中科星图：吹响AI+低空龙头号角

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Viewpoints - The company is positioned as a leader in the AI and low-altitude economy, leveraging its strengths in cloud computing and AI capabilities to capture market opportunities [5][6] - The low-altitude economy in China is projected to exceed 1 trillion yuan by 2026, driven by supportive government policies and infrastructure investments [13][14] - The company aims to establish a comprehensive low-altitude cloud technology ecosystem, enhancing its competitive advantage in the sector [19] Summary by Sections 1. Market Size - The low-altitude economy in China is expected to surpass 1 trillion yuan by 2026, with significant growth driven by policy support and infrastructure investments [13][14] 2. Low-altitude Cloud as a Competitive Advantage - The company effectively coordinates resources from its major shareholder, the Chinese Academy of Sciences, and has a structured approach to mobilize its business teams [19] - The company is developing a low-altitude cloud technology ecosystem, integrating IaaS, PaaS, and SaaS solutions to support various applications in the low-altitude sector [19][20] 3. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 35.69 billion yuan, 53.82 billion yuan, and 83.65 billion yuan, representing year-on-year growth rates of 41.86%, 50.82%, and 55.41% respectively [45] - Net profit forecasts for the same period are 4.38 billion yuan, 6.96 billion yuan, and 11.57 billion yuan, with growth rates of 27.98%, 58.75%, and 66.23% respectively [45]