Group 1 - The core viewpoint of the news is the significant progress made in the construction of a three-dimensional digital China, driven by the Ministry of Natural Resources through various stages of pilot exploration, localized application, comprehensive deployment, and accelerated empowerment [1][2] - The supply of data elements has been continuously enhanced, with 7.35 million square kilometers of digital elevation model data produced, 7.9 million square kilometers of basic geographic entity data completed, and 21 versions of orthophoto data with sub-meter/2-meter resolution covering the entire land territory of the country [1] - A total of 310 cities at the prefecture level and above have initiated three-dimensional city construction, resulting in approximately 110,000 square kilometers of urban three-dimensional model data produced [1] Group 2 - The technical standards and systems have been increasingly refined, comprising a technical standard system that includes technical outlines, 25 technical documents, and several national and industry standards, covering the entire construction process from design to quality control [2] - The application of three-dimensional digital China is expanding, with over 100 application scenarios across 22 categories, including disaster prevention, smart security, cultural heritage protection, land spatial planning, and online tourism [2] - The Ministry of Natural Resources plans to accelerate construction, focus on application, and build an ecosystem to support the development of high-quality geographic spatial data sets, aiding in natural resource management and land spatial planning [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89%, exceeding the 2023 target of 560 million yuan [4][5] - The company aims for a net profit target of 730 million yuan in 2025, which is approximately a 25% increase compared to 2024 [4] - The first quarter of 2025 showed a revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit of 143 million yuan, up 38.50% [4] Revenue Structure - In 2024, the revenue breakdown was as follows: Resources and Public Utilities contributed 1.425 billion yuan (43.84%, +26.41%), Construction and Infrastructure 1.053 billion yuan (32.38%, +8.97%), Geographic Information 589 million yuan (18.10%, +38.44%), and Robotics and Autonomous Driving 185 million yuan (5.68%, +15.53%) [5] - The Geographic Information segment is emerging as a new growth engine for the company [5] Profitability - The overall gross margin for the company in 2024 was 58.13%, with specific margins of 68.41% for Construction and Infrastructure, 54.71% for Resources and Public Utilities, 53.10% for Geographic Information, and 41.95% for Robotics and Autonomous Driving [6] - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth [6] Domestic and Overseas Business - Domestic revenue in 2024 was 2.313 billion yuan, growing 18.07%, while overseas revenue was 938 million yuan, up 30.39% [7] - The company has significant growth potential in overseas markets, with a compound annual growth rate of nearly 40% in overseas revenue over the past five years [7] Financial Forecasts - The company’s projected net profits for 2025, 2026, and 2027 are 756 million yuan, 1 billion yuan, and 1.307 billion yuan, respectively, with corresponding EPS of 1.38, 1.82, and 2.38 yuan [9] - The current stock price corresponds to a P/E ratio of 30.68X for 2025, 23.20X for 2026, and 17.74X for 2027 [9]