证券研究报告·北交所公司深度报告·IT 服务Ⅱ 星图测控（920116） 航天测控"小巨人"，乘商业航天东风扬帆 起航 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 229.04 | 288.35 | 330.39 | 397.27 | 514.45 | | 同比（%） | 61.90 | 25.90 | 14.58 | 20.24 | 29.50 | | 归母净利润（百万元） | 62.63 | 84.97 | 105.62 | 133.52 | 174.29 | | 同比（%） | 23.41 | 35.68 | 24.29 | 26.42 | 30.53 | | EPS-最新摊薄（元/股） | 0.39 | 0.53 | 0.66 | 0.84 | 1.09 | | P/E（现价&最新摊薄） | 276.47 | 203.77 | 163.94 | 129.68 | 99.35 | [Table_Tag] ...

Group 1 - The total market value of shares to be unlocked next week is 46.499 billion yuan, with 39 stocks involved, totaling 3.447 billion shares [5] - Shimao Energy (605028) announced the termination of control change discussions due to disagreements on core terms, with stock resuming trading on January 19, 2026 [2][3] - Shimao Energy focuses on waste-to-energy production, utilizing waste and coal as primary materials to generate steam and electricity [2] Group 2 - The highest market value of unlocked shares next week is from Xingtum Control, with 123 million shares (70.66% of total shares) becoming tradable, valued at 13.13 billion yuan [5][8] - Shanxi Coking Coal follows with 1.037 billion shares unlocking, valued at 6.968 billion yuan, primarily from targeted placement shares [5] - Five stocks have an unlocking ratio exceeding 20%, with Xingtum Control, Longda Co., and Chaoyan Co. leading at 70.66%, 48.78%, and 35.05% respectively [8]

Group 1 - The report highlights the issuance of the "Artificial Intelligence + Manufacturing" action plan, which aims for China to achieve a leading position in AI core technologies and industry scale by 2027, with specific tasks outlined for innovation, product breakthroughs, and enterprise cultivation [3][13][14] - The report identifies 40 companies in the AI + industrial information sector, including key players like Hengtong Optic-Electric and Parallel Technology, which are expected to benefit from the action plan [2][3][20] - Hengtong Optic-Electric (920045.BJ) focuses on the R&D and manufacturing of passive optical devices, reporting a revenue increase of 91.38% year-on-year for Q1-Q3 2025 [22][24] Group 2 - The information technology sector experienced an average weekly increase of 7.33%, with notable performance in high-end equipment and chemical new materials sectors [4][36] - The average P/E ratio for the information technology sector rose to 79.7X, with companies like Zhongcheng Technology and Xingtum Measurement Control showing significant stock price increases [4][39] - The report indicates that the total market capitalization of the technology new industry increased from 502.61 billion to 533.32 billion, with a median market cap rise from 2.27 billion to 2.39 billion [5][60] Group 3 - The report notes that 143 out of 159 companies in the technology new industry saw stock price increases, with a median increase of 4.60% [5][54] - Parallel Technology (920493.BJ), a leading provider of supercomputing cloud services, reported a revenue growth of 69.25% year-on-year for Q1-Q3 2025 [23][26] - Xingtum Measurement Control (920116.BJ), a national-level specialized enterprise in aerospace measurement and control, achieved a revenue increase of 15.57% year-on-year for Q1-Q3 2025 [27][32]

