Incident: The company released its 2024 mid-year report, with revenue of 1.105 billion yuan, an increase of 52.97% over the previous year; net profit to mother was 0.064 billion yuan, an increase of 80.05% over the previous year.

Revenue growth in smart government and special sectors is relatively rapid. In the first half of 2024, the company's smart government revenue was 0.429 billion yuan, up 79.98% year on year; revenue from special sectors was 0.307 billion yuan, up 50.16% year on year, and the growth rate was relatively fast. Meteorological ecology revenue was 0.181 billion yuan, up 18.57% year on year; space surveying and operation control revenue was 0.081 billion yuan, up 32.33% year on year; corporate energy revenue was 0.068 billion yuan, up 38.78% year on year, and online business revenue was 0.022 billion yuan.

We will continue to strengthen our online business, and we can expect future development space. The company released the Starmap Cloud developer platform, which is the core component of Starmap Cloud. While improving internal quality and efficiency, it also radiates the capabilities of space information to the outside world, as well as source-level developer support for various industries, providing developers with development resources, code hosting, industry cases, and technical exchange portals.

Low-altitude economic technology continues to break through. The company has been deploying in the low-altitude economy since 2020. In the early stages, it already has a foundation for low-altitude navigation products and projects. The relevant business layout covers major directions such as low-altitude service infrastructure platform product research and development, and low-altitude service ecosystem development, and related industrial ecological construction around low altitude, providing comprehensive solutions for application scenarios in the fields of low-altitude logistics, general aviation transportation, urban management, and public services.

Investment advice: The company's revenue continues to grow rapidly, and remote sensing application scenarios continue to be implemented. The company's EPS is expected to be 0.96\ 1.32\ 1.84 yuan in 2024-2026, respectively, maintaining a “buy” rating.

Risk warning: New business areas fall short of expectations; industry competition intensifies.