中科星图：当前公司股价涨幅与商业航天业务实际业绩支撑不匹配 存在显著脱离基本面的风险

Core Viewpoint - The company has observed a high market interest in its commercial aerospace segment, which is currently not reflected in its stock price performance [1] Group 1: Business Overview - The company's main business remains focused on aerospace information services, with low-altitude economy and commercial aerospace as two emerging areas for business expansion [1] - As of January to September 2025, revenue from the commercial aerospace segment accounted for 13.89% of the company's total operating income [1] Group 2: Market Dynamics - The development of the commercial aerospace industry heavily relies on core technologies such as reusable rockets, satellite constellation networking, and low-cost manufacturing [1] - The challenges in technological breakthroughs include long cycles, high investment, and significant risks, with uncertainty in the pace of market demand release [1]