Group 1: Company Developments - Xiaopeng Motors officially entered the Mauritius market after establishing a strategic partnership in December, following its entry into the Qatar market [1] - Xiaomi has applied for multiple trademarks related to its Ultra series, with some already successfully registered [2] - MiniMax has partnered with Kuaikan Manhua to launch the first AI interactive comic, integrating AI technology into the comic industry [3] - Mango Super Media's wholly-owned subsidiary has established a new equity investment fund with a capital contribution of approximately 356 million RMB [4] Group 2: Investment and Financing - "Hai Sida Sodium Star" has completed over 100 million RMB in strategic financing, with investors including Baiyun Financial Holdings and Guangdong Guoyan Industrial Investment [5] - "Xingyi Space" has completed nearly 300 million RMB in Pre-A round financing, primarily for the construction of overseas measurement and control stations and technology R&D [6] - Shanghai Blueprint Aviation Technology Co., Ltd. has announced 500 million RMB in A round financing, focusing on core technology development [7] - Weina Star completed 1.56 billion RMB in equity financing throughout 2025, aimed at R&D investment and capacity expansion [8] Group 3: New Products - Lenovo plans to launch its first global "AI Super Intelligent Agent" during CES, which will have capabilities similar to the Doubao mobile assistant [10] - Huawei announced the launch of the new Huawei WiFi X product in March 2026, featuring transparent antenna technology and supporting the Harmony ecosystem [11] Group 4: Industry Trends - The Industrial Robot Quality Strong Chain project has completed 33 key tasks, marking significant progress in standards, measurement, testing, and certification [12] - Various regions in China have added over 1.1 billion RMB in subsidies to boost the automotive market as the year-end approaches [12] - The National Venture Capital Guidance Fund will focus on supporting emerging and future industries, enhancing investment in early-stage projects in sectors like semiconductors and AI [12] - The Ministry of Industry and Information Technology emphasized the implementation of a new round of key industry growth plans, promoting the supply of green and age-friendly products [13]

Core Viewpoint - The IPO journey of Beidou Institute has faced multiple challenges, with its current status being "inquired" and a significant increase in fundraising to 709 million yuan, alongside new investment projects [2][5] Group 1: IPO Details - Beidou Institute's IPO fundraising scale has increased from 416 million yuan in 2023 to 709 million yuan in the current attempt, with additional investment projects included [2][5] - The company has introduced 17 new institutional shareholders, including its largest customer, China Electronics Technology Group Corporation [2][8] Group 2: Financial Performance - From 2020 to 2025, Beidou Institute's revenue has shown fluctuations, with figures of 93.5 million yuan, 144 million yuan, 243 million yuan, 285 million yuan, and 325 million yuan respectively, while net profit has also increased but with a decline in net profit excluding non-recurring gains [6] - The gross profit margin has decreased from 75.35% in 2020 to 58.82% in the first half of 2025, indicating a narrowing profit space [6] Group 3: Client Concentration - In the first half of 2025, sales revenue from the top five customers accounted for 72.64% of total revenue, with China Electronics Technology Group being the largest customer and supplier [3][8] - The company has a high customer concentration, with significant sales to major clients, particularly in the defense and aerospace sectors [8][9] Group 4: Financial Health - As of June 2025, Beidou Institute held cash and cash equivalents of 459 million yuan, representing 42.74% of total assets, with a low debt ratio of 3.91% [3][9] - The company has a substantial amount of accounts receivable, which has been increasing, indicating a longer collection cycle due to the nature of its client base [9]

Core Viewpoint - The article highlights the advancements and strategic positioning of Xingtum Control Technology Co., Ltd. in the aerospace control sector, emphasizing its technological innovations and market strategies to address the growing demands of space traffic management and satellite monitoring [2][10]. Group 1: Technological Innovations - Xingtum Control has developed the "Insight" software system and ground control equipment, enabling precise command delivery to satellites hundreds of kilometers away, ensuring smooth operations and continuous data transmission [2]. - The company has achieved significant breakthroughs in aerospace control technology, supported by over 40 invention patents and more than 290 software copyrights [2]. - The "Insight" space information analysis system was launched in 2018, integrating hundreds of algorithms for orbital prediction and collision warning, which was a major challenge for the company [3][4]. Group 2: Market Strategy - The company focuses on establishing a strong foundation in specialized fields while expanding into commercial sectors, aiming to respond quickly to the explosive demand in commercial aerospace [6]. - From 2020 to 2024, Xingtum Control's revenue is expected to grow at a compound annual growth rate of over 80%, with a long-term gross margin exceeding 50% [6]. - The company has adapted its strategy to target the commercial space sector, recognizing the upcoming demand for low-orbit satellite constellations [6][7]. Group 3: Future Developments - Xingtum Control plans to launch the "Star Eye" space perception constellation, consisting of 156 satellites, to create a global monitoring network for near-Earth orbits [9]. - The "Star Eye" system aims to provide real-time tracking, orbit determination, and collision risk analysis, addressing the increasing congestion and debris risks in space [9]. - The company envisions a future where space services are data-driven, offering customized data services to governments and operators, thus opening broader market opportunities [10].

