北斗院重启上市。 北斗院紧密围绕卫星导航和商业航天两大领域，形成了导航仿真与测试评估、时空安全与增强、航天测 控与地面测试三大业务方向，专注于三大业务方向的组件、产品、系统的研制、生产和技术服务，客户 涵盖能源、交通、教育等多个行业。 5月9日，证监会官网显示，长沙北斗产业安全技术研究院集团股份有限公司（简称"北斗院"）向湖南证 监局提交IPO辅导备案报告，辅导机构为中泰证券。 官网显示，北斗院成立于2016年，是由长沙市人民政府批复成立、长沙市科技局主管的北斗领域时空信 息安全产业协同创新平台。公司是一家研发和应用驱动型的高新技术企业，专注于无线电信号的生成、 测量与处理，攻克并掌握了系列核心技术。 根据2023年北斗院披露的招股书显示，公司所处卫星导航和航天测控领域属于典型的技术密集型行业， 且存在资质壁垒，客户准入门槛高。公司依托核心技术团队在卫星导航和航天测控领域超过20年的研究 经验，掌握了该领域成体系的关键核心技术，实现了相关产品的自主可控，是行业标准的制定者和参与 者。公司具备相关的科研、生产和保密资质，产品性能达到或超过国外同类型产品指标，符合行业强制 规范，重大项目经验丰富，客户涵盖我国多数 ...

● 本报记者王婧涵杨洁 当前，我国商业航天产业链生态进入成长期，各项技术渐趋成熟，商业运营成本不断下探，制造产能逐 步释放。高精度卫星导航芯片制造企业司南导航表示，受益于商业航天卫星应用场景扩展，2024年公司 高精度板卡销量增长迅速。 "我们将立足于前沿技术和创新研发，将芯片产品与低轨卫星互联网进行结合，同时融合惯导、激光等 多元传感器，实现在产品层面的持续突破，扩展产品在商业航天中的应用场景。"司南导航副总裁孙中 豪表示。 高精度板卡销量迅速增长 "目前在卫星导航芯片和板卡领域，中国方案已经成为国内市场主流。"孙中豪向中国证券报记者表示， 2012年公司高精度板卡年销量约五千片，目前销量已经翻了几十倍。公司年报显示，2024年司南导航高 精度GNSS板卡/模块销量19.66万片，同比增长15.92%；营业收入5965.13万元，产品毛利率接近50%。 高精度GNSS板卡的销量增长得益于卫星导航与位置服务产业及商业航天的发展。2024年发布的《2024 中国卫星（600118）导航与位置服务产业发展白皮书》显示，预计到2033年，全球GNSS设备的年出货 量为22亿台，其中亚太地区将保持最大的市场份额，占全 ...

本报讯 日前，河南省卫星导航定位基准服务系统应用推介会在郑州召开，集中展示了升级后的北斗三号卫星导航定位基准服务系统在 智慧物流、防灾减灾、智慧农业等领域的创新应用成果，标志着河南省高精度时空信息服务迈入新阶段。 北斗卫星导航定位基准服务系统是现代测绘基准体系的重要组成部分，是国家重要的空间基础设施。2018年，河南省基于"北斗二 号"卫星平台建设的导航定位基准服务系统开通运行。2020年我国北斗三号全球卫星导航系统建成后，河南省对全省246个基准站及数据中 心进行升级改造，于2024年8月完成北斗三号系统适配，12月正式启用。新一代系统具备更高精度、更强稳定性及更广兼容性，为河南省经 济社会发展提供了精准时空信息支撑。 例如，在水利工程方面，河南测绘院研发北斗三号一体化变形监测系统，通过5G＋北斗短报文双通道传输水文数据，实现水库大坝形 变实时预警，保障水利设施安全。智慧物流方面，安阳烟草物流应用北斗高精度定位终端，优化配送路线，降低物流成本，单车配送效率 显著提升。绿色能源方面，华能电力河南公司依托北斗系统开发了新能源场站车辆管理系统，实现对生产车辆高精度定位监控、调度控 制、车辆轨迹回放、车内外视频实时 ...

转自：前瞻产业研究院 行业主要上市公司：中国卫星(600118.SH);中国卫通(601698.SH);司南导航(688592.SH);北斗星通(002151.SZ); 三维通信(002115.SZ);烽火电子(000561.SZ)等 本文核心数据：北斗卫星发射情况;北斗指数;支持北斗导航定位功能的智能手机出货量 1、中国北斗卫星发展历程：三步走战略 北斗导航系统由中国国家航天局和中国航天科技集团公司共同研发，它以高度精准的卫星定位技术为基础， 能够为用户提供全球范围内的导航、定位和授时服务。 该系统采用了一系列卫星组成的星座，这些卫星分布在地球轨道上，并通过与地面的控制中心通信，以提供 准确的位置信息。北斗导航系统的研发历程并非一蹴而就。早在20世纪90年代初，中国就开始了北斗导航系 统的规划与研究工作。 2012年12月，中国宣布北斗导航系统开始提供全球服务，正式进入全球导航市场。到2020年底，北斗导航系 统已经具备了覆盖全球的能力，并逐步实现了与其他全球导航系统的互操作性。2024年9月19日，第59、60 颗北斗导航卫星发射成功，北斗三号全球卫星导航系统工程正式收官! 下一步，我国将加快推动下一代北 ...

