Geovis(688568) 国泰君安·2024-10-29 07:45Investment Rating - The report maintains an "Accumulate" rating for the company [5] - The target price is set at 50.72 CNY, with the current price at 40.35 CNY [5] Core Insights - The company's overall performance meets market expectations, with revenue and profit growth exceeding 40% in the first three quarters [3] - The company is positioned to achieve better-than-expected performance due to its proactive layout in the low-altitude economy and commercial aerospace sectors [3] - The company has established itself as a leader in the digital earth sector and is expanding into the commercial aerospace market through the "Star Map Cloud" platform [10] Financial Performance Summary - In the first three quarters of 2024, the company achieved revenue of 2.007 billion CNY, a year-on-year increase of 43.44%, and a net profit attributable to shareholders of 146 million CNY, up 41.27% [10] - For Q3 2024, revenue reached 903 million CNY, a 33.29% increase year-on-year, with a net profit of 82 million CNY, growing 21.07% [10] - The company reported positive operating cash flow for the first time in Q3 2024, with a gross margin of 46.86%, up 1.12 percentage points year-on-year [10] Future Financial Projections - Expected net profits for 2024-2026 are projected at 482 million CNY, 716 million CNY, and 972 million CNY respectively, with EPS of 0.89 CNY, 1.32 CNY, and 1.79 CNY [10] - The company is anticipated to maintain strong revenue growth, with projected revenues of 3.856 billion CNY in 2024, 5.439 billion CNY in 2025, and 6.988 billion CNY in 2026 [11] Market Position and Strategy - The company leverages its strong technological barriers and market advantages in satellite applications and services, supported by research capabilities from the Chinese Academy of Sciences [10] - The company aims to deepen its involvement in the commercial aerospace supply chain, establishing a comprehensive and self-controlled industrial system [10] - The "4+2" model encompasses satellite manufacturing, launching, applications, services, and essential ground infrastructure development [10]