Investment Rating - The investment rating for the company is "Buy" with a target price of 42.00 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [2][21]. Core Views - The company continues to experience rapid revenue growth, with a 52.97% increase in revenue to 1.105 billion CNY in the first half of 2024, and a significant 80.05% increase in net profit to 64 million CNY [2][4]. - The company is well-positioned to benefit from the growing demand in the satellite application industry, particularly in the context of the "14th Five-Year Plan," which anticipates a 40% growth rate in downstream market demand [9][13]. - The company is focusing on expanding its business into commercial aerospace and low-altitude economies, which are seen as strategic emerging industries [12][13]. Revenue and Profitability - In the first half of 2024, the company's gross margin was 48.01%, slightly down by 3.65 percentage points, while the net profit margin improved to 9.69%, up by 0.66 percentage points [2][4]. - The company reported a significant increase in various business segments, with notable growth in smart government revenue (4.29 billion CNY, +79.98%) and special fields (3.07 billion CNY, +50.16%) [2][9]. Cost Management and R&D - The company has successfully reduced its sales expense ratio to 9.61% and management expense ratio to 11.32%, indicating improved cost management [5]. - R&D investment increased by 25.16% to 230 million CNY, representing 20.80% of revenue, although this percentage has decreased [5][10]. Cash Flow and Receivables - The net cash flow from operating activities decreased to -517 million CNY, a reduction of 279 million CNY year-on-year, with accounts receivable increasing by 70.67% to 2.269 billion CNY [6][10]. Business Expansion and Innovation - The company is implementing a "racehorse" mechanism to enhance competitiveness across various market segments, including government, defense, meteorology, and energy [7][10]. - The second growth curve, driven by the development of the Star Map Cloud platform, achieved revenue of 21.65 million CNY, surpassing the total revenue of the previous year [10][12]. Future Projections - Revenue projections for 2024-2026 are 3.561 billion CNY, 4.901 billion CNY, and 6.618 billion CNY, with corresponding net profits of 449 million CNY, 569 million CNY, and 711 million CNY [13][20].

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 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Insights - The company reported a revenue of 1.105 billion yuan in the first half of 2024, representing a year-on-year growth of 52.97% [6] - The net profit attributable to shareholders was 64 million yuan, up 80.05% year-on-year, while the non-recurring net profit decreased by 57.51% to 5 million yuan [6] - The gross margin was 48.01%, down 3.66 percentage points year-on-year [6] - The company is actively expanding its commercial satellite constellation and capitalizing on opportunities in the low-altitude economy [6] Financial Performance - In Q2 2024, the company achieved a revenue of 686 million yuan, a 50.93% increase year-on-year, with a net profit of 62 million yuan, up 104.13% [6] - The revenue from smart government and special fields grew significantly, with respective increases of 79.98% and 50.16% [6] - The company has established a competitive advantage in the low-altitude economy, launching the GEOVIS digital low-altitude brain product [6] Cost Management - The company effectively controlled expenses, with sales, management, and R&D expense ratios decreasing by 0.85, 1.11, and 1.97 percentage points respectively [6] - The decline in non-recurring net profit was primarily due to changes in business structure leading to a decrease in gross margin [6] Revenue and Profit Forecast - The company is projected to achieve revenues of 3.856 billion, 5.752 billion, and 8.152 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 53.28%, 49.18%, and 41.73% [7] - The net profit attributable to shareholders is expected to be 480 million, 647 million, and 870 million yuan for the same years, with growth rates of 40.25%, 34.67%, and 34.42% [7] - The earnings per share (EPS) are forecasted to be 0.88, 1.19, and 1.60 yuan for 2024, 2025, and 2026 respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Viewpoints - The company has strategically positioned itself in the low-altitude economy since 2020, leveraging its expertise in Beidou navigation, remote sensing, and big data analysis to provide comprehensive solutions for low-altitude aviation [2][14]. - The "Smart Low Altitude Brain" is the company's core product, integrating advanced technologies to ensure safe and efficient low-altitude flight operations [2][20]. - The company has established a deep partnership with Lais Information, focusing on collaborative development in low-altitude economic solutions [2][33]. Summary by Sections 1. Strategic Layout in Emerging Industries - The company entered the low-altitude economy sector in 2020, providing management systems and information services essential for low-altitude flight [14]. - It has developed a complete solution for low-altitude aviation, including airspace analysis and flight management [14]. 2. Technological Accumulation and Group Strategy - The company utilizes a group strategy to advance in the low-altitude industry, with subsidiaries focusing on various technological aspects [17]. - It has strong capabilities in satellite application services, providing data support and computational power for real-time monitoring and management of low-altitude activities [17]. 3. Core Product: Smart Low Altitude Brain - The Smart Low Altitude Brain serves as a digital foundation for low-altitude service assurance, featuring capabilities for data support, intelligent computation, and traffic management [20]. - It addresses critical issues such as airspace calculation, weather services, and electromagnetic spectrum management [27]. 4. Partnership with Lais Information - The strategic cooperation with Lais Information aims to enhance market presence and develop integrated solutions for low-altitude services [33]. 5. Profit Forecast and Investment Rating - The company is expected to achieve net profits of 4.87 billion, 6.77 billion, and 9.41 billion yuan from 2024 to 2026, with corresponding P/E ratios of 30, 22, and 16 [3][38]. - The report emphasizes the company's competitive advantages and growth potential in the digital economy and aerospace information sectors [3][38].

