星图测控：北交所新股申购策略报告之一百二十九：航天测控管理、数字仿真“小巨人”

Investment Rating - The investment rating for the company is "actively participate" in the subscription [11][27]. Core Viewpoints - The company operates in the aerospace measurement and control management sector, focusing on special fields, civil aerospace, and commercial aerospace, with a strong emphasis on independent core technology and high industry barriers [17][28]. - The company has a low initial valuation and a low proportion of old shares, suggesting a favorable investment opportunity [17][27]. Summary by Relevant Sections 1. Company Overview - The company was established in December 2016 and is recognized as a national-level specialized and innovative "small giant enterprise" in aerospace measurement and control management and digital simulation [28]. - It has developed a comprehensive technical system and holds 32 authorized invention patents and 189 registered software copyrights in the aerospace field as of June 30, 2024 [53]. 2. Financial Performance - In 2023, the company achieved a revenue of 229 million yuan, with a compound annual growth rate (CAGR) of +48.23% over the past three years. The net profit attributable to the parent company was 62.63 million yuan, with a CAGR of +34.05% [54][68]. - The gross margin for 2023 was 52.16%, a decrease of 4.76 percentage points from 2022, while the net profit margin was 27.34%, down 8.53 percentage points from the previous year [54]. 3. Industry Situation - The aerospace industry is experiencing rapid growth, driven by national and local policies that support the development of civil space infrastructure and encourage social capital participation [46][70]. - The demand for commercial aerospace products and services is increasing, with a significant shift towards independent data reliance and a move from government-led to diversified, commercialized development mechanisms [70]. 4. Competitive Advantages - The company benefits from a robust research and development team with over 20 years of industry experience, allowing it to maintain a competitive edge in aerospace measurement and control technologies [48]. - The actual controller of the company is the Chinese Academy of Space Technology, providing a strong state-owned background and the capability to undertake national strategic aerospace tasks [62]. 5. Subscription Details - The initial public offering (IPO) involves a direct pricing method with an issue price of 6.92 yuan per share, raising approximately 190 million yuan [13][68]. - The expected circulation ratio after the issuance is 23.75%, with no old shares included in the circulating stock [13][68].