分析师：李紫忆 S0340522110001 电话：0769-22177163 邮箱：liziyi@dgzq.com.cn 策 略 策 略 业 研 究 业 研 究 资料来源：wind，东莞证券研究所 投资要点： 投 资 投 资 北交所策略 迈向星辰大海 北交所专题报告 2025 年 12 月 31 日 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 推荐 SAC 执业证书编号： 商业航天进入需求兑现阶段，低轨星座成为核心驱动力。随着低轨 通信星座由规划走向实施，商业航天正从前期技术验证阶段迈入以 规模化部署为特征的需求释放期。未来千颗级、万颗级星座建设对 火箭发射、卫星制造、测运控及配套系统形成长期、连续的需求曲 线，行业关注重点由"是否具备能力"转向"能否稳定、高频、低 成本交付"。在此背景下，具备工程化能力和规模化交付能力的产 业链环节率先受益，行业内部结构性分化趋势逐步显现。 行 行 北证 50 指数走势 产业链逻辑清晰，上游制造与中游发射服务弹性突出。从产业链结 构看，上游火箭制造、卫星平台与整星制造 ...

Group 1 - The report highlights the emphasis on building a strong aerospace nation as proposed in the recent Central Committee meeting, with a focus on scarce aerospace targets listed on the Beijing Stock Exchange [1][12][17] - As of October 24, 2025, there are 20 companies in the aerospace and military sectors on the Beijing Stock Exchange, with a total market capitalization of 76.032 billion yuan [1][17] - Key companies to watch include Xingtum Control (920116.BJ), Fujida (835640.BJ), and Chuangyuan Xinke, which have shown significant growth and technological advancements in their respective fields [1][22][24] Group 2 - The five major industries on the Beijing Stock Exchange reported average weekly gains, with high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology showing increases of +4.29%, +4.36%, +3.85%, +2.43%, and +3.28% respectively [2][29] - The median P/E ratios for these industries have also risen, with high-end equipment at 41.9X, information technology at 71.0X, and chemical new materials at 41.5X [2][30][36] Group 3 - In the technology new industries, 143 out of 156 companies saw an increase, with a median growth of +4.42% during the reporting period [3][45] - The median P/E ratio for technology new industries increased from 45.8X to 46.9X, and total market capitalization rose from 471.131 billion yuan to 492.000 billion yuan [3][46][47] Group 4 - The report emphasizes the acceleration of quarterly report disclosures, highlighting companies with high growth and scarce quality targets [4][67] - Notable companies include Guangxin Technology, which reported a 41.35% increase in total revenue and a 91.95% increase in net profit for the first three quarters of 2025 [4][68] - Other companies like Changhong Energy and Kexin New Materials also reported significant revenue and profit growth during the same period [4][69]

Group 1 - The report highlights the emergence of ten key industries in the deep space economy, including deep space resource development, deep space internet, deep space energy, deep space biology, deep space transportation, deep space intelligence, deep space construction, deep space tourism, deep space security, and deep space culture [2][12][16] - The total market capitalization of aerospace and military-related companies listed on the Beijing Stock Exchange reached 75.882 billion yuan as of September 12, 2025, with 19 companies in this sector [19][21] - Companies such as Xingtum Control (920116.BJ), Fujida (835640.BJ), and Chuangyuan Xinke (831961.BJ) are identified as high-growth targets within the aerospace sector, showcasing significant revenue and profit growth [20][29][31] Group 2 - The report indicates that the average weekly decline for five major industries, including high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology, was recorded at -4.59%, -3.82%, -3.15%, -3.25%, and -3.60% respectively [3][37] - The median price-to-earnings (PE) ratios for these industries have also decreased, with high-end equipment at 44.8X, information technology at 80.5X, chemical new materials at 45.7X, consumer services at 61.0X, and pharmaceutical biology at 42.2X [3][41][47] Group 3 - In the technology sector, the median PE ratio for 154 companies decreased from 54.9X to 53.5X, with an overall market capitalization decline from 538.565 billion yuan to 522.836 billion yuan [4][52] - Notable companies in the technology sector include Chicheng Co. (+23.44%), Shuguang Digital Creation (+18.81%), and Shunyu Precision Engineering (+8.07%), which experienced significant stock price increases [4][56] Group 4 - Fujida (835640.BJ) reported a total revenue of 408 million yuan in the first half of 2025, reflecting a year-on-year growth of 7.86%, with a net profit increase of 10.50% [29][30] - Chuangyuan Xinke (831961.BJ) achieved a revenue of 111 million yuan in the first half of 2025, marking an 18.44% increase, and a remarkable net profit growth of 354.24% [31][35] - Xingtum Control (920116.BJ) reported a revenue of 99 million yuan in the first half of 2025, with a year-on-year growth of 21.90% and a net profit increase of 24.26% [24][26]