Business Overview - The company focuses on digital earth technology, seizing opportunities in the digital economy and aerospace information integration [2] - It aims to transform its digital earth application model from traditional offline to online, establishing a new aerospace information application ecosystem [2] - In the first half of 2024, the company achieved a main business revenue of CNY 1,104.63 million, a year-on-year increase of 52.97% [3] - The net profit attributable to shareholders was CNY 63.59 million, reflecting an 80.05% year-on-year growth [3] Strategic Development - The company is expanding its business from the downstream to the upstream of the aerospace information industry chain and from specialized fields to civilian sectors [3] - It has made significant progress in low-altitude, commercial aerospace, water conservancy, and meteorological sectors [3] - The company launched several innovative products, including GEOVIS Smart Low-altitude Brain and iWater Smart Platform, providing comprehensive solutions for government and enterprises [3] Commercial Aerospace Strategy - The company has established a comprehensive strategy for commercial satellite constellation construction and operation, completing the initial design of the "4+2" commercial aerospace industry chain layout in May 2024 [4] - It plans to build satellite constellations for electromagnetic, meteorological, remote sensing, and new computing power applications [4] - The company aims to enhance the intelligent management of large-scale constellations through the development of ground station networks and commercial satellite operation services [4] Second Growth Curve - The company is deepening digital earth technology innovation and constructing online service models for aerospace information [5] - In the first half of 2024, the second growth curve business attracted 21,306 individual developers and 17,245 enterprise developers, generating revenue of CNY 21.65 million [5] - The number of monthly active applications reached 11,412, with a historical total of 85.78 million terminal users [5]

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].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company reported a revenue of 1.1 billion yuan for 1H24, representing a year-on-year growth of 53% and a net profit of 60 million yuan, up 80.1% year-on-year, aligning with market expectations [1]. - The company's growth is attributed to its strategic focus on "group, ecology, and internationalization," effectively tapping into customer demand [1]. - The second quarter saw a significant increase in net profit, with a 104% year-on-year growth, and an improvement in net profit margin to 13% [1]. - The company has shown improved cost control, with a decrease in expense ratios across various categories, including sales, management, and R&D [1]. - The company’s major financial metrics for 2024-2026 forecast a net profit of 483 million yuan, 676 million yuan, and 922 million yuan respectively, with corresponding PE ratios of 30x, 22x, and 16x [2][3]. Financial Performance Summary - For 1H24, the company achieved a gross margin of 48.0%, down 3.65 percentage points year-on-year, while the net margin increased by 0.66 percentage points to 9.7% [1]. - The company’s revenue for Q1 and Q2 of 2024 was 420 million yuan and 690 million yuan respectively, with year-on-year growth rates of 56.4% and 50.9% [1]. - The company’s total revenue projections for 2024, 2025, and 2026 are 3.6 billion yuan, 5.1 billion yuan, and 7.2 billion yuan, with growth rates of 59.5%, 43.1%, and 41.7% respectively [3][5].

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].