Geovis(SH:688568) Guolian Securities·2024-10-31 06:58Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a revenue of 2.007 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 43.44%. The net profit attributable to the parent company was 146 million yuan, up 41.27% year-on-year. The company's performance is strong, with improved cash flow and stable expense ratios. The company is a leader in the domestic digital earth product development and industrialization, actively engaging in commercial satellite constellations and seizing opportunities in the low-altitude economy [2][5][6][7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a 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% year-on-year. The gross profit margin was 47.49%, a decrease of 1.31 percentage points year-on-year [5][6]. - In Q3 2024, the company reported a revenue of 903 million yuan, a year-on-year growth of 33.29%, and a net profit of 82 million yuan, up 21.07% year-on-year [5][6]. Future Projections - The company is expected to generate revenues of 3.614 billion yuan, 5.005 billion yuan, and 6.695 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 43.68%, 38.47%, and 33.76%. The net profit attributable to the parent company is projected to be 480 million yuan, 638 million yuan, and 859 million yuan for the same years, with growth rates of 37.72%, 35.19%, and 34.74% respectively [7][8]. - The earnings per share (EPS) are expected to be 0.87 yuan, 1.17 yuan, and 1.58 yuan for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 35.88% [7][8]. Industry Context - The company is positioned to benefit from the significant growth opportunities in the commercial aerospace and low-altitude economy sectors, driven by national policies promoting the marketization of data elements and the development of the aerospace information industry [6][7]. - The company is implementing a "4+2" commercial aerospace full industry chain layout and has launched the GEOVIS intelligent low-altitude brain, enhancing its operational capabilities in the satellite cloud ecosystem [6][7].