\u3000\u3000 Geovis Technology Co.Ltd(688568) (688568)
The leading manufacturer of "Digital Earth" maintains the "buy" rating
Due to the abundant orders in hand, we slightly raised the company's forecast of net profit attributable to the parent company from 2021 to 2023 to 220, 309 and 425 million yuan (the original forecast was 215, 305 and 420 million yuan), and EPS to 100, 140 and 1.93 yuan / share. The current stock price corresponds to 74.3, 52.9 and 38.4 times of PE from 2021 to 2023. Considering the company's outstanding advantages in data, technology and brand in the field of "Digital Earth", Maintain the "buy" rating.
The performance is growing rapidly and there are abundant orders on hand
The company released the performance express for 2021, which is expected to achieve an operating revenue of 1.044 billion yuan, a year-on-year increase of 48.57%; The net profit attributable to the parent company is expected to be 220 million yuan, with a year-on-year increase of 49.06%; It is expected to realize a net profit of 150 million yuan, a year-on-year increase of 21.93%. The rapid growth of the company's revenue is due to strong market demand and sufficient orders, driving the rapid expansion of business scale. The reasons why the growth rate of non net profit deducted by the company is lower than that of revenue are as follows: on the one hand, due to the company's continuous increase in R & D investment, R & D expenses have increased rapidly; On the other hand, the share based payment fee of the company in 2021 increased significantly compared with that in 2020.
Signed 507 million large orders in special fields, laying a good foundation for subsequent performance growth
According to the company's announcement in December 2021, the company signed a sales contract with a unit related to business in special fields, with a contract amount of RMB 506847000, involving software development, hardware procurement and system integration. The performance period is from the date of signing the contract to December 31, 2023 (about 2 years). The signing of large orders is conducive to consolidating the company's market position in special fields and laying a good foundation for subsequent performance growth.
It is proposed to raise 1.55 billion yuan to build a Chinese version of "Google Earth"
The company plans to raise an additional 1.55 billion yuan, mainly to invest in geovisonline online digital earth construction project (1.3 billion yuan) and supplement working capital (250 million yuan). "Geovisonline online digital earth construction project", the construction objectives are as follows: (1) realize the localization substitution of digital earth products and build online digital earth products with international competitiveness; (2) Realize the online operation of the company's digital earth products and provide global services and operation capabilities; (3) Achieve no less than 200 million registered users by the end of 2028, and become the online digital earth service portal with the largest user scale and the best experience in China. The company is expected to expand its new business model and product matrix through the implementation of the project, and realize the expansion and extension from special fields, governments and enterprises to the C-end market.
Risk warning: the risk of tight government expenditure; Market competition intensifies risks.
