Investment Rating - The report assigns an "Accumulate" rating for the company, Star Map Measurement and Control [1][3]. Core Viewpoints - Star Map Measurement and Control is positioned as a national-level specialized and innovative "little giant" enterprise, focusing on satellite measurement and control management and digital simulation, with significant growth potential driven by the expanding commercial aerospace and satellite internet markets [3][4]. - The company achieved revenue of 163 million yuan in the first three quarters of 2024, representing a year-on-year increase of 34.34%, and a net profit of 50 million yuan, up 82.10% year-on-year [3][51]. - The report forecasts the company's net profit for 2024-2026 to be 87 million, 107 million, and 129 million yuan respectively, with corresponding EPS of 0.76, 0.93, and 1.13 yuan per share, indicating a strong growth trajectory [3][4]. Company Overview - Star Map Measurement and Control specializes in satellite on-orbit management and services, providing comprehensive solutions that include technical development, software sales, ground system construction, and system integration [21][25]. - The company's main products and services are categorized into technical development and services, software sales, ground system construction, and system integration, with a focus on customized solutions for various aerospace applications [25][26]. Financial Summary - The company expects to achieve a total revenue of 287 million yuan in 2024, with a net profit of 83 million yuan, reflecting a year-on-year growth of 25.50% and 32.18% respectively [49]. - From 2021 to 2023, the company's revenue grew from 104 million yuan to 229 million yuan, with net profits increasing from 35 million yuan to 63 million yuan, showcasing a robust growth trend [49][51]. - The gross profit margin has remained stable, with a slight decline in recent years, indicating effective cost management despite increasing operational scale [53][58]. Industry Insights - The commercial aerospace sector is entering a golden period, with supportive policies and technological advancements driving rapid growth in satellite internet and measurement and control services [4][61]. - The report highlights that the global satellite count is expected to reach 8,000 by 2024, significantly increasing the demand for ground measurement and control services [4][61]. - The market for ground segment services is projected to reach 35 billion USD between 2026 and 2030, indicating a substantial opportunity for companies in the aerospace measurement and control sector [4][61].
星图测控：北交所首次覆盖报告：卫星互联网浪潮下，航天测控与数字仿真的稀缺明珠-20250224