\u3000\u3 Guocheng Mining Co.Ltd(000688) 568 Geovis Technology Co.Ltd(688568) )
Both revenue and profit increased rapidly. The company's revenue was 1.04 billion yuan, a year-on-year increase of 48%, the net profit attributable to the parent was 220 million yuan, a year-on-year increase of 49.4%, and the deduction of non attributable to the parent was 150 million yuan, a year-on-year increase of 22%. In the fourth quarter, the revenue reached 460 million, a year-on-year increase of 18.5%, the net profit attributable to the parent was 170 million, a year-on-year increase of 43.5%, and the deduction of non attributable to the parent was 120 million, a year-on-year increase of 13.6%. From the revenue side, the company's main revenue comes from special fields, realizing a revenue of 550million yuan, a year-on-year increase of about 14%, accounting for 53% of the revenue. At the same time, the company has increased the expansion of civil fields, and has expanded in different degrees in the fields of municipal administration, meteorology and ocean, enterprise energy management and aerospace. From the profit side, the gross profit margin of the company decreased by 5 points year-on-year, mainly due to the decrease of 6.2 percentage points in the gross profit margin of special fields, and the sales / management / R & D / financial expense ratio decreased by 0.3, increased by 0.7, increased by 1 and decreased by 0.9 percentage points respectively, which remained relatively stable on the whole.
The industry maintained a high boom and the company fully benefited. With the development of the whole industry, due to the great improvement of remote sensing data in time resolution and spatial resolution, downstream applications are in an explosive state, and the demand for remote sensing applications in special fields is also gradually increasing, such as navigation map making, global topographic mapping, digital battlefield system construction, investigation application construction, etc. According to the military budget released by the two sessions, the growth rate of military expenditure in 22 years is expected to be 7.1% to reach 1.45 trillion, which has increased year-on-year for three consecutive years, and the growth rate has exceeded 7% for the first time since 2019. The company will fully benefit from the growth of military expenditure. At the same time, from the perspective of the company's inventory, it has increased from 100 million in 20 years to 170 million in 21 years. On the one hand, due to more business opportunities, the company has increased the preparation of goods, on the other hand, due to the increase of the company's contract performance cost, which also verifies the high prosperity of the industry.
Human efficiency indicators continued to rise, and fixed growth was promoted in an orderly manner. The company invested 140 million in R & D in 21 years, with a year-on-year increase of 60%, accounting for 15.3% of revenue. At the same time, with Beidou grid code as the core, the company developed a new generation of digital earth geovis 6, made obvious product progress, and realized the independent control of digital earth base. The company's human efficiency indicators are steadily improving, and the per capita income and per capita profit are 94.5200000 yuan respectively, which continues to improve year-on-year. The rise of human efficiency indicators is expected to further expand the company's large-scale advantages. At the same time, the company issued a fixed increase plan during the reporting period, which will raise 1.55 billion yuan to develop the geovis online online digital earth project. At present, it is advancing in an orderly manner. In the future, it is expected to charge C-end and b-end customers and open up growth space.
Risk warning: industry competition intensifies; Decline in demand in special fields; The expansion of civil areas was less than expected.
Investment suggestion: for the first time, give a "buy" rating.
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 309 / 4.25/581 million yuan, with a year-on-year growth rate of 40.1 / 37.6 / 36.8%; Diluted EPS = 1.4/1.93/2.64 yuan, and the current share price corresponds to PE = 43.6/31.7/23.2x. The company is the leader of military remote sensing informatization and gives a "buy" rating.
