Geovis(688568) 广发证券·2025-03-19 02:48Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company achieved a revenue of 3.257 billion yuan in 2024, representing a year-on-year growth of 29.49%. The net profit attributable to shareholders was 352 million yuan, with a growth of 2.67% [9][10]. - The company is focusing on enhancing its capabilities in low-altitude cloud and commercial aerospace, aiming for a comprehensive development strategy across the entire aerospace industry chain [10][12]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.87, 1.26, and 1.84 yuan, respectively, with a target price of 69.95 yuan based on an 80x PE valuation for 2025 [15][22]. Financial Performance Summary - Revenue Forecast: - 2023A: 2.516 billion yuan - 2024A: 3.257 billion yuan - 2025E: 4.527 billion yuan - 2026E: 6.355 billion yuan - 2027E: 9.045 billion yuan - Growth Rates: 59.5% (2023A to 2024A), 29.5% (2024A to 2025E), 39.0% (2025E to 2026E), 40.4% (2026E to 2027E) [2][19]. - Net Profit Forecast: - 2023A: 343 million yuan - 2024A: 352 million yuan - 2025E: 475 million yuan - 2026E: 687 million yuan - 2027E: 1.002 billion yuan - Growth Rates: 41.1% (2023A to 2024A), 2.7% (2024A to 2025E), 35.1% (2025E to 2026E), 44.6% (2026E to 2027E) [2][19]. - EBITDA Forecast: - 2023A: 556 million yuan - 2024A: 694 million yuan - 2025E: 1.273 billion yuan - 2026E: 1.721 billion yuan - 2027E: 2.308 billion yuan [2]. Business Strategy and Development - The company is implementing a "1+2+N+M" strategy for low-altitude capabilities, which includes building a "Star Map Low-altitude Cloud" and establishing two low-altitude experimental fields [12]. - The company is expanding its business into the commercial aerospace sector, enhancing its satellite application capabilities and developing upstream satellite constellation operations [13][14]. - The company is focusing on various sectors, including special fields, government services, meteorology, aerospace control, enterprise energy, and online services, with significant projected growth in each area [15][19][21]. Valuation and Market Position - The report compares the company with peers in the digital earth sector, highlighting its competitive advantages in data acquisition and processing capabilities [22]. - The company is expected to benefit from the expansion of digital earth applications and its proactive approach in low-altitude economy and commercial aerospace markets [15][22].