Geovis(688568) 民生证券·2025-03-05 06:23Investment Rating - The investment rating for the company is "Recommended" [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 upgrading its aerospace information capabilities and plans to raise 2.5 billion yuan for investments in satellite, low-altitude, and AI sectors [3]. - 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% and a net margin of 16.1% [1]. - The fourth quarter saw a revenue of 1.25 billion yuan, a 12.0% increase year-over-year, but a net profit decline of 14.0% year-over-year [1]. Business Segments - The GEOVIS technology development and services segment grew by 38.1%, while GEOVIS 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, with meteorological ecology and online business revenues growing by 47.4% and 395.4% [2]. Future Outlook - The company plans to raise up to 2.5 billion yuan for various projects, including the construction of a cloud platform for aerospace information and a digital service platform for low-altitude regulation [3]. - The projected 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].