Geovis(688568) 国投证券·2024-08-23 14:30Investment Rating - The investment rating for the company is "Buy - A" with a target price of 32.4 CNY, indicating a potential upside from the current price of 27.08 CNY [6]. Core Insights - The company continues to experience high revenue growth, achieving 1.105 billion CNY in revenue for the first half of 2024, a year-on-year increase of 52.97%. The net profit attributable to shareholders reached 63.59 million CNY, up 80.05% year-on-year [2][3]. - The company is actively expanding its presence in various civilian sectors, including low-altitude economy, commercial aerospace, water conservancy, and meteorology, which has contributed to its revenue growth [3]. - The introduction of multiple new products and the "4+2" satellite constellation plan are aimed at enhancing data capabilities and addressing core infrastructure needs in the low-altitude economy [4][5]. Revenue and Profitability - The company reported a revenue of 1.105 billion CNY for H1 2024, reflecting a growth rate of 52.89% compared to the previous year. However, the non-recurring net profit decreased by 57.51% due to a shift in revenue structure and significant bad debt losses [3]. - The revenue projections for 2024-2026 are estimated at 3.63 billion CNY, 5.05 billion CNY, and 6.79 billion CNY, respectively, with net profits expected to be 440 million CNY, 620 million CNY, and 830 million CNY [9]. Product Development and Market Positioning - The company launched several new products at the 2024 Aerospace Information Conference, including advanced satellite control platforms and a cloud developer platform, which enhance its capabilities in satellite data and remote sensing applications [4]. - The company is strategically positioning itself in the low-altitude economy by developing a low-altitude flight management and service platform, which is supported by government policies promoting low-altitude economic development [5][8]. Financial Metrics - The company’s financial metrics indicate a projected PE ratio of 40 times for 2024, with a net profit margin of approximately 12.1% [10][12]. - The company’s total market capitalization is approximately 14.71 billion CNY, with a total share count of 543.33 million shares [6].