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The commercial aerospace industry is experiencing explosive growth, driving a surge in demand for measurement and control (M&C) services. The low Earth orbit (LEO) satellite internet deployment is at a historical turning point, with global satellite constellations expected to increase from thousands to tens of thousands, leading to exponential growth in satellite lifecycle management needs [1][3] - The M&C sector benefits from technological barriers and resource endowments, with companies needing to overcome challenges such as long-distance data transmission and AI scheduling. Leading firms can leverage their scale to reduce costs, creating a "Matthew Effect" where the strong get stronger [2][3] - The M&C segment is expected to see both volume and price increases, making it a key investment focus in the satellite internet industry. The only publicly listed company in this space, Xingtou M&C, is highlighted as a unique investment target [3] Summary by Sections 1. Aerospace Measurement and Control Industry - The M&C sector is crucial for the aerospace industry, with a vast market space. It supports the entire lifecycle of spacecraft from launch to retirement, ensuring precise orbit insertion and stable operation [15][17] - The global M&C market is projected to exceed $2.5 billion by 2030, with a compound annual growth rate (CAGR) of 13.4% from 2024 to 2030 [17][23] - The M&C system architecture includes ground control stations and onboard computing, emphasizing the need for intelligent and distributed systems [24][30] 2. Competitive Landscape - Xingtou M&C is identified as the core beneficiary in the M&C field, being the only publicly listed company in the aerospace measurement and control sector [60] - The company focuses on M&C management and digital simulation, providing comprehensive solutions for various aerospace tasks [70][75] - Xingtou M&C has shown strong financial growth, with revenues increasing from 0.27 billion to 2.88 billion from 2020 to 2024, reflecting a CAGR of 80.72% [86][90] 3. Future Outlook - The advancement of reusable rocket technology is expected to significantly reduce costs and increase demand for satellite launches, leading to a rise in M&C service requirements [50][51] - The industry is facing challenges due to the limited availability of M&C resources, necessitating the exploration of new technologies for distributed control and intelligent resource scheduling [36][38] - The report emphasizes the importance of integrating high-performance computing and AI technologies to enhance M&C capabilities and meet the growing demands of the aerospace sector [82][86]

Group 1 - The core point of the news is the upcoming IPO of Zhigao Machinery on the Beijing Stock Exchange, which is a leading domestic manufacturer of rock drilling machinery [1] - Zhigao Machinery's IPO price is set at 17.41 yuan per share, with a single account subscription limit of 1,020,300 shares [1] - The company is recognized as a "little giant" enterprise in the fourth batch of specialized and innovative enterprises in China, focusing on energy-saving, environmentally friendly, and efficient drilling and screw compressor products [1] Group 2 - The funds raised from the IPO will be invested in the construction of a production line for 300 intelligent drilling machines, an engineering technology research and development center, and to supplement working capital [2] - New stocks listed on the Beijing Stock Exchange have performed exceptionally well this year, with an average first-day increase of 350% for seven new listings [2] - Notable first-day performances include Dingjia Precision, which surged 479.12%, Guangxin Technology at 500%, Tiangong Co. at 412%, and Xingtum Measurement and Control at 407% [2][3][4]

Core Viewpoint - The article highlights the recent performance of new stocks listed on the Beijing Stock Exchange, particularly focusing on the upcoming IPO of Zhigao Machinery, a leading domestic rock drilling machinery company, and the impressive first-day performance of several newly listed stocks this year [1][2][3]. Group 1: Zhigao Machinery IPO - Zhigao Machinery is set to launch its IPO with a price of 17.41 yuan per share, with a single account subscription limit of 1,020,300 shares [2]. - The company specializes in the research, production, and sales of rock drilling equipment and air compressors, recognized as a high-tech enterprise and one of the "little giant" companies in China [2]. - Zhigao Machinery's projected revenues for 2022, 2023, and 2024 are 795 million yuan, 840 million yuan, and 888 million yuan, respectively, with net profits of 89 million yuan, 104 million yuan, and 105 million yuan [2]. - The funds raised will be used for the construction of a production line for 300 intelligent drilling machines, an engineering technology research center, and to supplement working capital [2]. Group 2: Performance of Newly Listed Stocks - Since the beginning of the year, newly listed stocks on the Beijing Stock Exchange have shown remarkable performance, with an average first-day increase of 350% across seven new listings [3]. - Notable first-day performances include Dingjia Precision, which surged 479.12%, Guangxin Technology at 500%, Tiangong Co. at approximately 412%, and Xingtum Measurement and Control at around 407% [3][4][5]. - Guangxin Technology, a leading supplier of insulation fiber materials, saw its stock rise from an initial price of 10 yuan to a peak of 83.84 yuan, marking an increase of nearly 7.4 times [4]. - Xingtum Measurement and Control, specializing in aerospace measurement and control management, achieved a historical high of 99.89 yuan, a 13.4-fold increase from its initial price of 6.92 yuan [6].

