Geovis(688568) KAIYUAN SECURITIES·2024-10-29 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading player in the "Digital Earth" sector, maintaining a strong growth trajectory with projected net profits of 478 million, 663 million, and 910 million yuan for 2024-2026, respectively. The corresponding EPS is expected to be 0.88, 1.22, and 1.67 yuan per share, with PE ratios of 45.9, 33.1, and 24.1 times for the same period [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 2.007 billion yuan, a year-on-year increase of 43.44%. The net profit attributable to the parent company was 146 million yuan, up 41.27%, and the net profit after deducting non-recurring gains and losses was 70.071 million yuan, reflecting a growth of 24.94%. In Q3 alone, the operating revenue reached 903 million yuan, a 33.29% increase year-on-year, with a net profit of 82.09 million yuan, up 21.07%, and a non-recurring net profit of 65.379 million yuan, growing by 45.16% [4][6] - The gross margin for Q3 was 46.86%, an increase of 1.12 percentage points year-on-year. The sales expense ratio and R&D expense ratio were 6.81% and 13.49%, respectively, both showing a decrease, while the management expense ratio increased to 8.94%, up 1.53 percentage points year-on-year [4] - The company's cash flow from operating activities for the first three quarters was -501 million yuan, showing a decline year-on-year. However, Q3 saw a positive cash flow of 15.7241 million yuan, attributed to improved collection management [4] - As of the end of Q3, the company's contract liabilities amounted to 1.42 billion yuan, a growth of 118.07% from the beginning of the year, indicating an increase in contract prepayments. The advance payments stood at 240 million yuan, reflecting a rise in procurement payments for existing orders, suggesting a robust order backlog [4] Strategic Development - The company completed the first phase of its "4+2" commercial aerospace full industry chain layout in May 2024, which includes the development of four satellite constellations for electromagnetic, meteorological, remote sensing, and new computing power, along with a global measurement and control network and an operational service center [5]