Geovis(688568) 申万宏源·2025-03-07 08:12Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 3.257 billion yuan in 2024, representing a year-on-year growth of 29.49%, with a net profit of 352 million yuan, up 2.67% year-on-year. However, the Q4 performance was below market expectations, with a revenue of 1.250 billion yuan, a 12% increase year-on-year, but a net profit decline of 13.95% [4][7] - The traditional business continues to grow steadily, while the second growth curve is accelerating beyond expectations, particularly in online business, which saw explosive growth [7] - The company plans to raise 2.5 billion yuan for investments in low-altitude and AI cloud platforms, which will strengthen its technological moat and support long-term sustainable development [7] Financial Data and Profit Forecast - The company forecasts total revenue growth from 4.438 billion yuan in 2025 to 8.730 billion yuan in 2027, with corresponding net profits expected to rise from 446 million yuan to 915 million yuan [6][9] - The gross margin for 2024 was reported at 49.59%, an increase of 1.26 percentage points year-on-year, while the net margin decreased to 16.14% due to significant impairment losses [7] - The report anticipates a decrease in profit forecasts for 2025-2026 due to increased investments and credit impairment losses, with revised net profit estimates of 4.46 billion yuan and 6.37 billion yuan for 2025 and 2026, respectively [7]