Incident: The company released its 2023 annual report, with revenue of 2,516 billion yuan, an increase of 59.54% over the previous year; net profit to mother was 343 million yuan, an increase of 41.10% over the previous year.
The company released its 2024 quarterly report, with revenue of 419 million yuan, an increase of 56.44% year on year; net profit to mother was 0.2 billion yuan, a decrease of 62.08% year on year.
Revenue is growing rapidly. In 2023, the company's revenue in the special sector was 836 million yuan, up 15.69% year on year; aerospace surveying and operation control was 229 million yuan, up 61.08% year on year; smart government was 742 million yuan, up 106.87% year on year; meteorological ecology was 382 million yuan, up 101.58% year on year; enterprise energy reached 231 million yuan, up 111.74% year on year; online business achieved revenue of 121 million yuan; and other businesses achieved revenue of 75 million yuan.
The launch of the online business is expected to become the company's second growth curve. The company currently has online products such as Star Map Earth Data Cloud and Star Map Earth Today's Image. The “Star Map Earth Today's Image” product uses a new remote sensing data service model using infrastructure such as Earth supercomputers and intelligent data factories to provide a “subscription and push, instant search and use+scene customization” service method. The “Star Map Earth Data Cloud” clouds and services massive spatio-temporal big data, and targets the global public, enterprises, and government users through online preview, cloud calls, and cloud subscriptions.
Low-altitude economic technology continues to break through. The company has been deploying in the low-altitude economy since 2020. In the early stages, it already has a foundation for low-altitude navigation products and projects. The relevant business layout covers major directions such as low-altitude service infrastructure platform product research and development, and low-altitude service ecosystem development, and related industrial ecological construction around low altitude, providing comprehensive solutions for application scenarios in the fields of low-altitude logistics, general aviation transportation, urban management, and public services.
Investment advice: The company's revenue continues to grow rapidly, and remote sensing application scenarios continue to be implemented. The company's EPS is expected to be 1.43\ 1.97\ 2.75 yuan in 2024-2026, respectively, maintaining a “buy” rating.
Risk warning: New business areas fall short of expectations; industry competition intensifies.