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]

证券研究报告 计算机 | IT 服务Ⅱ 北交所|公司点评报告 hyzqdatemark 2025 年 09 月 01 日 证券分析师 请务必仔细阅读正文之后的评级说明和重要声明 事件：2025H1 公司实现营收 0.99 亿元（yoy+22%）、归母净利润 3226 万元（yoy+24%）、 扣非归母净利润 1403 万元（yoy+13%）；2025Q2 实现营收 0.56 亿元（yoy+14%/qoq+28%）、 归 母 净 利 润 1885 万 元 （ yoy+36%/qoq+41% ） 、 扣 非 归 母 净 利 润 1006 万 元 （yoy+7%/qoq+154%）。上半年公司整体收入和利润增长情况良好。 联系人 2025H1 特种领域、民商领域收入占比分别为 69%、31%，持续积极推进太空云产品体系下 的智算平台建设。2025H1 公司技术开发与服务、软件销售、测控地面系统建设、系统集成分 别实现营收 7713 万元（yoy+7%）、837 万元（yoy+398%）、522 万元、847 万元（yoy+16%）， 毛利率分别为 55%、88%、28%、33%，收入增长主要系随着公司销售及产品服务 ...