Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a current price of 72.13 CNY [6] Core Views - The company reported a revenue of 0.99 billion CNY for the first half of 2025, representing a year-on-year growth of 21.90%. The net profit attributable to shareholders was 0.32 billion CNY, up 24.26% year-on-year [6][9] - The company is actively expanding its customer base in the civilian sector and enhancing its capabilities in artificial intelligence [7][10] - The company has shown a significant increase in the proportion of revenue from the civilian and commercial sectors, rising from 26.82% in 2024 to 31.41% in 2025 [8] Summary by Sections Revenue Performance - In the first half of 2025, the company's revenue from specialized fields was 0.68 billion CNY, accounting for 68.59% of total revenue, while revenue from civilian and commercial fields was 0.31 billion CNY, accounting for 31.41% [8] - The revenue from technology and development services was 0.77 billion CNY, with a year-on-year growth rate of 6.60%. Software business revenue surged by 397.58%, significantly exceeding expectations [8] Profitability - The company achieved a gross margin of 54.57% in the first half of 2025, an increase of 1.39 percentage points compared to the same period in 2024. The net margin was 32.52%, up 0.61 percentage points year-on-year [9] Business Development - The company is focusing on expanding its space management business, which includes deepening cooperation with specialized field clients, actively targeting civilian and commercial clients, and enhancing its AI capabilities [10] - Future business plans involve developing a full industry chain for space management and promoting international business development [10] Financial Forecast - The company’s projected revenues for 2025 and 2026 are 3.77 billion CNY and 4.76 billion CNY, respectively, with year-on-year growth rates of 30.63% and 26.31% [10] - The expected net profits for 2025 and 2026 are 1.10 billion CNY and 1.42 billion CNY, with growth rates of 28.95% and 29.57% [10]
星图测控（920116）：中报业绩符合预期，下半年业务有望加速