Geovis(688568) 民生证券·2025-03-05 07:41Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 3.26 billion yuan in 2024, representing a year-over-year growth of 29.5%, with a net profit attributable to shareholders of 0.35 billion yuan, up 2.7% year-over-year [1]. - The company is focusing on enhancing its capabilities in aerospace information and plans to raise 2.5 billion yuan for investments in satellite, low-altitude, and AI sectors [3][4]. - The second growth curve, primarily driven by cloud services, has shown significant progress, with a 395.4% year-over-year increase in online business revenue [2]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.26 billion yuan and a net profit of 0.35 billion yuan, with a gross margin of 49.6% [1][5]. - The fourth quarter saw a revenue of 1.25 billion yuan, a 12.0% increase year-over-year, but net profit decreased by 14.0% [1]. Business Segments - The GEOVIS technology and services segment grew by 38.1%, while software sales and data services increased by 35.6% [2]. - The special fields and government business contributed 31% and 29% to the total revenue, respectively [2]. Future Outlook - The company plans to raise 2.5 billion yuan to support projects in aerospace, low-altitude regulation, and big data analysis [3]. - Forecasted net profits for 2025, 2026, and 2027 are 0.48 billion yuan, 0.62 billion yuan, and 0.79 billion yuan, respectively, with corresponding PE ratios of 66x, 51x, and 40x [4][5].