\u3000\u3 Guocheng Mining Co.Ltd(000688) 568 Geovis Technology Co.Ltd(688568) )
The event company released its annual report for 2021. During the reporting period, the company achieved a revenue of 1.040 billion yuan, a year-on-year increase of 48.03%; The net profit attributable to the parent company was 220 million yuan, a year-on-year increase of 49.41%; The net profit attributable to the parent company after non deduction was 150 million yuan, a year-on-year increase of 22.04%.
With the rapid growth of revenue in 2021, group management enables the industrial application expansion of digital earth platform. The high performance growth comes from three reasons: first, the company promotes the implementation of the group development strategy. At present, it has formed six business segments: special fields, smart government, meteorological ecology, aerospace measurement and operation control, enterprise energy and online business. Now it has established a group structure with four management headquarters in Beijing, Xi'an, Qingdao and Hefei as the core, 38 participating and holding subsidiaries as the main body and more than 20 offices across the country as the supplement, The company's sales network coverage, technological innovation and operation efficiency have been improved, laying a solid foundation for the company's subsequent ecological and international development; Second, relying on the advantages of data resources and platforms, the company has continuously promoted the deep integration of digital earth and industrial applications, and has initially built a geovis digital earth application ecosystem for users in government, enterprises and special fields, covering the whole chain of aerospace information industry; Third, the company continued to increase its R & D investment, accounting for 15.26% of its operating revenue, an increase of 1.72 PCT compared with 2020, creating a new generation of digital earth geovis6 with "Beidou as the body and high score as the image", which laid a solid foundation for entering the application industry of Beidou high score integration.
The revenue of aerospace measurement and operation control, smart government, meteorological ecology and other subdivided industry applications increased significantly. In 2021, the company's revenue in the three sub sectors of aerospace measurement and operation control, smart government and meteorological ecology increased by 289.30%, 105.68% and 107.26% respectively year-on-year. The main reason for the increase is that under the group strategic layout, the company has formed a group development trend with six sectors as the core, including special fields, smart government, meteorological ecology, aerospace measurement and operation control, enterprise energy and online business, and completed star map space, star map measurement and control The establishment of six subsidiaries including Xingtu weitianxin, Xingtu wisdom, Xingtu earth and Xingtu defense, and the subsidiaries have deeply explored the market segments. On December 23, 2021, the company announced that it had signed a major sales contract related to special field business with an amount of 507 million yuan, and the performance period was from the date of signing the contract to December 31, 2023, involving software development, hardware procurement and system integration. The project is conducive to improving the company's ability to undertake major projects and consolidating the company's position in the special field market. It is expected to have a positive effect on the company's performance in the future.
In the first quarter of 2022, the company's performance maintained a high-speed growth trend, and the market prospect in the civil field is expected. According to the preliminary calculation of the company, it is estimated that the operating revenue in the first quarter of 2022 will be 140155 million yuan, with a year-on-year increase of 40% - 55%, an increase of 40-55 million yuan compared with the same period of last year. With the strong support of national policies, digital earth has become a new base of digital economy. Digital earth can be used as a space-time base for applications such as three-dimensional space-time database of natural resources, real scene three-dimensional China and smart city CIM. The company has ushered in important development opportunities.
We will raise 1.55 billion yuan to build geovisonline and create a domestic alternative to "Google Earth". The company plans to raise 1.55 billion yuan for the fixed increase project, of which 1.3 billion yuan will be used to build geovisonline online digital earth project, and 250 million yuan will supplement working capital. Through the development of professional digital earth supercomputer (gv-hpc) and efficient and flexible intelligent data factory (GV factory), the company will establish a digital earth service system including space-time big data service (DAAS), space-time big data cloud platform service (PAAS) and online digital earth service (SaaS), form a complete geoisonline Online digital earth service operation capability, and realize the localization and replacement of digital earth products, And enhance the global operation service capability and international competitiveness. Geovisonline serves three types of digital earth user scenarios: cloud, edge and end. It aims to achieve more than 200 million registered users by the end of 2028, becoming the largest online digital earth service portal with the best experience for Chinese users. The construction of the project will reduce the customer acquisition cost and marginal delivery cost, enable the company to provide timely and efficient online digital earth services to the market dominated by mass users, build a new business growth curve for the company, and help the transformation and upgrading of the company's business from offline delivery mode to online operation mode.
Investment advice company is the first enterprise engaged in the R & D and industrialization of digital earth products in China. It has a leading position in China's digital earth industry. The geovis Digital Earth software platform with independent core technology has formed an application mode of "data + platform + application", with high degree of product standardization and strong scalability. The company's performance has increased rapidly, the number of orders has increased significantly, the special field is expected to continue to grow, the civil field is expected to continue to expand, and the industrial application space is broad. We are optimistic about the company's core technology advantages and growth prospects.
It is estimated that the company's EPS from 2022 to 2024 will be 1.35/1.76/2.21, and the corresponding PE from 2022 to 2024 will be 45.34x/34.83x/27.76x. Maintain a "recommended" rating.
The risk indicates the risk of intensified competition in the industry; Risks of uncertain macro environment.
