Geovis(688568) 中邮证券·2025-02-14 04:32Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company, Zhongke Xingtou, is a leader in digital earth product development and industrial application, focusing on integrating new information technologies with the aerospace industry. Its core business includes the GEOVIS digital earth product, which spans the entire industrial chain of space and terrestrial big data [5]. - As of the third quarter, the company achieved total revenue of 2.007 billion yuan, a year-on-year increase of 43.44%, and a net profit attributable to the parent company of 146 million yuan, up 41.27% year-on-year [5]. - The company is actively constructing a digital new infrastructure to promote the large-scale development of the low-altitude economy, launching the "Xingtu Low Altitude Cloud V1.0" to support efficient and intelligent management of low-altitude airspace [6]. - Zhongke Xingtou is expanding its applications in logistics, tourism, urban transportation, and medical rescue, aiming to enhance the low-altitude economic ecosystem [7]. - The company's cloud platform, Xingtu Cloud, is central to its digital transformation, providing comprehensive solutions across various industries, with significant growth in user adoption and revenue [9]. Financial Summary - The company forecasts its earnings per share (EPS) for 2024, 2025, and 2026 to be 0.81, 1.28, and 1.89 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 73.07, 46.59, and 31.45 [11]. - Projected revenues for 2023, 2024, 2025, and 2026 are 2.516 billion, 3.606 billion, 5.106 billion, and 7.030 billion yuan, with growth rates of 59.54%, 43.36%, 41.57%, and 37.69% respectively [13]. - The net profit attributable to the parent company is expected to grow from 342.55 million yuan in 2023 to 1.02774 billion yuan in 2026, with growth rates of 41.10%, 29.14%, 56.82%, and 48.15% [13].