华测导航：积极拓展各行业市场，基本面优异中报快速增长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.42 RMB [4] - The company's 6-month rating is "Overweight" (maintained) [4] Core Views - The company's overseas revenue is growing rapidly, with a strong performance in the first half of the year [3] - The company's net profit attributable to the parent company for 2024H1 is expected to be 243-254 million RMB, a YoY increase of 38.27%-43.96% [1] - Non-GAAP net profit attributable to the parent company is expected to be 202-212 million RMB, a YoY increase of 28.87%-35.25% [1] - The company's revenue has grown 10x over the past 10 years, with the lowest growth rate being 17% [5] - The company has consistently invested in R&D, with an R&D expense ratio of over 17% since 2021 [5] Financial Projections - Revenue for 2024E is projected to be 3,578.48 million RMB, with a growth rate of 33.61% [7] - Net profit attributable to the parent company for 2024E is expected to be 594.23 million RMB, a YoY increase of 32.30% [7] - EPS for 2024E is projected to be 1.09 RMB per share [7] - The company's P/E ratio for 2024E is estimated at 27.93x [7] Industry and Market Expansion - The company is actively expanding into various industries, with strong growth in the agricultural machinery sector [14] - The company's overseas revenue has a CAGR of 62% from 2020-2023, significantly outperforming industry leader Trimble [14] - The company is well-positioned to benefit from the rapid development of satellite navigation applications in emerging fields such as drones, unmanned ships, and autonomous driving [2][6] - The company has secured contracts with several automakers, including NIO, Lotus, and Great Wall, for its combined navigation terminals, which are expected to benefit from the growth of autonomous driving [6] Technological Advancements - The company is focusing on high-precision positioning chips, modules, intelligent robots, flight control technology, and global SWAS wide-area augmentation systems [5] - The company's products, such as the BB4 quadcopter drone and P330 Pro electric vertical take-off and landing fixed-wing drone, are widely used in geological surveys, 3D mapping, and digital twin applications [15] Financial Health - The company's total assets are projected to grow from 4,017.56 million RMB in 2022 to 7,785.08 million RMB in 2026E [21] - The company's debt-to-asset ratio is expected to remain stable, ranging from 31.02% in 2023 to 36.62% in 2026E [21] - The company's ROE is projected to increase from 14.26% in 2022 to 20.66% in 2026E [21]