云服务 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 五发展新动能 证券研究报告-中报点评 买入(首次) 市场数据(2025-09-10) | 收盘价(元) | 41.32 | | --- | --- | | 一年内最高/最低(元) | 71.95/26.98 | | 沪深 300 指数 | 4,445.36 | | 市净率(倍) | 8.81 | | 流通市值(亿元) | 333.90 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 4.69 | | 每股经营现金流(元) | -0.48 | | 毛利率(%) | 46.07 | | 净资产收益率_摊薄(%) | 2.06 | | --- | --- | | 资产负债率(%) | 43.80 | | 总股本/流通股(万股) | 80,807.89/80,807.89 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -1% 22% 46% 69% 93% 116% 139% 16 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——"史上最丑"与"丑上最薄"：iPhone 17系列背后的新战事 （记者 王晓波） 每经AI快讯，中原证券9月11日发布研报称，给予中科星图（688568.SH）买入评级。评级理由主要包 括：1）公司公布了2025年半年报；2）2025上半年公司采用了新的业务划分方式，按照"一体两翼"的战 略，将业务划分为地理信息（一体）和商业航天、低空经济（两翼）；3）在低空经济领域，公司重点 构建了"1朵低空云+2个低空试验场（全数字化低空仿真试验场和物理低空飞行试验场）+N个区域示范 +M个行业应用场景"的产品布局；4）在商业航天领域，公司从 2024年7月8日提出向商业航天全产业链 进行跃迁的战略规划，目前在各个业务方向上都取得了良好的推进效果。风险提示：应收账款回款风 险；低空经济发展不及预期。 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: 中科星图 (China Star Map) - **Industry**: Geographic Information, Commercial Aerospace, Low-altitude Economy Core Financial Performance - In the first half of 2025, China Star Map's net profit attributable to shareholders increased by 22.82% year-on-year, but the non-recurring net profit was negative due to high GT from Indian government units and increased R&D investment [2][1] - Revenue reached 1.34 billion yuan, representing a year-on-year growth of approximately 22% [2][1] - R&D investment grew by 38% year-on-year, indicating the company's confidence in future operations [2][1] Strategic Business Segmentation - The company implemented a "one body, two wings" strategy, with geographic information accounting for 80% of revenue, commercial aerospace at 14.34%, and low-altitude economy at 4.73% [1][5] - Low-altitude economy was included in the financial report for the first time, with strategic products launched on January 18 [5][6] R&D and Technological Advancements - R&D investment accounted for approximately 23% of revenue in the first half of 2025, leading to significant advancements in new products and technologies [3][4] - The company plans to release an upgraded version of its low-altitude product matrix in October 2025 [3][15] Future Development Strategy - Future strategic planning includes a focus on geographic information, commercial aerospace, and low-altitude economy, with an emphasis on higher growth rates and profit margins in emerging fields [5][30] - The company aims to achieve a balanced business distribution of one-third each in geographic information, low-altitude economy, and commercial aerospace by the end of the 14th Five-Year Plan [32][31] Industry Positioning and Competitive Edge - The company has restructured its revenue segmentation to better observe the development speed and contributions of each business segment [6][5] - China Star Map's low-altitude product matrix includes comprehensive solutions covering planning, safety assurance, and collaborative regulation, already cooperating with 140 cities [11][12] Challenges and Responses - The company faced a significant decline in gross margin due to large project impacts, with the gross margin dropping to just over 40% [27][28] - To address challenges post the 14th Five-Year Plan, the management is focused on aligning with national development strategies, particularly in commercial aerospace and low-altitude economy [28][29] Investment and Market Expansion - The company has made substantial investments in R&D, with a total of 310 million yuan in the first half of 2025, aimed at developing new products and enhancing existing technologies [7][9] - China Star Map is also expanding its market influence through strategic partnerships and product offerings in the low-altitude economy [12][11] Conclusion - China Star Map is positioned for growth in the geographic information, commercial aerospace, and low-altitude economy sectors, with a strong focus on R&D and strategic partnerships to enhance its competitive edge and market presence [30][31]

Group 1 - The company Zhongke Xingtou (SH 688568) announced its third board meeting on August 28, 2025, to review the semi-annual report and its summary [1] - For the year 2024, the revenue composition of Zhongke Xingtou is as follows: special fields 30.79%, municipal 29.35%, meteorological and oceanographic 17.27%, aerospace measurement and control 8.85%, and enterprise energy 7.85% [1] - As of the report date, Zhongke Xingtou has a market capitalization of 38.7 billion yuan [1]

Core Points - The Ministry of Natural Resources reports that nearly 300 cities in China have completed the construction of 3D building models, which play a significant role in urban renewal, public service, and empowering the digital economy [1][2] Group 1: 3D Modeling and Technology - China has achieved autonomous control over core technologies such as real-world 3D data collection and spatial identity coding, establishing a 3D technology system characterized by intelligent modeling, integrated management, and knowledge-based applications [2][3] - By the end of 2025, the goal is to establish a preliminary version of "Real Scene 3D China," with nearly 300 cities having produced 3D models of buildings [2][3] Group 2: Applications in Urban Management - The implementation of 3D technology in Fuzhou has empowered over 60 fields, particularly in urban management, allowing for comprehensive perception, dynamic monitoring, and intelligent analysis of urban spatial information [4][5] - Fuzhou's smart management platform utilizes real-time 3D maps to provide detailed insights into urban infrastructure, including streetlights and manholes, enhancing operational efficiency [4][5] Group 3: Water Management and Emergency Response - The integration of 3D models in Fuzhou's water system management allows for real-time monitoring and simulation of water levels, significantly improving flood response times and water quality management [6][7] - The scientific scheduling system for water management has led to an 88% peak flood reduction rate and a 50% decrease in average drainage response time, achieving a 98% compliance rate for river water quality [7]

