中科星图：深度布局低空经济，广阔发展前景可期

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].