2023 年，公司稳步推进集团化、开启生态化，通过设计和推进“赛马”机制，有效激励各赛道公司积极进取，拓展各细分市场。特种领域/航天测运控/智慧政府/气象生态/企业能源营收分别为8.36/2.29/7.42/3.82/2.31 亿元，同比增长15.69%/61.08%/106.87%/101.58%/111.74%。Incidents:
Zhongke Xingtu released its 2023 annual report. In 2023, the company achieved revenue of 2,516 billion yuan, a year-on-year increase of 59.54%; net profit to mother was 343 million yuan, an increase of 41.10%; net profit after deducting non-return to mother was 230 million yuan, an increase of 37.00%; and gross margin was 48.33%, a year-on-year decrease of 0.53 pcts. Looking at a single quarter, the company achieved revenue of 1,116 billion yuan in the fourth quarter, up 48.98% year on year; net profit to mother of 239 million yuan, up 39.57% year on year; net profit after deducting non-return to mother was 174 million yuan, up 28.23% year on year; and gross margin was 47.75%, up 0.02 pct year on year.
First growth curve The business is developing steadily and rapidly
In 2023, the company will steadily promote groupings and start ecology. Through the design and promotion of the “horse racing” mechanism, the company effectively encouraged all racetrack companies to forge ahead and expand various market segments. The energy revenue of special fields/space surveying and operation control/smart government/meteorological ecology/enterprise energy was 8.36/2.29/7.42/3.82/231 million yuan respectively, up 15.69%/61.08%/106.87%/101.58%/111.74% year-on-year.
Second growth curve The business entered the harvest stage early
In 2023, the company's second growth curve business received 20,914 certified individual developers and 21,192 enterprise certified developers. The developers built 13,769 active ecological applications based on the digital Earth's online capabilities, reaching a total of 45.55 million end users, achieving revenue of 208.041 million yuan, completing the verification of the second growth curve scenario, and entering the harvesting stage ahead of schedule.
Low-altitude economic policies have been released intensively, and the company already has a business layout
On March 27, 2024, four departments including the Ministry of Industry and Information Technology jointly issued the “Implementation Plan for Innovative Application of General Aviation Equipment (2024-2030)”, which clearly encourages leading enterprises to explore and form a business model integrating product development, scenario construction, and demonstration operation in emerging application fields such as no human flow and urban air traffic. The company began deploying in the field of low-altitude economy in 2020, and already has a foundation for low-altitude navigation products and projects. The relevant business layout covers the main directions of low-altitude service infrastructure platform product research and development and development, and provides comprehensive solutions for low-altitude logistics and other application scenarios.
Profit Forecasts, Valuations, and Ratings
Considering the company's deep segmentation circuit and organic integration of multiple growth curves, we expect the company's 2024-2026 revenue to be 38.56/57.52 billion yuan, respectively, with year-on-year growth rates of 53.28%/49.18%/41.73%, and net profit to mother of 4.80/6.47/870 billion yuan respectively, 40.26%/34.43% year-on-year growth rates, respectively, EPS of 1.32/1.77/2.39 yuan/share, and 3-year CAGR of 36.43 %. Since the company is a pioneer and leading enterprise in the development and industrialization of digital Earth products in China, it is expected to benefit from a low-altitude economy business layout. Referring to comparable company valuations, we will give the company 50 times PE in 2024, with a target price of 65.88 yuan, maintaining a “buy” rating.
Risk warning: Risk of changes in industry policies, downstream demand falling short of expectations, civil market development falling short of expectations, etc.