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] ...

每经讯，2026年2月9日，北交所上市公司星图测控（920116，收盘价：113.55元）发生一笔大宗交易，成交价111.28元/股，成交 数量20万股，成交金额2225.6万元，折价2%。买入营业部是中信证券股份有限公司北京呼家楼证券营业部，卖出营业部是中信 建投证券股份有限公司北京京西分公司。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 （记者 曾健辉） ...

Group 1: Profit Forecasts - Dongcai Technology expects a net profit of approximately 300 million yuan for 2025, representing a year-on-year increase of about 65.73% [1] - Aerospace Electronics anticipates a net profit of 192 million to 247 million yuan for 2025, a decrease of 55% to 65% year-on-year [2] - Oulai New Materials forecasts a loss of 33 million to 48 million yuan for 2025, compared to a profit of 28.17 million yuan in the previous year [3] - Jiu Ding New Materials projects a net profit of 85 million to 98 million yuan for 2025, reflecting a year-on-year increase of 187.68% to 231.68% [5] - Chuan Yi Technology expects a net profit of 78 million to 103 million yuan for 2025, reversing a loss of 73.47 million yuan from the previous year [6] - Ju Yi Technology anticipates a net profit of 70 million to 105 million yuan for 2025, representing a year-on-year increase of 228.36% to 392.54% [7] - ST Xifa forecasts a net profit of 110 million to 160 million yuan for 2025, a year-on-year increase of 319.91% to 510.77% [19] - Light Media expects a net profit of approximately 1.5 billion to 1.9 billion yuan for 2025, reflecting a year-on-year increase of 413.67% to 550.65% [34] - Tianqi Lithium anticipates a profit of 369 million to 553 million yuan for 2025, compared to a loss of 7.905 billion yuan in the previous year [31] Group 2: Loss Forecasts - Star Ring Technology expects a loss of 220 million to 250 million yuan for 2025, with a projected revenue of 420 million to 450 million yuan, a year-on-year increase of 13.06% to 21.13% [9] - Filinger anticipates a loss of 65 million to 85 million yuan for 2025, compared to a loss of 37.31 million yuan in the previous year [10] - Jiahe Meikang forecasts a loss of 240 million to 280 million yuan for 2025, compared to a loss of 256 million yuan in the previous year [11] - Light Textile City expects a loss of 15 million to 22.5 million yuan for 2025 [23] - Ailon Technology anticipates a profit of 14.96 million to 22.44 million yuan for 2025, reversing a loss of 21.70 million yuan from the previous year [24] - ST Yun Chuang forecasts a loss of 139 million to 149 million yuan for 2025, with projected revenue of 53.5 million to 57.5 million yuan, a year-on-year increase of 6.15% to 14.09% [42] - Meike Home expects a loss of 1.2 billion to 1.8 billion yuan for 2025, compared to a loss of 864 million yuan in the previous year [36] Group 3: Shareholder Actions - Huafeng Chemical announced that shareholders plan to reduce their holdings by no more than 0.73% of the company's shares [8] - Naxinwei disclosed that shareholders plan to reduce their holdings by no more than 1.75% of the company's shares [12] - Shikong Technology announced that a shareholder plans to reduce their holdings by no more than 3% of the company's shares [13] - Yandong Micro disclosed that a shareholder plans to reduce their holdings by no more than 1% of the company's shares [37] - Daily Interaction announced that shareholders plan to reduce their holdings by no more than 0.135% of the company's shares [41]

证券代码：920116 证券简称：星图测控 公告编号：2026-003 中科星图测控技术股份有限公司 股东拟减持股份的预披露公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | | 计划减持 | 计划减 持数量 | | | 减持 | | 拟减 | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | | | 减持 | 减持 | | 拟减持股 | | | | 数量 | 占总股 | | | 价格 | | 持 | | 称 | | | 方式 | 期间 | | 份来源 | | | | （股） | 本比例 | | | 区间 | | 原因 | | | | （%） | | | | | | | 宁波霄 | 不高于 | | | 自本公告 | 根据 市场 | 北交所上 | | | 汉久添 | | | 集中竞 | 披露之日 | | 市前取得 | 自身 | | 创业投 | | 0.18% | 价或大 | 起 15 个 | 价格 | （含权益 | 资金 | | 资合伙 | 279,650 ...

