Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant revenue growth, with a 52.97% year-on-year increase in revenue for the first half of 2024, reaching 1.105 billion yuan, and an 80.05% increase in net profit attributable to shareholders, amounting to 63.59 million yuan [3][4] - The company is transitioning towards a full industrial chain strategy in commercial aerospace, having completed the initial design of its "4+2" commercial aerospace layout, which includes satellite constellations and a global measurement and control network [5] - The company maintains a strong position in the "Digital Earth" sector, with projected net profits of 478 million yuan, 663 million yuan, and 910 million yuan for 2024, 2025, and 2026 respectively, indicating a robust growth trajectory [4][6] Financial Performance Summary - In the first half of 2024, the company reported a gross margin of 48.01%, a decrease of 3.66 percentage points year-on-year, while the sales expense ratio, management expense ratio, and R&D expense ratio decreased by 0.85, 1.11, and 1.97 percentage points respectively [3] - The company's revenue is projected to continue growing, with estimates of 3.606 billion yuan in 2024, 4.982 billion yuan in 2025, and 6.816 billion yuan in 2026, reflecting year-on-year growth rates of 43.4%, 38.1%, and 36.8% respectively [6][7] - The company's earnings per share (EPS) are forecasted to be 0.88 yuan, 1.22 yuan, and 1.67 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 30.7, 22.1, and 16.1 [4][6]

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].

为了进一步提升公司在空天信息领域的核心竞争力，公司已于 2023 年 7 月 与空天院签署《中国科学院空天信息创新研究院与中科星图股份有限公司关于 "空天·灵眸"遥感智能大模型科技成果转移转化、协同创新发展之战略合作协 议》（以下简称"主合同"），约定空天院授权公司空天灵眸大模型知识产权的 排他使用权，并向公司转让智能算法知识产权及数据集。经平等协商，就"空天·灵 证券代码：688568 证券简称：中科星图 公告编号：2024-040 中科星图股份有限公司 关于签署战略合作协议暨关联交易的公告 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。 重要内容提示： 中科星图股份有限公司（以下简称"公司"或"中科星图"）及全资子 公司中科星图数字地球合肥有限公司（以下简称"星图地球"）拟与中国科学院 空天信息创新研究院（以下简称"空天院"）签署战略合作协议，空天院拟授权 公司"空天·灵眸"遥感智能大模型及相关知识产权（以下简称"空天灵眸大模 型知识产权"）的排他使用权，并向公司转让基于"空天·灵眸"遥感智能大模 型训练的下游任务智能算法 ...

证券代码：688568 证券简称：中科星图 公告编号：2024-039 中科星图股份有限公司 关于 2024 年半年度计提资产减值准备的公告 一、计提资产减值准备情况概述 根据《企业会计准则》及相关会计政策的规定，为客观、公允地反映中科 星图股份有限公司（以下简称"公司"）截至 2024 年 6 月 30 日的财务状况和 2024 年上半年度的经营成果，本着谨慎性原则，公司对截至 2024 年 6 月 30 日 合并报表范围内各类应收款项、存货、合同资产、固定资产、无形资产等资产 进行了全面清查，认为上述资产中部分资产存在一定的减值迹象，公司需对各 项可能发生资产减值损失的相关资产计提减值准备。 2024 年上半年度，公司计提的信用减值及资产减值准备共计 91,719,287.37 元，具体情况如下表所示： | 单位：人民币元 | | --- | | | 项目 | 2024 年上半年度计提金额 | | | --- | --- | --- | --- | | 信用减值损失 | 应收票据坏账损失 | | 2,330,381.53 | | | 应收账款坏账损失 | | 81,489,885.00 | | | 其他应 ...

中信建投证券股份有限公司 关于中科星图股份有限公司 签署战略合作协议暨关联交易的核查意见 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"公司"、"中科星图"）2021 年度向特定对象发 行 A 股股票的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券 法》《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》 （以下简称"《上市规则》"）《科创板上市公司持续监管办法（试行）》等有 关规定，对中科星图签署战略合作协议暨关联交易事项进行了审慎核查，核查情 况及核查意见如下： 一、关联交易概述 为了进一步提升公司在空天信息领域的核心竞争力，公司已于 2023 年 7 月 与空天院签署《中国科学院空天信息创新研究院与中科星图股份有限公司关于 "空天·灵眸"遥感智能大模型科技成果转移转化、协同创新发展之战略合作协 议》（以下简称"主合同"），约定空天院授权公司空天灵眸大模型知识产权的 排他使用权，并向公司转让智能算法知识产权及数据集。经平等协商，就"空天·灵 眸"遥感智能大模型（以下简称"空天灵眸大模型"）相关科技成果的转让、授 权以及费 ...

证券代码：688568 证券简称：中科星图 公告编号：2024-041 中科星图股份有限公司 2024年半年度募集资金存放与实际使用情况的专项报告 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、准确性和完整性依法承担法律责任。 根据《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》及《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》的 相关规定，中科星图股份有限公司（以下简称"公司"）就 2024 年半年度募集资 金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）首次公开发行股票募集资金 根据本公司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》，同意本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 16.21 元，共计募集资金总额人民币 891,550,000.00 元，扣 ...

一、监事会会议召开情况 中科星图股份有限公司（以下简称"公司"）第二届监事会第二十二次会议于 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监事。本次会议由监事会主席、职工 监事朱晓勇召集并主持，应出席监事3人，实际出席监事3人。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、 规范性文件及《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。 证券代码：688568 证券简称：中科星图 公告编号：2024-038 中科星图股份有限公司 第二届监事会第二十二次会议决议公告 本公司监事会及全体监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。 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 监事会认为：2024年半年度报告及其摘要的编制和审议程序符合相关法律法规 及《公司章程》等内部规章制度的规定；公司2024年半年度报告的内容与格式符合 相关规定，公允地 ...