Core Viewpoint - The article highlights the successful IPO journeys of two technology companies, Tian You Wei and Xing Tu Ce Kong, showcasing the evolving role of CITIC Construction Investment Securities in facilitating their growth and capital market entry [9][10][20]. Group 1: Company Overview - Tian You Wei specializes in intelligent cockpit systems and automotive instruments, serving major automotive manufacturers like Hyundai and domestic brands such as Changan and FAW [10]. - Xing Tu Ce Kong focuses on aerospace measurement and control management, with a high technical barrier and products primarily serving specialized users and large research institutions [14]. - Both companies are set to go public by 2025, with Tian You Wei targeting the Shanghai Stock Exchange and Xing Tu Ce Kong aiming for the Beijing Stock Exchange [9]. Group 2: Capital Market Dynamics - The capital market has seen reforms that enhance its adaptability and inclusivity, allowing securities firms to evolve from traditional financing channels to value discoverers and resource integrators for technology companies [9][16]. - CITIC Construction Investment Securities has played a crucial role in optimizing the capital structure of Tian You Wei by introducing strategic investors from the automotive industry and state-owned enterprises [13][18]. - The firm has also assisted Xing Tu Ce Kong in navigating the complexities of the capital market, leveraging its expertise to facilitate the company's listing process [14][15]. Group 3: Financial Performance - Tian You Wei raised 3.74 billion yuan during its IPO and plans to increase R&D investment and expand into international markets post-listing [13][20]. - Xing Tu Ce Kong achieved a revenue growth of 21.9% and a net profit increase of 24.26% in the first half of the year [15]. Group 4: Future Outlook - Both companies are looking to leverage their capital market positions for further growth, with Tian You Wei planning to acquire a German automotive electronics supplier to enter the European market [20]. - Xing Tu Ce Kong aims to expand its capabilities beyond ground station networks to include comprehensive space management solutions [20]. - The article emphasizes the need for continued support from the capital market to facilitate technological self-reliance and innovation in the industry [22].

Core Viewpoint - Changsha Beidou Industry Safety Technology Research Institute Group Co., Ltd. (referred to as "Beidou Institute") is making a second attempt to go public on the Sci-Tech Innovation Board (STAR Market) after withdrawing its previous IPO application over a year ago, facing ongoing issues such as increasing accounts receivable and new concerns regarding cash dividends while seeking to raise funds for liquidity [1][2][4]. Group 1: IPO Attempt - Beidou Institute's IPO application was accepted on November 21 and entered the inquiry stage on December 11 [2]. - The company has changed its name from "Changsha Beidou Industry Safety Technology Research Institute Co., Ltd." to "Changsha Beidou Industry Safety Technology Research Institute Group Co., Ltd." [2]. - The planned fundraising amount has increased from 508 million yuan to 709 million yuan, with funds allocated for product upgrades, industrialization projects, and working capital [2]. Group 2: Financial Performance - In the first half of the year, Beidou Institute distributed cash dividends of 16.4 million yuan while planning to raise 8 million yuan for liquidity [4]. - The company's revenue for 2022, 2023, and the first half of 2024 is approximately 243 million yuan, 285 million yuan, and 112 million yuan, respectively, with corresponding net profits of about 76.18 million yuan, 81.71 million yuan, and 15.04 million yuan [4]. - Beidou Institute's revenue is primarily generated from subsidiaries, with a total of 13 controlling subsidiaries and 3 affiliated companies [4]. Group 3: Accounts Receivable and Inventory - Beidou Institute's accounts receivable have shown a significant upward trend, with values of approximately 135 million yuan, 191 million yuan, 241 million yuan, and 271 million yuan over the reporting periods, representing 25.07%, 30.12%, 32.83%, and 31.06% of current assets, respectively [6][7]. - The increase in accounts receivable is attributed to lengthy customer payment approval processes and the "back-to-back" settlement method in the military industry [7]. - The company's inventory values at the end of the reporting periods were approximately 67.09 million yuan, 77.36 million yuan, 77.22 million yuan, and 106 million yuan, accounting for 12.5%, 12.22%, 10.54%, and 12.14% of current assets, respectively [7][8].

