Geovis(688568) 太平洋·2025-03-25 10:04Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company has demonstrated rapid revenue growth, with a reported revenue of 3.257 billion yuan in 2024, reflecting a year-on-year increase of 29.49% [4][6] - The net profit attributable to the parent company for 2024 was 351.7 million yuan, up 2.67% year-on-year [4][6] - The company is expanding its low-altitude product offerings, including the GEOVIS smart low-altitude brain product and the Star Map Low Altitude Cloud V1.0 product, which integrate various advanced technologies [4][6] - The company has a robust gross margin of 49.59% and a net profit margin of 16.14% for 2024, with stable expense ratios for sales, management, and R&D [4][6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.560 billion yuan, 5.929 billion yuan, and 7.114 billion yuan, respectively, with growth rates of 40%, 30%, and 20% [6][9] - The expected net profit for 2025, 2026, and 2027 is 529.96 million yuan, 690.53 million yuan, and 821.93 million yuan, with growth rates of 50.68%, 30.30%, and 19.03% [6][9] - The diluted earnings per share (EPS) are projected to be 0.98 yuan, 1.27 yuan, and 1.51 yuan for 2025, 2026, and 2027, respectively [6][9] Market Position and Strategy - The company has achieved a significant user base with 12,375 active applications on Star Map Cloud, reaching over 101.49 million terminal users [4][6] - The company is enhancing its capabilities in the aerospace sector by investing in upstream satellite and rocket component manufacturers [4][6]