\u3000\u3 Guocheng Mining Co.Ltd(000688) 568 Geovis Technology Co.Ltd(688568) )
Event: the company released its 2021 annual report. In 2021, it realized an operating 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 deduction was 150 million yuan, with a year-on-year increase of 22.04%.
The performance is in line with expectations. The gross profit margin of the company was 49.48%, down 5.13 percentage points compared with the same period last year. The sales expense ratio was 9.63%, an increase of 0.32 percentage points compared with the same period last year; The management fee rate was 9.39%, an increase of 0.66 percentage points compared with the same period last year; The R & D expense rate was 13.66%, an increase of 1.02 percentage points compared with the same period last year.
The remote sensing industry has a high growth rate. In terms of the number of satellites launched, 1336 satellites were launched worldwide in 2021, of which China Aerospace has carried out 55 space launch missions, reaching “50 +” for the first time and ranking first in the world. From the perspective of industry measurement, the emergency industry has become the growth point of the industry, and many industries such as special fields, marine, ecological environment, forestry and agriculture still have large development space. The company’s newly released product geovis6 can match the growth measured by the industry.
We will speed up the construction of a digital planet. The company recently released a refinancing plan. The issuance object of this issuance is no more than 35 specific investors, and the total amount of funds raised is no more than RMB 1.55 billion, mainly invested in the construction project of geovis online online digital earth. As a domestic alternative product of online digital earth, geovis online aims to build an online digital earth platform oriented to the mass market, provide Chinese users with high-quality online digital earth service experience, and initially form a global operation and service capability.
Investment suggestion: the company is a leading enterprise in the field of remote sensing in China. It is estimated that the EPS of the company will be 1.58/2.37/3.37 yuan from 2022 to 2024, maintaining the buy rating.
Risk warning: the expansion of enterprises and industries is not as expected; Industry competition intensifies.