流动性方面，高端装备ETF盘中换手1.2%，成交1341.42万元。规模方面，高端装备ETF最新规模达11.17亿元。份额方面，高端装备ETF最新份额达15.26亿 份，创今年以来新高。 从资金净流入方面来看，高端装备ETF近4天获得连续资金净流入，最高单日获得1109.26万元净流入，合计"吸金"1548.16万元。 高端装备ETF紧密跟踪中证高端装备细分50指数，聚焦航空航天、军工装备、卫星导航细分领域龙头企业，汇聚众多低空经济概念股，有望在这一轮低空经 济热潮中受益。 截至2025年4月30日 11:02，中证高端装备细分50指数上涨0.42%，成分股中科星图上涨6.17%，铂力特上涨4.59%，中光学上涨4.23%，高德红外上涨3.16%， 洪都航空上涨2.17%。高端装备ETF(159638)上涨0.41%。 数据显示，截至2025年3月31日，中证高端装备细分50指数前十大权重股分别为中航光电、航发动力、中航沈飞、中航西飞、中国长城、中航机载、航天电 子、菲利华、海格通信、西部超导，前十大权重股合计占比45.22%。 低空经济作为国家战略性新兴产业和新质生产力的典型代表，已连续两年被写入国务院《政 ...

Group 1: Company Overview and Financial Performance - The company focuses on high-precision navigation and positioning technology, developing a complete technology chain from hardware to algorithms and industry solutions [2][3] - In 2024, the company achieved a revenue of ¥1,219,549,535.51, a year-on-year increase of approximately 2.80%, while the net profit attributable to shareholders was -¥12,449,794.70, reflecting a 97.08% increase compared to the previous year [3] - In Q1 2025, the company reported a revenue of ¥151,988,324.18, marking a year-on-year growth of about 30.60% [3] Group 2: Smart Driving and Automotive Products - The company provides smart driving-related hardware and software products, achieving approximately 40% growth in its smart driving business in 2024 [4] - Over 60 models from various automotive manufacturers have successfully integrated the company's products, including high-precision positioning antennas and inertial measurement units (IMU) [4][5] - The company collaborates with partners like Baidu Apollo and China Mobile to develop advanced smart driving solutions [5] Group 3: Overseas Business and Tariff Impact - The company's overseas sales primarily consist of high-precision positioning terminals and optical products, with no sales in the U.S. market [6] - The company is minimally affected by U.S. tariffs as it imports very few materials from the U.S. and has domestic alternatives available [6][10] Group 4: Monitoring and Disaster Prevention - The company has developed universal disaster monitoring equipment, successfully deployed in over 20 provinces for geological disaster monitoring [6] - The equipment has been recognized by the Natural Resources Ministry for its effectiveness in harsh environments [6] Group 5: Low-altitude Economy and Marine Applications - The company utilizes drones and laser radar for surveying and emergency rescue, providing comprehensive solutions for various applications [7] - In marine applications, the company offers advanced detection equipment and has established a comprehensive monitoring system integrating various technologies [8][9] Group 6: Import Dependency and Future Development - In 2024, imported components accounted for about 10% of total procurement, with most having domestic alternatives [10] - The company is exploring further development in measurement robots and high-precision positioning technologies for various industries, including smart driving and robotics [11]

数据显示，截至2025年3月31日，中证高端装备细分50指数前十大权重股分别为中航光电、航发动力、中航沈飞、中航西飞、中国长城、中航机载、航天电 子、菲利华、海格通信、西部超导，前十大权重股合计占比45.22%。 国信证券认为，低空经济产业链格局初显，国内市场规模潜力巨大。我国低空经济供应链已形成"上游自主突破、中游协同攻关、下游标准引领"的全链条发 展格局，以eVTOL、无人机整机制造为核心，产业链呈现技术快速迭代与订单落地的产能扩张态势。动力系统是低空经济产业链的核心环节。从eVTOL零 部件价值量来看，以电机和电控为主要组成部分的动力系统在eVTOL核心结构中的集成成本占比最大。以2500亿整机存量销售市场规模以及eVTOL成本结 构测算，中期存量eVTOL动力系统市场空间可达1000亿元的水平。 截至2025年4月29日 10:58，中证高端装备细分50指数下跌0.22%。成分股方面涨跌互现，光电股份领涨6.62%，高德红外上涨4.90%，中无人机上涨3.46%； 中航成飞领跌，洪都航空、航天电器跟跌。高端装备ETF(159638)盘中换手1.64%，成交1813.59万元。 规模方面，高端装备ETF ...

