Geovis(688568) Minsheng Securities·2024-10-29 05:41Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 2.01 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 43.4%. The net profit attributable to shareholders was 150 million yuan, up 41.3% year-on-year, and the net profit excluding non-recurring items was 70 million yuan, reflecting a 24.9% increase year-on-year. The performance aligns with market expectations [1]. - The company is benefiting from the development opportunities in the aerospace information industry, with an increase in orders contributing to revenue growth. The revenue growth rate and gross margin have remained high, with the gross margin for Q3 2024 at 46.9%, an increase of 1.12 percentage points year-on-year [1]. - The company has increased its R&D investment, with R&D expenses reaching 300 million yuan, a year-on-year increase of 27.6%. The company’s cash flow from operating activities improved in Q3 2024, showing a net cash flow of 20 million yuan compared to a negative cash flow of 150 million yuan in Q3 2023 [1]. - The company is deepening its layout in the low-altitude economy, which is expected to accelerate into a substantial construction phase, benefiting from national policies promoting low-altitude economic networks [1]. Financial Summary - For the first three quarters of 2024, the company achieved revenues of 4.2 billion yuan, 6.9 billion yuan, and 9.0 billion yuan for Q1, Q2, and Q3 respectively, with year-on-year growth rates of 56.4%, 50.9%, and 33.3% [1]. - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is expected to be 485 million yuan, 681 million yuan, and 928 million yuan respectively, with corresponding PE ratios of 45x, 32x, and 24x [2][5]. - The company’s total revenue is projected to reach 7.513 billion yuan by 2026, with a growth rate of 42.6% [2][5].