Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the near term [3][9]. Core Insights - The company has demonstrated strong revenue growth, achieving a revenue of 188 million yuan in the first three quarters of 2025, representing a year-on-year increase of 15.57%. The net profit attributable to the parent company reached 63 million yuan, up 25.28% year-on-year [4]. - The rapid development of China's commercial space industry presents significant market opportunities for space management services, with a notable increase in satellite launches both globally and domestically [4][5]. - The company is positioned as a leading provider of space management services, focusing on satellite tracking, measurement, and control, which are essential for the growing complexity of satellite constellations [5][6]. Financial Performance - The company forecasts a net profit of 127 million yuan for 2025, with a compound annual growth rate (CAGR) of 49.0% from 2025 to 2027. The earnings per share (EPS) are projected to be 0.79 yuan in 2025, increasing to 1.27 yuan by 2027 [9][12]. - The revenue is expected to grow from 352 million yuan in 2025 to 762 million yuan in 2027, reflecting a robust growth trajectory [12][13]. - The company maintains a gross margin above 50% and a net margin around 30%, indicating strong profitability [7][12]. Market Position and Strategy - The company is leveraging its proprietary "Observer" platform to integrate AI technologies into its space management services, enhancing operational efficiency and service offerings [6][8]. - The company plans to launch its own sensing satellite constellation to improve space situational awareness and provide comprehensive support for satellite collision avoidance and operational control [8]. - The revenue mix is balanced between special and commercial sectors, with a focus on expanding its client base and enhancing service capabilities in both areas [7][9].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [3][11]. Core Insights - The company, a "small giant" in aerospace measurement and control, is expected to benefit significantly from the rapid development of satellite internet infrastructure [4][6]. - The company has shown strong financial growth, with a compound annual growth rate (CAGR) of 103.93% in revenue and 84.69% in net profit from 2020 to 2023 [5][24]. - The satellite internet market in China is projected to reach 44.692 billion yuan by 2025, with a CAGR of 11.2% from 2021 to 2025 [34][36]. Summary by Sections 1. Company Overview - The company specializes in aerospace measurement and control, with a focus on both military and civilian applications, and has a strong technical foundation [5][13]. - Established in 2016, the company has expanded its operations into specialized, civilian, and commercial aerospace sectors [5][13]. 2. Financial Performance - The company reported revenues of 229 million yuan in 2023, a year-on-year increase of 61.90%, and a net profit of 63 million yuan, up 23.41% [24][26]. - The projected revenues for 2024 to 2026 are 287 million yuan, 368 million yuan, and 476 million yuan respectively, with corresponding net profits of 84 million yuan, 109 million yuan, and 143 million yuan [3][11]. 3. Market Dynamics - The demand for aerospace measurement and simulation is expected to grow as satellite launches increase, with China planning to deploy over 600 satellites by 2025 [8][36]. - The company is well-positioned to capitalize on the growing satellite internet market, which is becoming a focal point in global strategic competition [7][29]. 4. Business Expansion - The company has successfully expanded its revenue from civilian and commercial sectors, with the proportion of income from these areas rising from 3.73% in 2021 to 34.81% in 2023 [10][43]. - The company is leveraging its expertise in specialized fields to enhance its capabilities in commercial aerospace, supported by significant investment in research and development [9][43].

商业航天作为人类走向群星的前哨站，现已进入一个空前繁荣的发展阶段。 国际上，马斯克的SpaceX已向地球轨道发射约7400颗星链（Starlink）卫星，这些卫星组成了一个庞大的"通信网络"，可以向地球各个角 落提供网络服务；在国内，商业航天也展现出了强悍的竞争力，2023年中国全年实现火箭发射67次，其中民营商业火箭发射13次，由上 海政府牵头的中国版"星链"千帆星座计划也已完成四次发射，在轨卫星数量达到54颗，中国卫星产业生态加速形成，航天产业版图正徐 徐展开。 在此背景下，2025年1月2日，专注于航天测控管理和航天数字仿真业务的中科星图测控技术股份有限公司（股票代码：920116 简称：星 图测控）成功上市，成为A股商业航天测控管理第一股。 全球抢占太空资源，低空轨道陷入拥堵困境 商业化是航天产业发展必然趋势，在具体应用上，卫星通信、地球观测和太空旅游是商业航天的三大主要驱动力。当前卫星通信与地球 观测等领域已形成完整产业链，而太空旅游作为新兴领域，虽然仍处于起步阶段，但潜在市场巨大，预计未来将成为商业航天市场的重 要增长点。此外，航天产业作为国防军工建设的重要一极，通过商业化的方式发展航天，是军民融 ...