星图测控：航天测运控领先者，特种及商业星座空间广阔

Investment Rating - The report assigns a rating of "Buy" to the company [3]. Core Views - The company is a leading provider of space measurement and control services, with significant growth potential in both special and commercial satellite constellations [2][7]. - The company has a strong foundation in special aerospace fields and is expanding its services to cover the entire lifecycle of spacecraft management, benefiting from its state-owned background and technological advantages [7]. - The report highlights the company's unique business model, which is characterized by high barriers to entry, stable cash flow, and strong profitability [7]. Financial Forecast - Revenue is projected to grow from 229 million yuan in 2023 to 459 million yuan in 2026, with growth rates of 61.9%, 25.5%, 27.0%, and 25.8% respectively [3]. - EBITDA is expected to increase from 69 million yuan in 2023 to 155 million yuan in 2026 [3]. - Net profit attributable to shareholders is forecasted to rise from 63 million yuan in 2023 to 139 million yuan in 2026, with growth rates of 23.4%, 33.2%, 28.3%, and 30.0% respectively [3]. - The earnings per share (EPS) is anticipated to reach 1.27 yuan by 2026, with a price-to-earnings (P/E) ratio of 34.74 [3]. Company Overview - The company specializes in space measurement and control management, leveraging its proprietary technology to support the entire lifecycle of aerospace missions [7][14]. - It has expanded its operations from special aerospace fields to include civil and commercial aerospace sectors, driven by its core technology team and high standards in delivering national aerospace projects [14][20]. Market Space - The aerospace industry is experiencing rapid growth due to increased international competition and advancements in satellite applications [35]. - The global space economy market is projected to reach 462 billion USD in 2023, with significant contributions from satellite services [37][38]. - The company is well-positioned to benefit from the growing demand for commercial satellite constellations and the expansion of ground control systems [7][44]. Competitive Advantages - The company operates a unique "shovel seller" business model, providing essential tools and services to downstream satellite users, which results in high barriers to entry and stable demand [7]. - Its strong technological capabilities and state-owned background provide a competitive edge in the rapidly evolving aerospace market [7][49].