Geovis(688568) 德邦证券·2025-03-05 04:25Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned as a leading player in AI SaaS and data analysis applications in China, with significant growth potential driven by its unique offerings in satellite and low-altitude data [6][9] - The company is expected to experience a structural adjustment in its revenue growth momentum in 2025, with a focus on enhancing its business model from project-based to subscription-based services [6] Summary by Sections Market Performance - The company's stock has shown a relative performance against the CSI 300 index, with a notable absolute increase of 18.55% over one month and 26.19% over two months [4] Financial Performance - In 2024, the company reported revenue of 3.26 billion yuan (up 29.49% YoY) and a net profit of 352 million yuan (up 2.67% YoY) [8] - The company has a projected revenue growth of 32.3% in 2025, reaching approximately 4.31 billion yuan, and a net profit of 490 million yuan, reflecting a 39.4% increase [9][10] Business Segments - The fastest-growing segment is the online business (Star Map Earth), with revenue expected to reach 103 million yuan in 2024, a YoY increase of 395.44% [6] - The meteorological ecological business (Weitianxin) is projected to generate 563 million yuan in revenue, up 47.36% YoY, while government business (Star Map Wisdom) is expected to reach 956 million yuan, up 28.91% YoY [6] Profitability - The gross margin for the Star Map Cloud online business is 76.80%, contributing to an overall gross margin increase to 49.59% [6] - The company plans to increase investment in Star Map Cloud, low-altitude cloud, and AI data analysis platforms, with a proposed capital increase of 2.5 billion yuan [8] Future Outlook - The company aims to leverage AI technologies to reduce marginal development costs and enhance user experience, positioning itself for scalable growth in the AI SaaS and data analysis market [6] - The projected net profit for 2026 and 2027 is expected to reach 809 million yuan and 1.22 billion yuan, respectively, indicating continued strong growth [9][10]