Group 1 - SpaceX plans to launch the second generation of its Starlink satellite communication system in 2027, with overall capacity expected to increase by over 100 times and data throughput capability to improve by more than 20 times compared to the first generation [2][12] - The global rocket launch service market reached USD 16.45 billion in 2023 and is projected to exceed USD 50 billion by 2032, with a compound annual growth rate (CAGR) of 13% from 2023 to 2032 [2][25] - The upstream materials and core components account for 85%-90% of the total cost of rockets, with liquid engine manufacturing constituting approximately 50% of the total cost [2][18] Group 2 - The North Exchange technology growth stocks saw a median price change of +1.25% from January 19 to January 23, 2026, with 108 companies (71%) experiencing an increase [2][44] - The median price-to-earnings (P/E) ratio for the information technology industry increased by 7.40% to 83.6X, while the median market capitalization rose from CNY 2.68 billion to CNY 2.77 billion [2][50] - The North Exchange electronic equipment industry saw its median P/E ratio rise from 62.3X to 65.8X, with the total market capitalization increasing from CNY 148.39 billion to CNY 153.9 billion [2][52] Group 3 - The North Exchange rocket industry chain includes six companies: Xingtou Measurement and Control, Minshida, Suzhou Axis, Xingchen Technology, Kelong New Materials, and KQ Co., Ltd [2][40] - The average launch cost for China's satellite launches is expected to reach CNY 45,000 per kilogram by 2029, while SpaceX's Falcon 9 has a launch cost of CNY 20,000 per kilogram [2][38][37] - The commercial space market in China is projected to grow at an annual rate of over 20%, potentially reaching CNY 9 trillion by 2030 [2][24]

Group 1 - The Beizheng 50 index continues its strong momentum from the end of 2025, showing a "volume increase and price rise" pattern, with a notable increase of 3.29% as of January 23, 2026 [1] - Key stocks contributing to this rise include Liancheng Numerical Control, which increased by 25.85%, Minshida by 14.89%, and Xingtum Measurement and Control by 13.55% [1] - The Beizheng 50 index is heavily concentrated in strategic emerging industries such as power equipment, machinery, computers, and electronics, which are aligned with advanced manufacturing and are expected to benefit from policy support and market demand [1] Group 2 - Since the implementation of the "19 measures for the deep reform of the Beijiao Exchange," the institutional supply has been continuously optimized, including a "small and fast" review channel for mergers and acquisitions, significantly shortening resource integration cycles [2] - The introduction of differentiated institutional frameworks aligns with the growth patterns of small and medium-sized enterprises, enhancing liquidity through the launch of market-making transactions [2] - Structural opportunities remain for "specialized, refined, unique, and innovative" companies in sectors like semiconductors and robotics, with a focus on strong performance certainty and clear policy benefits [2]

北交所本周量能放大，指数冲高回落 ——北交所周报（1.12-1.16） 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：宋瀚清 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn 北交所基本状况 | 上市公司数 | 288 | | --- | --- | | 行业总市值(亿元) | 9,285.86 | | 行业流通市值(亿元) | 5,789.95 | 最近一年北证 50 VS 沪深 300 北交所 证券研究报告/行业定期报告 2026 年 01 月 21 日 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 16 日，北证成份股 288 个，平均市值 32.69 亿元。 本周（2026 年 1 月 12 日-2026 年 1 月 16 日，下同）北证 50 指数涨跌幅 1.58%，收 盘 1548.32 点；同期沪深 300 和上证指数涨跌幅分别为-0.57%和-0.45%。本周北交 所日均成交额为 409.81 亿元，较上周（2026 年 1 月 ...

Summary of Key Points Core Viewpoint - The trading volume and turnover of stocks on the Beijing Stock Exchange (BSE) showed significant activity on January 20, with a total trading volume of 1.141 billion shares and a turnover of 26.64 billion yuan, marking an increase of 2.598 billion yuan compared to the previous trading day [1]. Trading Performance - A total of 94 stocks closed higher, accounting for 32.64% of the tradable stocks, with notable gainers including Liujin Technology, Yinen Power, and Deer Chemical, which rose by 16.22%, 11.14%, and 10.45% respectively [1]. - Conversely, 184 stocks closed lower, with the largest declines seen in Qifeng Precision, Litong Technology, and Rongyi Precision, which fell by 10.14%, 8.59%, and 6.81% respectively [1]. Stock Activity - 74 stocks had a turnover exceeding 10 million yuan, with Liujin Technology, Xingtou Measurement Control, and Yinen Power leading in turnover at 911.82 million yuan, 750.64 million yuan, and 729.98 million yuan respectively [1]. - The trading activity was characterized by high turnover rates, with 31 stocks having a turnover rate exceeding 10%, and 10 stocks exceeding 20% [1]. Notable Stocks - The top stocks by turnover included: - Liujin Technology: Closing price of 11.39 yuan, with a turnover of 911.82 million yuan and a turnover rate of 36.14% [1]. - Yinen Power: Closing price of 27.24 yuan, with a turnover of 729.98 million yuan and a turnover rate of 42.69% [1]. - Deer Chemical: Closing price of 15.32 yuan, with a turnover of 300.55 million yuan and a turnover rate of 25.44% [1]. Market Dynamics - The overall market showed a mixed performance with a significant number of stocks experiencing both gains and losses, indicating a volatile trading environment on the BSE [1].

