公司信息更新报告：Q1收入继续高增，全年表现值得期待

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][30] Core Views - The company is a leading player in the "Digital Earth" sector, showcasing strong growth momentum with Q1 revenue continuing to increase significantly [1][5] - The cloud service model is being developed as a second growth curve, entering a harvest phase with a growing number of certified developers and applications [2][7] - The company has strategically positioned itself in the low-altitude economy, expected to benefit from industry growth [8] Financial Performance - In Q1, the company achieved a revenue of 419 million yuan, representing a year-on-year growth of 56.43%, indicating robust growth momentum despite a high base [7] - The net profit attributable to shareholders was 1.94 million yuan, a decline of 62.08% year-on-year, primarily due to increased minority shareholder losses and higher fixed costs associated with business expansion [7] - The comprehensive gross margin stood at 48.06%, down 3.39 percentage points year-on-year, while operational efficiency improved with reductions in sales, management, and R&D expense ratios [7] Growth Projections - The company maintains its net profit forecasts for 2024-2026 at 478 million, 663 million, and 910 million yuan, respectively, with EPS projected at 1.31, 1.82, and 2.50 yuan per share [6][9] - Revenue projections for 2024-2026 are set at 3.606 billion, 4.982 billion, and 6.816 billion yuan, with year-on-year growth rates of 43.4%, 38.1%, and 36.8% respectively [9] Strategic Initiatives - The company has been actively developing low-altitude economy services since 2020, focusing on comprehensive solutions for low-altitude logistics, aviation transport, urban management, and public services [8] - The company has a stake in a subsidiary that holds patents for urban ultra-low altitude navigation maps, contributing to the establishment of a national low-altitude airspace investment platform with a total investment of 250 million yuan [8]