SuperMap(300036) 中航证券·2024-11-07 09:31Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [3][15]. Core Views - The company reported a significant decline in performance for the first three quarters of 2024, with revenue of 949 million yuan (-25.35%) and a net profit of 26 million yuan (-80.58%). The third quarter saw a revenue drop to 312 million yuan (-46.28%) and a net loss of 7.5 million yuan [3]. - Despite the short-term operational challenges, the company's long-term growth potential remains intact. The restructuring efforts are expected to enhance competitiveness and profitability, with signs of recovery in new orders in the third quarter [3][8]. - The company is focusing on opportunities in autonomous substitution, water conservancy, enterprise GIS informationization, low-altitude economy, and data elements, aiming to improve operational efficiency [3]. Financial Summary - For 2024, the company is projected to generate revenues of 1.67 billion yuan, with a net profit of 111 million yuan, corresponding to a PE ratio of 81x. By 2026, revenues are expected to reach 2.51 billion yuan, with a net profit of 282 million yuan, leading to a PE ratio of 32x [8][10]. - The company has maintained a stable operational base, showing resilience even with a nearly 50% decline in quarterly revenue, indicating significant earnings elasticity [3][8]. - The company has established strategic partnerships with leading tech firms like Huawei, Alibaba, and Tencent to enhance its GIS product applications and expand its market reach [6].