Investment Rating - The report does not explicitly state an investment rating for the commercial aerospace industry Core Insights - The commercial aerospace sector is experiencing significant advancements, with successful launches and developments in various projects, indicating a robust growth trajectory for the industry [3][4][5][9][14][19] Industry Developments - The successful launch of the Lihong-1 suborbital vehicle on January 12, 2026, marked a significant milestone, demonstrating capabilities for microgravity scientific experiments and in-situ exploration [5][6] - The successful launch of the Vesta-1 rocket on January 16, 2026, which deployed four satellites into low Earth orbit, highlights the growing capabilities of China's commercial space sector [9][10] - The completion of the static fire test for the Long March 12B rocket on January 16, 2026, confirms the reliability and feasibility of this new generation reusable rocket [14] - The Beijing Rocket Street project, the first common testing and research production base for commercial aerospace in China, has been completed and is set to enhance the industry ecosystem [16][17] - Zhongke Aerospace has completed its IPO guidance work, indicating a positive trend for capital market participation in the commercial aerospace sector [19] Financing Progress - Sade Satellite completed a B-round financing on January 14, 2026, which will accelerate its development in the commercial satellite manufacturing sector [20][21] Capital Market Performance - The Wind Commercial Aerospace Index experienced a weekly decline of 4.39% during the week of January 12-16, 2026, with a trading volume decrease of 2.64% [25][28] - Among the listed companies in the commercial aerospace sector, 25.40% saw their stock prices increase during the same week, indicating some resilience in the market despite the overall decline [25][28] Industry Conference Preview - Upcoming conferences include the Third Beijing Commercial Aerospace Industry High-Quality Development Conference from January 23-25, 2026, and the Second Commercial Aerospace Industry Development Conference in March 2026 [32][33]

Investment Rating - The report indicates a strong enthusiasm for new stock offerings on the Beijing Stock Exchange (BSE), with a sufficient reserve of new stocks available for issuance [2][11]. Core Insights - In 2025, the BSE listed 26 new stocks, raising a total of 7.527 billion yuan, with a significant increase in issuance speed in the second half of the year. The amount of frozen funds for participating in new stock offerings nearly doubled from 451.8 billion yuan at the beginning of the year to 846.1 billion yuan by year-end [2][12]. - The average first-day price increase for newly listed stocks on the BSE remains high, sustaining investor enthusiasm for participating in new stock offerings. The report suggests that to stabilize allocation, investors should consider increasing their cash account size due to rising thresholds for stock acquisition [2][18]. - There are currently 210 new stocks awaiting approval on the BSE, with 28 already having passed the review process [19]. Summary by Sections New Stock Offerings on BSE - The BSE's new stock offerings have seen a significant increase in participation, with the total frozen funds rising dramatically throughout 2025. The report highlights that the minimum threshold for acquiring stocks has increased significantly, making it necessary for investors to allocate more funds to ensure stable allocations [2][12][19]. Recent New Stock Performance - The report tracks the performance of new stocks across various boards, indicating that the average first-day price increase for stocks on the Sci-Tech Innovation Board is 258.09%, while for the Growth Enterprise Market, it is 231.27% [31][38]. - The report also provides insights into the effective bidding account numbers for recent new stocks, showing a robust interest from investors [38]. Recent Market Trends - The report notes that the average return from participating in new stock offerings for A-class accounts with a scale of 200 million yuan is 3.82%, while for B-class accounts, it is 2.89% [25][32]. - The report emphasizes the importance of monitoring the performance of new stocks and suggests that investors should be aware of the potential for high returns, particularly in the current market environment [31][51].