星图测控成立于2016年12月14日，于2025年1月2日在北京证券交易所上市，注册地址和办公地址均位于安 徽合肥。该公司是国内航天测控领域的新秀，核心业务为航天测控管理与航天数字仿真，具备全产业链服 务能力。 星图测控主营业务涵盖航天测控管理与航天数字仿真，所属申万行业为计算机 - IT服务Ⅱ - IT服务Ⅲ，涉 及北斗导航、DeepSeek概念、商业航天（航天航空）核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第108，净利润第31 董事长胡煜2020年上任，2024年薪酬81.04万 星图测控控股股东为中科星图股份有限公司，实际控制人为中国科学院空天信息创新研究院。董事长胡 煜，1976年6月出生，硕士研究生学历，中国国籍，高级工程师。他在航天领域经验丰富，2020年至今任 公司董事长，2024年薪酬为81.04万。总经理牛威，1975年11月出生，硕士研究生学历，中国国籍，高级工 程师，2017年至今任公司董事、总经理。 A股股东户数较上期增加13.27% 截至2025年6月30日，星图测控A股股东户数为1.27万，较上期增加13.27%；户均持有流通A股数量为 2878.33，较上期增加23 ...

Group 1 - The core viewpoint of the report is that Zhongyou Securities has given a "buy" rating to Xingtou Measurement and Control (920116.SH) based on its expected revenue growth and profitability improvements [1] - By the first half of 2025, special business revenue is projected to account for approximately two-thirds of total revenue, driven by software sales and ground system construction [1] - The rapid development of domestic commercial aviation is highlighted, with the company establishing a comprehensive industry chain and enhancing its space cloud product system [1]

Group 1 - The core viewpoint of the report is that Xingtu Measurement and Control is expanding its business in the commercial aerospace sector and enhancing its space cloud product system, leading to a positive outlook for the company's growth [1] - In the first half of 2025, the company achieved revenue of 99 million yuan, a year-on-year increase of 21.90%, and a net profit attributable to shareholders of 32 million yuan, up 24.26% [1] - The company maintains its profit forecast for 2025-2027, expecting net profits of 107 million yuan, 129 million yuan, and 167 million yuan for the respective years, with corresponding diluted EPS of 0.67, 0.81, and 1.05 yuan per share [1] Group 2 - The global low-orbit satellite constellation is rapidly expanding, with 2,090 spacecraft launched in the first half of 2025, a 58.5% increase year-on-year [2] - China launched 153 satellites in the first half of 2025, a 92.4% increase compared to the previous year, significantly outpacing the global average [2] - The company plans to complete the launch of experimental satellites for its space perception constellation by the first half of 2026, aiming to establish external service capabilities [3] Group 3 - The company is enhancing its space cloud product system by integrating intelligent computing platforms with various space information analysis and management platforms [3] - The company is focusing on building a comprehensive capability in space safety and efficient data transmission through the development of ground station networks and space-based measurement and control systems [3] - The commercial aerospace sector in China is experiencing rapid growth, with 35 successful rocket launches in the first half of 2025, a nearly 17% increase from the same period in 2024 [2]

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [5] Core Views - The company achieved a revenue of 99 million yuan in H1 2025, representing a year-on-year increase of 22%, and a net profit attributable to shareholders of 32.26 million yuan, up 24% year-on-year [6] - The company is actively advancing the construction of an intelligent computing platform under the space cloud product system, with significant growth in both revenue and profit in the first half of 2025 [6] - The company is focusing on expanding its service scale and quality in specialized fields while also enhancing its market coverage in civil and commercial sectors [6][7] Financial Performance - In H1 2025, the company reported a revenue of 99 million yuan, with a net profit of 32.26 million yuan and a non-recurring net profit of 14.03 million yuan [6] - The revenue breakdown shows that specialized fields accounted for 69% and civil and commercial fields for 31% [6] - The company’s revenue from technology development and services, software sales, and system integration showed significant growth, with software sales increasing by 398% year-on-year [6] Future Outlook - The company plans to expand its ground station network and enhance its capabilities in space perception and data transmission [6] - The integration of AI capabilities with commercial aerospace is expected to accelerate the intelligent upgrade of the space cloud product system [6] - The demand for comprehensive space management services is anticipated to grow rapidly due to the acceleration of satellite launches in China and globally [7] Earnings Forecast and Valuation - The company is projected to achieve a net profit of 107 million yuan in 2025, with a corresponding PE ratio of 114.0 [9] - Revenue is expected to grow from 288 million yuan in 2024 to 573 million yuan by 2027, with a compound annual growth rate of approximately 25% [8] - The return on equity (ROE) is forecasted to increase from 17.87% in 2024 to 20.48% by 2027 [8]

Group 1: Investor Relations Activity - The investor relations activity was categorized as "Other" and specifically referred to as a closed-door meeting for space and sky information investors [3] - The event took place on July 9, 2025, at the Hefei Buckingham Hotel [3] - Attendees included representatives from various financial institutions and investment firms, such as Taiping Pension, CICC, and Galaxy Securities [3] Group 2: Company Overview and Assurance - The company and its board members guarantee the authenticity, accuracy, and completeness of the announcement, assuming legal responsibility for its content [2] - The company is identified as Zhongke Xingtou Measurement and Control Technology Co., Ltd., with the stock code 920116 [1] Group 3: Space Management Business Outlook - The company anticipates a significant increase in the risk of collisions between satellites and space debris due to the deployment of over 7,000 satellites by Starlink and ongoing domestic and international satellite constellation projects [4] - The importance of space management services is expected to grow, driven by the rapid development of commercial space activities and increasing demand for comprehensive space management capabilities [4] Group 4: Future Planning in Space Management - The company plans to enhance space situational awareness to support the growing number of satellites and space debris through integrated ground and space infrastructure [5] - It aims to provide high-coverage, high-timeliness, and high-rate measurement and control communication services for the increasing number of operational satellites [5] - The company is developing low-cost in-orbit maintenance technologies and business models for high-value spacecraft, aiming to establish a comprehensive space asset management platform [5] - The focus is on creating efficient and intelligent systems for space observation, traffic management, and in-orbit services, integrating AI and next-generation information technologies [5]