Geovis(SH:688568) Chang Jiang Shang Bao·2025-08-25 00:36Core Viewpoint - The company Zhongke Xingtou (688568.SH) is accelerating its development in the low-altitude economy, planning to raise up to 2.488 billion yuan through a private placement to fund key projects and enhance its liquidity in the aerospace information sector [2][3]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 1.577 billion yuan to 3.257 billion yuan, with net profit increasing from 243 million yuan to 352 million yuan [2][6]. - In Q1 2025, Zhongke Xingtou reported a revenue of 504 million yuan, a year-on-year increase of 20.48%, and a net profit of 20.78 million yuan, a significant increase of 971% [6]. Fundraising and Project Allocation - The planned fundraising of 2.488 billion yuan will allocate 1.75 billion yuan (70.33% of total funds) to three major projects, including the "Xingtu Cloud Aerospace Information Cloud Platform" [3][5]. - The "Xingtu Cloud Aerospace Information Cloud Platform" will receive 751 million yuan, while the "Xingtu Low Altitude Cloud Digital Service Platform" will get 650 million yuan, and the "Xingtu Loshu Defense and Public Safety Big Data Intelligent Analysis Platform" will receive 349 million yuan [4][5]. Research and Development - The company has committed to significant R&D investments, totaling 1.315 billion yuan from 2020 to 2024, with annual R&D expenses increasing each year [6][7]. - By the end of 2024, Zhongke Xingtou had acquired 756 new intellectual property rights, including 78 invention patents and 634 software copyrights [7][8]. Strategic Initiatives - Zhongke Xingtou has established a "1+2+N+M" low-altitude strategy, which includes building a "Xingtu Low Altitude Cloud," two low-altitude test sites, and developing multiple regional demonstrations and industry scenarios [2][8]. - The company aims to enhance its service offerings for government, enterprises, and research institutions through the construction of various digital platforms [4][5]. Market Context - The commercial aerospace market in China has seen significant growth, with the market size increasing from 600 billion yuan in 2018 to 1.9 trillion yuan in 2023, and projected to exceed 2.3 trillion yuan in 2024 [3].