Core Viewpoint - The company reported steady growth in Q1 2025, with revenue of 790 million yuan, a year-on-year increase of 27.9% but a quarter-on-quarter decrease of 19.8% [1] Financial Performance - Q1 2025 net profit attributable to shareholders was 140 million yuan, up 38.5% year-on-year and down 26.3% quarter-on-quarter [1] - The net profit after deducting non-recurring items was 120 million yuan, reflecting a year-on-year increase of 42.1% and a quarter-on-quarter decrease of 24.0% [1] - The comprehensive gross margin for Q1 2025 was 58.3%, a decrease of 0.5 percentage points year-on-year [2] - Total expense ratio was 24.4%, down 2.5 percentage points year-on-year, with management expense ratio at 6.6% (down 1.3 percentage points) and sales expense ratio at 19.9% (up 1.4 percentage points) [2] Business Strategy and Development - The company is actively expanding its industry applications and international markets, focusing on global strategies and rapid development in geospatial information, robotics, and autonomous driving [2] - R&D investment in Q1 2025 was 130 million yuan, a year-on-year increase of 22.1%, accounting for 16.6% of revenue [2] - The company has implemented an employee stock incentive plan, with 802 individuals meeting the conditions for the first vesting period, amounting to approximately 589.88 million shares, or 1.07% of total share capital [2] Partnerships and Market Position - The company has strengthened partnerships with multiple automotive manufacturers, achieving over 500,000 units shipped and projecting to reach 1 million units in the next two years [3][4] - The company emphasizes sustainable development, with a customer satisfaction score of 74.9% in 2024, an increase of 3.7% from 2023 [4] - The company is leveraging technology for green transformation, contributing to smart transportation and precision agriculture [4] Investment Outlook - The trend towards ubiquitous high-precision satellite navigation services is expected to benefit the company as an industry leader, with projected net profits of 760 million, 1 billion, and 1.29 billion yuan for 2025-2027, corresponding to growth rates of 30.4%, 30.8%, and 29.4% [4] - The company is assigned a target price of 55.39 yuan based on a 40 times PE ratio for 2025, maintaining a "strong buy" rating [4]

北斗卫星导航定位基准站服务能力测试 第一步北斗建网 2015年，青海省基础测绘院瞄准青海省国民经济建设、社会发展、国防建设等领域对空间基准的迫切需求，组建了一支精干的科研队伍，投身北斗导航 系统建设应用推广领域。 青海省基础测绘院副院长马国宝介绍，2015年以前，青海省测绘基准面临四大难题：全省基准建立需通过测定大量地面控制点布设平面和高程控制网来 实现，费时、费力且易被破坏；青海省内没有统一的基准服务平台，开展测绘工作需要先控制测量，再通过单基站模式进行作业，不仅效率低，而且精度不 均匀；原有的控制点成果仅有1954年北京坐标、1980西安坐标，尚未全面应用CGCS2000坐标框架基准，无法满足全省一张网、一张图的需求；全省没有建 立重力基准网。 青海北斗建设团队围绕推进全省现代测绘基准体系建设、搭建信息化测绘和数字青海地理空间框架建设平台的总体目标，于2021年7月建成了覆盖全省 经济发达区域和主要县城的116座北斗卫星导航定位基准站，迈出了青海省北斗卫星导航系统应用发展的一大步，为此后开展的各类北斗应用服务奠定了基 础。 经过10年的建设和技术攻关，青海北斗建设团队建成了以"北斗基准站网＋数字高程基准模 ...

Group 1: Business Focus and Development - The company focuses on high-precision navigation and positioning technology, with three core business segments: precise spatial perception equipment, Beidou high-precision industry applications, and intelligent driving and navigation control [3][5]. - The company aims to expand high-precision positioning technology applications in low-altitude fields and industrial robots, continuously exploring integration opportunities [4][6]. Group 2: Market and Product Strategy - The company has achieved approximately 30% domestic substitution rate in high-precision positioning equipment, with key products like positioning terminals and industrial-grade LiDAR being fully domestically produced [5][6]. - In 2024, the proportion of government project-related business has decreased to 13.79%, with a strategic shift towards high-precision positioning equipment and solutions that have better cash flow [6][9]. Group 3: International Expansion and Collaboration - The company has established branches in 12 countries, implementing localization strategies for procurement, logistics, sales, and global technical services [7][9]. - Collaborations with Baidu Apollo and Beijing Hangji focus on high-precision differential positioning solutions, with successful deliveries of 5G+V2X smart antennas and high-precision positioning antennas [7][8]. Group 4: Technological Advancements - The company emphasizes continuous investment in core technology research and development, maintaining a leading position in key technologies such as laser radar and inertial navigation [6][8]. - The company has successfully developed disaster monitoring and early warning devices, which have been deployed in over 20 provinces and regions across the country [8][9]. Group 5: Financial Performance and Projections - The intelligent driving business is projected to grow by approximately 40% in 2024, although it currently represents a small portion of the overall revenue [9].