Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Viewpoints - The company is positioned as a national team in the measurement and control sector, backed by the Chinese Academy of Sciences, and is expanding into commercial fields from its specialized domain [5][10]. - The report highlights the increasing competition in the aerospace industry, emphasizing that measurement and simulation are foundational for industry development [19][20]. - The company has developed proprietary technology and products, aiming to replace international mainstream aerospace analysis software with domestic alternatives [10][11]. Summary by Relevant Sections Market Performance - As of February 13, 2025, the closing price is CNY 58.50, with a market capitalization of CNY 6,676.31 million and a circulating market value of CNY 1,528.31 million [3]. Financial Forecast and Valuation - The company is projected to achieve revenues of CNY 287 million in 2024, with a year-on-year growth rate of 25.50%. The net profit attributable to shareholders is expected to be CNY 83 million, reflecting a year-on-year increase of 32.19% [6][8]. - The report forecasts net profits for 2024-2026 to be CNY 0.83 billion, CNY 1.06 billion, and CNY 1.39 billion, respectively, with corresponding P/E ratios of 80.6, 63.2, and 48.0 [8][10]. Industry Overview - The global commercial aerospace sector is rapidly expanding, with significant investments in satellite internet constellations. The Chinese satellite internet market is expected to reach CNY 450 billion by 2025, driving demand for measurement and simulation services [30][31]. - The report notes that the company has a strong order reserve and has successfully completed large, complex projects in the commercial sector, indicating a robust growth trajectory [10][11]. Business Development - The company has established a solid foundation in specialized aerospace fields and is now leveraging its experience to transition into commercial sectors. It has already secured significant revenue from commercial projects [10][11]. - The report emphasizes the company's commitment to developing a new generation of software platforms and service centers, funded through its IPO proceeds [10][11].
星图测控：测控环节国家队背靠中科院，立足特种领域开拓民商领域-20250216