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].

Core Viewpoint - Beijing Stock Exchange (BSE) has evolved into a key platform for nurturing specialized and innovative small and medium-sized enterprises (SMEs) in China since its establishment four years ago, focusing on technology innovation and capital empowerment [2][10]. Group 1: Market Development - BSE has successfully attracted a diverse range of industries, including commercial aerospace, hydrogen energy, artificial intelligence, and biomedicine, becoming a significant incubator for Chinese technology innovation companies [2][3]. - As of August 2025, BSE has 274 listed companies with a total market capitalization exceeding 900 billion yuan, showcasing a robust growth trajectory [4]. - The overall performance of BSE-listed companies showed steady growth in the first half of 2025, with total revenue reaching 92.04 billion yuan, a year-on-year increase of 5.98% [4]. Group 2: Company Highlights - Star Map Measurement and Control, the first listed company focused on space management, reported steady growth in key operational metrics after its listing on BSE [3]. - Other notable companies include Jinbo Bio, which achieved a breakthrough in the industrialization of recombinant type III humanized collagen, and Zhuozhao Point Glue, which saw a revenue growth rate of 207.46% in the first half of 2025 [4]. Group 3: Institutional Innovation - BSE has introduced innovative financing tools, such as the directed convertible bonds, which provide a favorable financing option for innovative SMEs [6][7]. - The implementation of the 920 code segment for stock listings is expected to enhance the recognition and independence of BSE, reducing price interference from the previous New Third Board [8][9]. Group 4: Market Dynamics - The liquidity of BSE has significantly improved, with an average daily trading volume of 29.15 billion yuan in 2025, and new stocks have shown a remarkable first-day average increase of 320.21% [9]. - The number of qualified investors on BSE has surpassed 9 million, with public funds increasingly investing in BSE-listed companies, indicating a growing interest from institutional investors [9]. Group 5: Future Outlook - BSE is expected to continue its transformation through ongoing institutional innovations and a diverse supply of enterprises, providing solid capital support for China's technological innovation and industrial upgrading [10].