Group 1 - The core viewpoint is that Siwei Tuxin's subsidiary, Liufen Technology, has developed a comprehensive low-altitude economy solution, which includes high-precision positioning services, low-altitude flight licenses, and a low-altitude safety supervision platform [1] - The company has signed strategic cooperation agreements with enterprises such as Aerospace Shiyuan to further integrate into China's low-altitude economy industry system [1] - The goal is to secure more orders related to the low-altitude economy [1]

Core Viewpoint - The company is transitioning from a "digital earth technology pioneer" to a "space and sky information ecosystem builder," with a strategic plan called "one body, two wings" aimed at achieving comprehensive coverage of space and earth information [1][3]. Group 1: Strategic Development - The company aims to solidify its core advantages in the geographic information industry while leveraging artificial intelligence to evolve from data processing tools to intelligent decision-making platforms [3]. - The "one body, two wings" strategy includes a focus on geographic information as the core, with commercial aerospace and low-altitude economy as the two wings, indicating a systemic business restructuring and strategic upgrade [3][4]. - The company has set ambitious goals to grow from a current scale of 3 billion yuan in annual revenue, 30 billion yuan in market value, and approximately 3,000 employees to a target of 100 billion yuan in revenue, 1 trillion yuan in market value, and 10,000 employees over the next five years [3]. Group 2: Commercial Aerospace Initiatives - The company has made significant progress in the commercial aerospace sector, including satellite constellation construction, satellite and rocket manufacturing, and space information application services [4]. - By investing in upstream satellite and rocket component manufacturers, the company has enhanced its capabilities in aerospace electronic systems manufacturing [4]. - The company has established a "flywheel" effect in its commercial aerospace business model, where increased satellite deployment leads to more data, customers, and profitability, reinforcing its competitive edge [4][5]. Group 3: Low-altitude Economy Development - The company launched the "Star Map Low-altitude Cloud 1.0" version, marking its initial foray into the low-altitude economy [6]. - A comprehensive low-altitude infrastructure solution has been developed, covering planning, safety assurance, collaborative regulation, flight services, and application scenarios [6]. - The company anticipates that the low-altitude economy will reach a commercialization phase by 2025, transitioning from experimental zones to operational networks driven by market forces [6].

Core Insights - The launch of "Aerial Gaode" in Longgang marks a significant step in the realization of low-altitude economy, transitioning from conceptual exploration to large-scale implementation, providing a valuable reference for national development [2][3][6] - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, indicating substantial growth potential in this sector [8][11] Industry Development - The establishment of the Low Altitude Economy Development Department by the National Development and Reform Commission has accelerated the development of low-altitude economic initiatives across various regions [2] - Multiple cities, including Suzhou and Chengdu, are actively engaging in low-altitude economic construction, although many are still in the stages of building, testing, or small-scale pilot projects [2][8] "Aerial Gaode" Overview - "Aerial Gaode" is a comprehensive urban smart transportation solution that integrates air and ground data, aiming to facilitate technological innovation and commercial implementation in low-altitude scenarios [4][5] - The core modules of "Aerial Gaode" include low-altitude digital infrastructure, safety assurance, service provision, and airspace management, offering extensive data support and operational services [4][5] Strategic Goals and Collaborations - The project has established a 900 million yuan industrial fund in Longgang, attracting over ten low-altitude ecosystem companies for collaborative technology development [5][9] - High-frequency user engagement is targeted, with plans to connect over 100 million users and integrate more than 500 aircraft manufacturers and 1,000 flight service companies within three years [9][10] Future Prospects - The successful implementation of "Aerial Gaode" in Longgang is seen as a model for replicating low-altitude economic practices in other regions, including the Beijing-Tianjin-Hebei and Yangtze River Delta areas [10] - The low-altitude economy is anticipated to become a new competitive arena globally, with China positioned to lead this market due to its complete industrial chain and supportive policies [11]

Group 1 - The company Meiyanji Xiang (SH 600868) announced that its 11th second board meeting will be held via communication voting on August 8, 2025 [2] - For the year 2024, the revenue composition of Meiyanji Xiang is as follows: hydropower accounts for 62.74%, geographic information industry accounts for 23.39%, biogas business accounts for 9.16%, other businesses account for 2.88%, and titanium coating accounts for 1.84% [2]

在城市级数据获取领域，全省14个地级以上城市的建成区（约4841平方千米）已建成精细的"三维 立体地图"，更逼真地展现楼房、道路等城市建筑和地物的外形及表面细节，为城市规划、建设和管理 提供直观精准的三维空间信息，是打造"智慧交通""智慧城管""智慧社区"等智慧应用不可或缺的基础数 据。 在部件级数据获取领域，我省成功构建了沈阳市总长度20.17千米的"超清数字路"，精细呈现了7万 多个包括道路标志、标牌、电杆、井盖、行道树、护栏等131类重要道路部件的三维形态。这条"数字 路"可助力沈阳智慧交通建设，如利用模型优化交通信号灯配时方案，缓解交通拥堵，利用三维地图数 据为智能汽车指路等。 省自然资源厅将以此次典型案例发布为契机，推动实景三维数据应用到更多行业领域。同时，也将 坚持"数据为王、应用为本、创新为要、安全为基"原则，持续做新做大实景三维辽宁数字底座，做多做 好应用场景，为推动我省数字化转型、赋能高质量发展提供数据要素保障。 近日，省自然资源厅、省数据局联合发布全省2025年实景三维数据赋能高质量发展创新应用典型案 例，8个案例涉及消防、生态治理、防汛抗洪、地质灾害防治、森林防火、露天矿管理、海域监督等 ...