Geovis(688568) 国联民生证券·2025-03-12 08:26Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company has demonstrated continuous high growth, with a revenue increase of 29.49% year-on-year, reaching 3.257 billion yuan in 2024. The net profit attributable to shareholders was 352 million yuan, reflecting a year-on-year growth of 2.67% [5][13] - The company is positioned to become a leader in the AI and low-altitude economy sectors, leveraging its "1+2+N+M" low-altitude strategy and launching innovative products like the GEOVIS intelligent low-altitude brain [15] - The second growth curve, particularly in cloud services, has shown significant growth, with various business segments achieving substantial revenue increases [14] Financial Performance Summary - In 2024, the company achieved a total revenue of 3.257 billion yuan, with a year-on-year growth of 29.49%. The net profit attributable to shareholders was 352 million yuan, with a growth of 2.67% [5][13] - For Q4 2024, the company reported a revenue of 1.250 billion yuan, a year-on-year increase of 12.00% and a quarter-on-quarter increase of 38.53%. However, the net profit for this quarter decreased by 13.95% year-on-year [5][13] - The company forecasts revenues of 4.656 billion yuan, 6.058 billion yuan, and 7.807 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 42.95%, 30.11%, and 28.86% [15][17] Business Segment Performance - Revenue from various business segments in 2024 includes: special fields (1.003 billion yuan, +19.92%), government business (956 million yuan, +28.91%), enterprise business (256 million yuan, +10.90%), aerospace measurement and control (288 million yuan, +25.90%), meteorological ecology (563 million yuan, +47.36%), and online business (103 million yuan, +395.44%) [14] - The gross profit margins for these segments varied, with special fields at 50.88% and online business at 76.80% [14] Future Outlook - The company is expected to maintain its growth trajectory, with projected net profits of 593 million yuan, 782 million yuan, and 1.024 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 68.74%, 31.81%, and 30.90% [15][17] - The company is actively pursuing opportunities in the low-altitude economy, which encompasses infrastructure development, aircraft manufacturing, and application scenarios [15]