Geovis(SH:688568) ZHONGTAI SECURITIES·2024-09-04 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved rapid revenue growth, with a projected revenue of 35.43 billion yuan in 2024, reflecting a year-on-year growth rate of 41% [4] - The net profit is expected to reach 4.88 billion yuan in 2024, with a year-on-year growth rate of 42% [4] - The company is focusing on enhancing its cloud ecosystem and has seen significant growth in its second growth curve, with revenue from this segment reaching 21.65 million yuan [3] - The company has increased its R&D investment, with a 25.16% year-on-year growth, and has filed 53 new invention patents and 350 software copyrights [3] Financial Performance Summary - The company's total revenue for 2022 was 1.577 billion yuan, with a growth rate of 52% year-on-year, and is projected to grow to 6.919 billion yuan by 2026 [1] - The net profit for 2022 was 243 million yuan, with a growth rate of 10% year-on-year, expected to reach 962 million yuan by 2026 [1] - The earnings per share (EPS) is projected to increase from 0.63 yuan in 2024 to 1.77 yuan in 2026 [1] - The return on equity (ROE) is expected to rise from 9% in 2023 to 15% in 2026 [1] Business Growth and Strategy - The company has diversified its revenue streams, with municipal business revenue reaching 429 million yuan, a year-on-year increase of 79.98% [3] - The company is actively building its star map cloud ecosystem, which includes cloud data, cloud computing, and cloud applications [3] - The number of certified developers has increased significantly, indicating a growing user base for the company's services [3]