Core Viewpoint - Changsha Beidou Industry Safety Technology Research Institute Group Co., Ltd. (referred to as "Beidou Institute") is making a second attempt to go public on the Sci-Tech Innovation Board (STAR Market) after withdrawing its previous IPO application in September 2024. The company is facing ongoing issues, including a rising trend in accounts receivable, while also planning to raise funds for operational liquidity and other projects [1][4][9]. Group 1 - Beidou Institute's IPO was accepted on November 21 and entered the inquiry stage on December 11 [4]. - The company focuses on satellite navigation and aerospace measurement and control, with products including navigation signal simulators and drone control systems, serving various industries such as defense, commercial aerospace, and education [4][5]. - The company has changed its name from "Changsha Beidou Industry Safety Technology Research Institute Co., Ltd." to "Changsha Beidou Industry Safety Technology Research Institute Group Co., Ltd." and increased its fundraising target from 508 million yuan to 709 million yuan [4][5]. Group 2 - The funds raised will be allocated to product upgrades, industrialization projects, research center projects, information system construction, technology reserves, and working capital, with specific amounts designated for each area [5]. - As of the signing date of the prospectus, Hunan Guoke Defense Electronics Technology Co., Ltd. holds a 39.57% stake in Beidou Institute, making it the controlling shareholder [5]. Group 3 - In the first half of 2025, Beidou Institute distributed cash dividends of 16.4 million yuan while planning to use 8 million yuan from the IPO proceeds for liquidity [6]. - The company has shown consistent revenue growth, with reported revenues of approximately 243 million yuan, 285 million yuan, 325 million yuan, and 112 million yuan for the years 2022 to 2025 [6]. Group 4 - Beidou Institute's accounts receivable have been increasing, with values of approximately 135 million yuan, 191 million yuan, 241 million yuan, and 271 million yuan over the reporting periods, representing 25.07%, 30.12%, 32.83%, and 31.06% of current assets, respectively [9]. - The company attributes the slow collection of accounts receivable to lengthy payment approval processes and the "back-to-back" settlement method prevalent in the military industry [9]. Group 5 - The company's inventory values were approximately 67.09 million yuan, 77.36 million yuan, 77.22 million yuan, and 106 million yuan, accounting for 12.5%, 12.22%, 10.54%, and 12.14% of current assets, respectively [10]. - Research and development expenses were approximately 34.41 million yuan, 45.16 million yuan, 52.44 million yuan, and 21.57 million yuan, representing 14.17%, 15.84%, 16.12%, and 19.31% of revenue [10].

Core Viewpoint - The company, Changsha Beidou Industry Security Technology Research Institute Group Co., Ltd. (referred to as Beidou Institute), has changed its IPO status to "inquired" on the Sci-Tech Innovation Board, aiming to raise 709 million yuan for its focus on satellite navigation and aerospace measurement and control technologies [1]. Group 1: Business Focus and Products - Beidou Institute specializes in the research, development, production, and sales of technologies and products in satellite navigation and aerospace measurement and control [1]. - The company has developed key products including navigation signal simulators, navigation simulation testing systems, drone control series products, satellite measurement and control ground inspection products, and signal processing/enhancement components [1]. - The main revenue sources are navigation simulation and testing products, which contribute over 50% to the company's income [1]. Group 2: Supply Chain and Customers - Important suppliers for the company include China Electronics Technology Group, C5 units, Dalian Dongxin Microwave Technology Co., Ltd., Beijing Aerospace River Technology Development Co., Ltd., and Hunan Oushi Electronic Technology Co., Ltd. [2]. - The customer base spans multiple industries, including national defense, military, low-altitude safety, commercial aerospace, energy, transportation, and education [2]. Group 3: Financial Performance - The company projects revenues of approximately 243 million yuan, 285 million yuan, 325 million yuan, and 112 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - Corresponding net profits are estimated to be around 74.35 million yuan, 78.83 million yuan, 82.59 million yuan, and 15.24 million yuan for the same periods [4].