enhancing its competitive advantage in the sector [19] Summary by Sections 1. Market Size - The low-altitude economy in China is expected to surpass 1 trillion yuan by 2026, with significant growth driven by policy support and infrastructure investments [13][14] 2. Low-altitude Cloud as a Competitive Advantage - The company effectively coordinates resources from its major shareholder, the Chinese Academy of Sciences, and has a structured approach to mobilize its business teams [19] - The company is developing a low-altitude cloud technology ecosystem, integrating IaaS, PaaS, and SaaS solutions to support various applications in the low-altitude sector [19][20] 3. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 35.69 billion yuan, 53.82 billion yuan, and 83.65 billion yuan, representing year-on-year growth rates of 41.86%, 50.82%, and 55.41% respectively [45] - Net profit forecasts for the same period are 4.38 billion yuan, 6.96 billion yuan, and 11.57 billion yuan, with growth rates of 27.98%, 58.75%, and 66.23% respectively [45]

Core Viewpoint - The company, Zhongke Xingtou, is launching a new low-altitude strategy and product, aiming to develop a comprehensive low-altitude cloud service platform to support the low-altitude economy and enhance its operational capabilities in this sector [1][3]. Group 1: Low-altitude Strategy - Zhongke Xingtou's low-altitude strategy is defined as "1+2+N+M," which includes building one low-altitude cloud, establishing two low-altitude test fields, creating multiple regional demonstration projects, and exploring numerous application scenarios [2][4]. - The low-altitude cloud will leverage the company's digital earth supercomputer and advanced grid partitioning technology to provide a dynamic, intelligent, and secure low-altitude data foundation [2][3]. Group 2: Technological Development - The company has been focusing on low-altitude economic development since 2020, continuously working on technological advancements and converting research outcomes into practical applications [3][4]. - The newly launched "Xingtou Low-altitude Cloud V1.0" serves as a comprehensive service platform for low-altitude scenarios, supported by the digital earth's ten-layer data and space-based satellite data supply capabilities [3][5]. Group 3: Collaboration and Implementation - Zhongke Xingtou is collaborating with local governments to establish digital simulation and physical low-altitude test fields in cities like Qingdao and Hefei, facilitating low-altitude flight simulations and optimizations [4][5]. - The company aims to create numerous city demonstration projects based on the low-altitude cloud, fostering regional low-altitude economic development and enhancing cooperation among government, enterprises, and stakeholders [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is positioned as a leader in low-altitude AI computing, with significant advancements in its cloud services and satellite data capabilities [5] - The company has established a comprehensive low-altitude cloud solution, integrating satellite data, AI algorithms, and supercomputing power [6] - The company has signed over 15 strategic cooperation agreements in low-altitude regions, indicating strong market engagement and potential for nationwide promotion [7] Summary by Sections Market Performance - The company's stock has shown a relative performance against the CSI 300 index, with absolute returns of -8.85%, -18.38%, and 29.17% over the last 1, 2, and 3 months respectively [4] Financial Forecasts - Projected total revenue for 2024-2026 is expected to be 35.69 billion, 53.82 billion, and 83.65 billion yuan, representing year-on-year growth rates of 41.86%, 50.82%, and 55.41% respectively [7] - Net profit forecasts for the same period are 4.38 billion, 6.96 billion, and 11.57 billion yuan, with growth rates of 27.98%, 58.75%, and 66.23% respectively [7] Key Developments - The company has developed a leading airspace grid map and a self-constructed satellite constellation, enabling high-resolution imaging and real-time weather forecasting [5] - The company has created a generative AI engine for remote sensing data, integrating extensive data processing capabilities and algorithms [5] - The company has built two digital low-altitude testing grounds to enhance its cloud capabilities through real flight data [5]

Group 1 - The core viewpoint of the article is the successful launch of the low-altitude strategy and the new product version V1.0 by Zhongke Star Map in Beijing on January 18 [1] - Zhongke Star Map has established a new company, "Zhongke Star Map Low Altitude Cloud Technology Co., Ltd. (under preparation)," to enhance its low-altitude layout and focus on technological innovation and commercial application scenarios [1] - The company aims to build a low-altitude cloud technology ecosystem and commercial ecosystem, collaborating with ecological partners to explore new fields and scenarios in the low-altitude economy [1] Group 2 - Zhongke Star Map will collaborate with Hefei and Qingdao to establish low-altitude experimental fields and engage in strategic cooperation in the low-altitude sector [1]

[Table_Main] 证券研究报告 | 公司首次覆盖 中科星图(688568.SH) 2025 年 01 月 07 日 买入（首次） 所属行业：计算机/IT 服务Ⅱ 当前价格(元)：46.36 证券分析师 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 李佩京 资格编号：S0120524090004 邮箱：lipj＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 市场表现 -60% -40% -20% 0% 20% 40% 60% 80% 2024-01 2024-05 2024-09 中科星图 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | -20.75 | -15.65 | 23.76 | | 相对涨幅(%) | -16.30 | -9.98 | 29.28 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 中科星图：低空 AI 算力龙头新 起点 投资要点 脱胎于中科院的天基数字地球国家队龙头 （1）公司是 ...

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the commercial aerospace industry, particularly focusing on the company's growth trajectory and its position within the space information sector [1][8]. - The company is involved in the development and application of space technology, including satellite manufacturing, launching, and various applications [8]. Key Points and Arguments Revenue Growth - From 2019 to 2023, the company's revenue increased from 490 million to 2.52 billion, achieving a compound annual growth rate (CAGR) of 50.6% [2]. - Net profit grew from 100 million to 340 million during the same period, with a CAGR of 35.1% [2]. Business Transformation - The company is transitioning from traditional offline delivery to online business models, enhancing its capabilities in both B2B and B2C applications [2][3]. - The introduction of the Geowiz Online digital earth product system aims to create a cloud-based service ecosystem [3]. Growth Curves - The company has two main growth curves: the first focuses on offline business driven by traditional sectors, while the second emphasizes online business targeting broader user bases [2][3]. - The company is actively developing commercial satellite constellations to enhance its market position [2]. Data and Software Development - The company is building a multi-layered data system to integrate various earth observation data sources, which is crucial for its software services [4][21]. - The software platform includes various product forms such as API, PaaS, and SaaS, catering to multiple industries including agriculture, finance, and emergency services [4]. Investment and Financial Projections - The company is expected to benefit from the policy window in the aerospace information industry, with projected profits of 470 million, 693 million, and 989 million for 2024 to 2026, corresponding to price-to-earnings (PE) ratios of 59, 40, and 28 respectively [5][25]. - The target price for the company is set at 61.18 yuan based on a 48x PE for 2025 [5][25]. Risks and Challenges - Potential risks include changes in industry policies, increased market competition, and uncertainties in research and development outcomes [5][26]. - The company must maintain high levels of R&D investment to sustain its growth trajectory in the competitive space technology sector [26]. Additional Insights - The company is leveraging employee stock ownership plans to enhance motivation and innovation among its workforce [7]. - The call highlights the importance of learning from successful overseas cases like Google Earth and Palantir Technologies to inform the company's growth strategies [16][18]. Conclusion - The company is positioned to capitalize on the growing commercial aerospace market, supported by strong revenue growth, strategic transformations, and a robust data and software infrastructure. However, it must navigate potential risks related to policy changes and competition to sustain its growth momentum [26].