Geovis(688568) 申万宏源·2024-10-30 01:44Investment Rating - The report maintains a "Buy" rating for the company [6][7] Core Views - The company's Q3 revenue reached a historical high for the same period, with full-year revenue expected to continue its strong growth trajectory [7] - The company is a core enterprise in the aerospace information sector, with four key growth drivers: 1) National team status in digital Earth and deep expertise in special fields, 2) Rapid development of digital Earth online business, 3) Continuous improvement of industry chain layout, 4) Accelerated capital operations of subsidiaries [7] - The company's revenue for 2024Q1-Q3 reached RMB 2,007 million, a YoY increase of 43.44%, with net profit attributable to shareholders of RMB 146 million, up 41.27% YoY [6] - The company's 2024Q3 revenue was RMB 903 million, a YoY increase of 33.29%, with net profit attributable to shareholders of RMB 82 million, up 21.07% YoY [6] Financial Performance - The company's 2024Q1-Q3 gross margin was 47.49%, a YoY decrease of 1.31 percentage points, while the Q3 gross margin was 46.86%, a YoY increase of 1.12 percentage points [7] - The company's 2024Q1-Q3 net margin was 11.44%, a YoY decrease of 0.46 percentage points, while the Q3 net margin was 13.58%, a YoY decrease of 1.40 percentage points [7] - The company's 2024Q1-Q3 credit impairment loss was RMB 118 million, compared to RMB 66 million in the same period last year [7] - The company's 2024Q1-Q3 operating expense ratio was 33.28%, a slight YoY increase of 0.02 percentage points [7] Future Projections - The company's 2024-2026E revenue is projected to be RMB 3,664 million, RMB 5,123 million, and RMB 7,155 million, with YoY growth rates of 45.7%, 39.8%, and 39.7% respectively [8] - The company's 2024-2026E net profit attributable to shareholders is projected to be RMB 481 million, RMB 679 million, and RMB 950 million, with YoY growth rates of 40.5%, 41.2%, and 39.9% respectively [8] - The company's 2024-2026E EPS is projected to be RMB 0.89, RMB 1.25, and RMB 1.75 respectively [8] - The company's 2024-2026E PE ratios are projected to be 46x, 32x, and 23x respectively [7] Market Data - The company's closing price on October 28, 2024, was RMB 40.35, with a PB ratio of 6.2x and a dividend yield of 0.48% [3] - The company's market capitalization was RMB 21,923 million, with a total share capital of 543 million shares [3][4] - The company's net asset per share was RMB 6.63, with a debt-to-asset ratio of 43.42% [4]