Geovis(688568) Haitong Securities·2024-11-06 01:59Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The company has achieved continuous high growth in performance, with a revenue of 2.007 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 43%. The net profit attributable to shareholders is 146 million yuan, up 41% year-on-year [5]. - The company is accelerating its layout in the commercial aerospace industry chain and aims to build a digital foundation for the low-altitude economy [6][7]. - The introduction of the "Smart Low Altitude Brain" aims to provide data support for low-altitude operations, enhancing the company's capabilities in low-altitude traffic services [6]. - The company plans to continue its "4+2" commercial aerospace industry chain construction plan over the next five years, which includes the development of various satellite constellations and a global measurement and control network [7]. Financial Performance - The company forecasts revenues of 3.590 billion yuan, 4.873 billion yuan, and 6.385 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 488 million yuan, 679 million yuan, and 913 million yuan [9][11]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.90 yuan, 1.25 yuan, and 1.68 yuan, respectively [9][11]. - The company maintains a gross margin of approximately 47.5% to 48.0% over the forecast period [11]. Market Comparison - The company's stock price is currently at 43.24 yuan, with a market capitalization of 23.493 billion yuan. The projected price-to-earnings (P/E) ratio for 2025 is between 45 and 55 times, indicating a reasonable value range of 56.23 to 68.72 yuan [2][10].