Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][3]. Core Viewpoints - The company, Xingtou Measurement and Control, is positioned as a national-level specialized and innovative "little giant" enterprise focusing on satellite measurement and control management, as well as digital simulation in the commercial aerospace sector [3][21]. - The company achieved revenue of 163 million yuan in the first three quarters of 2024, representing a year-on-year growth of 34.34%, and a net profit of 50 million yuan, up 82.10% year-on-year [3][51]. - The report anticipates that the company's net profit will reach 87 million yuan, 107 million yuan, and 129 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.76, 0.93, and 1.13 yuan per share [3][49]. Company Overview - The company specializes in providing comprehensive solutions in the aerospace field, including technical development and services, software sales, measurement and control ground system construction, and system integration [25][26]. - The main revenue contributors are technical development and services, which accounted for 88.93% of revenue in the first half of 2024, while measurement and control ground system construction has emerged as a new growth point [41][42]. - The company has expanded its business from specialized fields to civil and commercial aerospace, with a significant increase in revenue from the civil and commercial sectors, rising from 3.73% in 2021 to 34.81% in 2023 [44][46]. Industry Insights - The commercial aerospace industry in China is entering a golden period, with the satellite internet becoming a prevailing trend, driven by supportive policies and technological advancements [60][61]. - The report highlights that the commercial aerospace market in China is expected to reach 2.34 trillion yuan by 2024, indicating substantial growth potential [4][61]. - The demand for satellite measurement and control services is rapidly expanding due to the increasing number of satellites in orbit, projected to reach 8,000 by 2024 [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-20250225