Group 1 - The North Exchange (北交所) has shown remarkable performance in the first half of 2025, with the North Exchange 50 Index rising by 38.72%, outperforming major indices including the Hang Seng Index, which increased by 21.06% during the same period [1][3] - Technology innovation companies have been the main driving force behind this surge, demonstrating strong development momentum [1][3] Group 2 - A notable number of stocks on the North Exchange have experienced significant gains, with 26 stocks doubling in value, including Jiuling Technology, Luqiao Information, and Huaguang Source Sea, each with over 200% increase [3] - Among the doubling stocks, 14 are recognized as national-level specialized and innovative "little giant" enterprises, highlighting their technological advantages and market competitiveness in niche sectors [3] Group 3 - The new stock issuance market on the North Exchange has been vibrant in the first half of 2025, with 6 new stocks listed, all showing a first-day increase of over 150% [4] - Guangxin Technology, which debuted on June 26, saw a remarkable first-day increase of 500%, attributed to low price-to-earnings ratio, strong growth expectations, and military industry concepts [4] - The IPO review process has accelerated, with 65 companies' applications received in June alone, including several technology firms [4]

Group 1 - The North Exchange 50 Index has shown a remarkable increase of 38.72% year-to-date as of June 27, outperforming major indices including the Hang Seng Index, which rose by 21.06% [1][2] - A total of 26 stocks have doubled in value, with notable performers including Jiuling Technology, Luqiao Information, and Huaguang Yuanhai, which have seen increases exceeding 200% [2][3] - The market has witnessed a surge in historical highs, with 38 stocks reaching new peaks in June alone, indicating strong investor interest and market momentum [2][3] Group 2 - The North Exchange has seen a significant increase in the number of companies with a market capitalization exceeding 10 billion yuan, now totaling seven, with Jinbo Biological leading at 40.135 billion yuan [3] - The secondary market has experienced high liquidity and active trading, contributing to a positive investment environment [3][6] - The new stock issuance market has been robust, with six new stocks launched in the first half of 2025, all achieving first-day gains of over 150%, highlighting strong investor enthusiasm [4][5] Group 3 - The IPO review process has accelerated, with 65 companies' applications received in June alone, indicating a strong pipeline for future listings [5][6] - Analysts expect the North Exchange to maintain an active market in the second half of the year, with potential for further growth following a period of consolidation [6][7] - The North Exchange is positioned as a hub for innovative small and medium-sized enterprises, with a focus on sectors such as artificial intelligence, low-altitude economy, and commercial aerospace [8]

中科星图测控技术股份有限公司 中科星图测控技术股份有限公司 审计报告及财务报表 二○二四年度 信会师报字[2025]第 ZG10998 号 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-93 | 审计报告 信会师报字[2025]第 ZG10998 号 中科星图测控技术股份有限公司全体股东： 一、 审计意见 我们审计了中科星图测控技术股份有限公司（以下简称星图测控）财 务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者 权益变动表以及相关财务报表附注。 我们认为 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [3][11]. Core Insights - The company, a "small giant" in aerospace measurement and control, is expected to benefit significantly from the rapid development of satellite internet infrastructure [4][6]. - The company has shown strong financial growth, with a compound annual growth rate (CAGR) of 103.93% in revenue and 84.69% in net profit from 2020 to 2023 [5][24]. - The satellite internet market in China is projected to reach 44.692 billion yuan by 2025, with a CAGR of 11.2% from 2021 to 2025 [34][36]. Summary by Sections 1. Company Overview - The company specializes in aerospace measurement and control, with a focus on both military and civilian applications, and has a strong technical foundation [5][13]. - Established in 2016, the company has expanded its operations into specialized, civilian, and commercial aerospace sectors [5][13]. 2. Financial Performance - The company reported revenues of 229 million yuan in 2023, a year-on-year increase of 61.90%, and a net profit of 63 million yuan, up 23.41% [24][26]. - The projected revenues for 2024 to 2026 are 287 million yuan, 368 million yuan, and 476 million yuan respectively, with corresponding net profits of 84 million yuan, 109 million yuan, and 143 million yuan [3][11]. 3. Market Dynamics - The demand for aerospace measurement and simulation is expected to grow as satellite launches increase, with China planning to deploy over 600 satellites by 2025 [8][36]. - The company is well-positioned to capitalize on the growing satellite internet market, which is becoming a focal point in global strategic competition [7][29]. 4. Business Expansion - The company has successfully expanded its revenue from civilian and commercial sectors, with the proportion of income from these areas rising from 3.73% in 2021 to 34.81% in 2023 [10][43]. - The company is leveraging its expertise in specialized fields to enhance its capabilities in commercial aerospace, supported by significant investment in research and development [9][43].