中科星图一季度归母净利润同比增长971% 以技术投入巩固低空市场护城河

Core Viewpoint - Zhongke Xingtou Co., Ltd. reported significant growth in Q1 2025, with revenue of 504 million yuan, a year-on-year increase of 20.48%, and a net profit attributable to shareholders of 20.77 million yuan, up 971% [1] Financial Performance - The substantial growth in revenue and net profit is attributed to strategic asset adjustments that realized asset value [1] - R&D expenditure in Q1 reached 140 million yuan, reflecting a year-on-year increase of 31.84% [1] Low-altitude Strategy - Zhongke Xingtou is advancing its low-altitude strategy with a "1+2+N+M" framework, focusing on building a low-altitude cloud platform and establishing various regional demonstrations [2] - The company launched the Star Map Low-altitude Cloud V1.0 and two new low-altitude products in March, completing a full chain coverage from data platform to industry applications [2] Product Development - The GEOVIS iFlight platform integrates drone hardware and management software, providing services like aerial photography and logistics [3] - The DevMate.LAC platform offers a low-code application development environment, enabling rapid deployment of low-altitude applications [3] Market Opportunities - The low-altitude economy is projected to reach a total output value of 1.5 trillion yuan by 2025, with significant government interest in developing low-altitude projects [4] - Zhongke Xingtou has secured multiple contracts in the low-altitude sector, indicating strong market demand and the company's capability to meet it [4] Business Model Innovation - The company is exploring a new business model termed "Airspace as a Service," focusing on making airspace calculable, tradable, and value-added [5] - A new subsidiary in Qingdao aims to drive technological breakthroughs and innovative business models in the low-altitude sector [5] - The "Qingdao model" is expected to transition low-altitude economic development from government-subsidized trials to a market-driven cycle, potentially creating several trillion-yuan industry clusters [5]