星图测控：航天测控“小巨人”，乘商业航天东风扬帆起航-20260213

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on space management services, driven by the commercial aerospace sector, which is expected to lead to steady business growth. It was established in December 2016 and specializes in aerospace measurement and control management, space situational awareness, and aerospace digital simulation. The company officially listed on the Beijing Stock Exchange in 2025, becoming the first commercial aerospace measurement and control company to do so [9][14]. - The demand for satellite internet is accelerating, leading to a comprehensive explosion in demand for measurement and control services. The competition for space resources is intensifying, which is driving upgrades in aerospace measurement and control technologies [9][26]. - The company's core products are independently controllable, and it is expanding horizontally to create diversified growth opportunities. The core team has over 20 years of experience in the aerospace field, and the company is actively developing its business in both specialized and commercial sectors [9][21]. Summary by Sections 1. Focus on Space Management Services - The company has built an integrated space service system, leveraging AI and new information technologies to provide comprehensive space management solutions [14]. - The ownership structure is clear, with state-owned capital leading, ensuring alignment with national aerospace development strategies [16][17]. - The core management team has deep industry experience, ensuring continuity and professionalism in strategic execution [18]. 2. Accelerating Development of Commercial Aerospace - The company benefits from the expanding commercial aerospace market, with revenue growing from 0.27 billion to 2.88 billion from 2020 to 2024, and a projected 25.9% growth in 2024 [26]. - The international competition in space is intensifying, with the U.S. holding a significant advantage in satellite deployment, while China is rapidly catching up [46][48]. - The demand for aerospace measurement and control services is expected to grow significantly due to the increasing number of satellites and the development of national civil space infrastructure [49][52]. 3. Technical Barriers and Growth Opportunities - The company has established strong technical barriers through high R&D investment and a focus on independent product development, particularly in the aerospace measurement and control sector [21][22]. - The company is expanding its business layout to include both specialized and commercial aerospace sectors, enhancing its growth curve [9][21]. - The core products are positioned as domestic alternatives to international software, with a strong trend towards domestic substitution [9][21]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.06 billion, 1.34 billion, and 1.74 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.3%, 26.4%, and 30.5% [9][1].