星图测控：北交所新股申购报告：航天测控“小巨人”，助力国家低轨卫星互联网建设

Investment Rating - The report suggests a positive outlook for the company, indicating it as a "national-level specialized and innovative 'little giant'" in the aerospace measurement and control management sector [5][38]. Core Viewpoints - The company has expanded its business into specialized fields, civil aerospace, and commercial aerospace, leveraging its core technology team and experience in delivering major national aerospace projects [5][38]. - The aerospace industry is experiencing rapid growth, particularly in low Earth orbit satellite internet constellations, with significant market opportunities arising from increased global competition in space resources [68][73]. - The company has developed the "Observer" series products, which are fully domestically produced and possess independent intellectual property rights, enhancing its competitive edge in the market [5][38]. Summary by Sections 1. Business Overview - The company specializes in aerospace measurement and control management, providing comprehensive solutions including technical development, software sales, ground system construction, and system integration [40][58]. - The "Observer" series products support full lifecycle management of aerospace missions, addressing various technical needs from design to application [14][16]. 2. Financial Performance - For the first three quarters of 2024, the company achieved revenue of 163 million yuan and a net profit of 50.21 million yuan, with a gross margin of 51.98% and a net margin of 30.83% [62][87]. - The company has shown consistent revenue growth, with 2023 revenue reaching 229 million yuan, a 61.90% increase year-on-year [5][62]. 3. Industry Context - The aerospace industry is characterized by high demand in specialized fields, with significant growth in satellite-related sectors driven by global competition [68][73]. - As of December 2022, there were 7,218 operational spacecraft globally, with the U.S. leading in satellite quantity and variety [69][70]. 4. Market Opportunities - The domestic satellite internet market is expected to grow rapidly, supported by national initiatives to build large satellite constellations [99]. - The company is positioned to benefit from the increasing demand for aerospace measurement and control services, particularly in the context of rising space debris and the need for enhanced space safety measures [96][99].