A：Company Basic Information
Full Name: Astro-Carto Information Technology Co., Ltd.
Stock Code: 688066
Stock Abbreviation: 航天宏图
Region: Beijing
Industry: Satellite Applications, Remote Sensing, Beidou Navigation
Establishment Date: 2008
Issue Price: 18.00 CNY/share
Founders: Wang Yuxiang and Zhang Yan couple
Company Website: http://www.astro-carto.com
Registered Address: No. 6, Zhongguancun South Street, Haidian District, Beijing
Total Share Capital: As of March 31, 2024, the company's total share capital is approximately 167 million shares
Total Market Value: As of the closing on October 18, 2024, the company's total market value is approximately 78 billion CNY
Business Scope: Research and development, production, and sales of satellite application software, providing comprehensive services of satellite remote sensing, Beidou navigation, UAV surveying and mapping, and other multi-source space-data
Company Profile: Astro-Carto is a leading domestic satellite application service provider, focusing on the localization of satellite application software, industrialization of industry application, and commercialization of application services. The company relies on its independently developed PIE series software platform to provide remote sensing and Beidou navigation application services for industries such as meteorology, oceans, natural resources, emergency, and special fields. The company plans to launch a distributed interferometric radar satellite constellation, expand upstream in the industry chain, layout the entire industry chain, and form a business model of industry chain integration, star-ground integration, cloud-edge collaboration, and full-industry service.
B：Value Investment Analysis
Key Financial Indicators:
In 2023, the company achieved a total operating income of 1,818.74 million CNY, a year-on-year decrease of 17.66%;
Achieved an operating profit of -185 million CNY, a year-on-year decrease of 1798.65%;
Achieved a net profit attributable to shareholders of listed company of -185 million CNY, a year-on-year decrease of 1798.65%;
Research and development investment accounted for 15.59% of operating income, a year-on-year increase of 16.1%, with R&D personnel accounting for nearly 50% of the total number of employees.
Company Investment Value:
Astro-Carto, as a leading enterprise in the domestic satellite application field, demonstrates its investment value in the following aspects:
Technology Innovation: The company continues to increase R&D investment, maintaining a technological edge and driving innovation in products and solutions.
Market Position: Astro-Carto holds a significant position in the satellite application market, with a leading market share in the country according to the company's announcements.
Business Diversification: The company not only has a deep accumulation in the field of satellite remote sensing but also actively expands into innovative businesses, such as Beidou navigation and UAV surveying and mapping, enhancing the company's profitability and risk resistance.
Stable Equity Structure: The company has a stable equity structure, providing a solid foundation for the company's long-term development.
Company Growth Potential:
Astro-Carto's growth potential mainly comes from the following aspects:
Rapid Development of the Satellite Application Market: With the global demand for satellite applications increasing, Astro-Carto is expected to achieve rapid business growth based on its technological accumulation and market advantages in the satellite application field.
Expansion of Innovative Businesses: The company's innovative businesses, such as Beidou navigation and UAV surveying and mapping, are in a rapid development stage and are expected to become new growth points for the company.
International Strategy: The company continues to promote its international strategy, with overseas market revenue accounting for an increasing proportion year by year. Despite the uncertainty of the international political environment, the company's international layout helps to diversify risks and achieve a balanced development of the global market.
Industry Support Policies:
The satellite application industry, where Astro-Carto is located, is strongly supported by national policies. From the "12th Five-Year Plan" to the "14th Five-Year Plan", the support policies for the satellite application industry have evolved from abstract to concrete, and from simple to diversified development trajectories. Especially during the "14th Five-Year Plan" period, the development requirements for remote sensing applications have been further improved, calling for the creation of a globally covered, efficiently operated communication, navigation, and remote sensing space infrastructure system, and the construction of commercial aerospace launch sites, providing policy support for industry development.
International Policy Risks:
The international policy risks faced by Astro-Carto mainly come from the uncertainty of the international trade environment, especially the sanctions imposed by the United States on Chinese high-tech companies. The company needs to reduce the impact of international policy risks on its business through diversified market strategies, strengthening independent research and development capabilities, and expanding international cooperation.
A.Top's Investment Review:
Astro-Carto, as a leading enterprise in the domestic satellite application field, demonstrates good investment value with its technological innovation, market position, business diversification, and other advantages. The company continues to increase R&D investment, promote innovation in products and solutions, and actively expand into innovative businesses and international markets, enhancing the company's profitability and risk resistance. Although facing the challenge of international policy risks, the company is expected to achieve continuous and stable development through robust business strategies and international layout. Considering the company's financial performance, growth potential, and industry development trends, Astro-Carto is a target worth investing in for the long term.