星图测控：卫星互联网新标的，积极关注（首次覆盖）-20250214

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][5]. Core Insights - The company is positioned in the aerospace industry, which is a strategic pillar industry encouraged by the government, with strong technological attributes and significant personalized customer demand [4][19]. - The company has developed the "Insight" series products, which are central to its product and service system, focusing on aerospace measurement and control management as well as digital simulation [4][32]. - The company is expected to achieve steady revenue growth, with projected revenues of 288 million, 355 million, and 429 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 25.61%, 23.47%, and 20.70% [5][6]. Company Overview - The company, Zhongke Xingtou Measurement and Control Technology Co., Ltd., was established in December 2016 and is headquartered in Hefei, Anhui Province. It transitioned from a limited liability company to a joint-stock company in November 2022 and was listed on the Beijing Stock Exchange in January 2025 [10][11]. - The major shareholder is Zhongke Xingtou (688568.SH), holding 34.77% of the shares, with the actual controller being the Chinese Academy of Space Technology [4][11]. Industry Analysis - The aerospace industry is characterized by a competitive landscape, with significant government support and policies promoting rapid development in aerospace measurement and control management and digital simulation [19][21]. - The aerospace measurement and control management sector is crucial for efficient scheduling and maximizing the effectiveness of space assets, becoming a forefront discipline in the aerospace industry [24][28]. - The digital simulation in aerospace provides a low-cost, high-efficiency environment for validating and optimizing aerospace mission plans, which is increasingly in demand as the complexity of aerospace tasks rises [29]. Main Business Analysis - The company's main business includes aerospace measurement and control management and digital simulation, with a focus on the "Insight" series products that cater to specialized fields, commercial aerospace, and civil aerospace [32][33]. - The revenue model is primarily driven by technology development and services, software sales, ground system construction, and system integration, with technology and service income being the main revenue source [43][45]. - The sales model is direct, utilizing various methods such as bidding and competitive negotiation to secure contracts [45].