Geovis(SH:688568) KAIYUAN SECURITIES·2024-08-24 14:20Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant revenue growth, with a 52.97% year-on-year increase in revenue for the first half of 2024, reaching 1.105 billion yuan, and an 80.05% increase in net profit attributable to shareholders, amounting to 63.59 million yuan [3][4] - The company is transitioning towards a full industrial chain strategy in commercial aerospace, having completed the initial design of its "4+2" commercial aerospace layout, which includes satellite constellations and a global measurement and control network [5] - The company maintains a strong position in the "Digital Earth" sector, with projected net profits of 478 million yuan, 663 million yuan, and 910 million yuan for 2024, 2025, and 2026 respectively, indicating a robust growth trajectory [4][6] Financial Performance Summary - In the first half of 2024, the company reported a gross margin of 48.01%, a decrease of 3.66 percentage points year-on-year, while the sales expense ratio, management expense ratio, and R&D expense ratio decreased by 0.85, 1.11, and 1.97 percentage points respectively [3] - The company's revenue is projected to continue growing, with estimates of 3.606 billion yuan in 2024, 4.982 billion yuan in 2025, and 6.816 billion yuan in 2026, reflecting year-on-year growth rates of 43.4%, 38.1%, and 36.8% respectively [6][7] - The company's earnings per share (EPS) are forecasted to be 0.88 yuan, 1.22 yuan, and 1.67 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 30.7, 22.1, and 16.1 [4][6]