Geovis(SH:688568) Guolian Securities·2024-08-26 12:28Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Insights - The company reported a revenue of 1.105 billion yuan in the first half of 2024, representing a year-on-year growth of 52.97% [6] - The net profit attributable to shareholders was 64 million yuan, up 80.05% year-on-year, while the non-recurring net profit decreased by 57.51% to 5 million yuan [6] - The gross margin was 48.01%, down 3.66 percentage points year-on-year [6] - The company is actively expanding its commercial satellite constellation and capitalizing on opportunities in the low-altitude economy [6] Financial Performance - In Q2 2024, the company achieved a revenue of 686 million yuan, a 50.93% increase year-on-year, with a net profit of 62 million yuan, up 104.13% [6] - The revenue from smart government and special fields grew significantly, with respective increases of 79.98% and 50.16% [6] - The company has established a competitive advantage in the low-altitude economy, launching the GEOVIS digital low-altitude brain product [6] Cost Management - The company effectively controlled expenses, with sales, management, and R&D expense ratios decreasing by 0.85, 1.11, and 1.97 percentage points respectively [6] - The decline in non-recurring net profit was primarily due to changes in business structure leading to a decrease in gross margin [6] Revenue and Profit Forecast - The company is projected to achieve revenues of 3.856 billion, 5.752 billion, and 8.152 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 53.28%, 49.18%, and 41.73% [7] - The net profit attributable to shareholders is expected to be 480 million, 647 million, and 870 million yuan for the same years, with growth rates of 40.25%, 34.67%, and 34.42% [7] - The earnings per share (EPS) are forecasted to be 0.88, 1.19, and 1.60 yuan for 2024, 2025, and 2026 respectively [7]