华测导航：业绩偏预告上限，应用市场持续拓展

Investment Rating - The report maintains a "Buy" rating for the company [1][2][5] Core Insights - The company has achieved revenue and profit growth exceeding expectations, with a significant expansion in application markets. The revenue for the first three quarters of 2024 reached 2.268 billion yuan, a year-on-year increase of 24.22%, while the net profit attributable to shareholders was 390 million yuan, up 37.84% year-on-year [1][2] - The company is positioned as a leader in high-precision navigation and positioning, providing hardware and solutions across various scenarios. It is gradually expanding into new business models such as SaaS subscription services, which are expected to enhance profitability [2][4] - The report projects net profits for 2024, 2025, and 2026 to be 596 million yuan, 774 million yuan, and 988 million yuan respectively, with corresponding EPS of 1.09 yuan, 1.41 yuan, and 1.80 yuan [2][4] Financial Summary - Revenue (in million yuan): - 2022: 2,236 - 2023: 2,678 - 2024E: 3,358 - 2025E: 4,419 - 2026E: 5,741 - Year-on-year growth rates: - 2023: 20% - 2024E: 25% - 2025E: 32% - 2026E: 30% [1][4] - Net Profit (in million yuan): - 2022: 361 - 2023: 449 - 2024E: 596 - 2025E: 774 - 2026E: 988 - Year-on-year growth rates: - 2023: 24% - 2024E: 33% - 2025E: 30% - 2026E: 28% [1][4] - Key Financial Ratios: - P/E ratios are projected to decrease from 44.3 in 2023 to 20.1 in 2026 - P/B ratios are expected to decline from 6.6 in 2023 to 3.9 in 2026 [1][4] Market Position and Growth Drivers - The company benefits from the continuous expansion of its products and solutions in various industries, including resources and public utilities, and geographic information. The overseas revenue is also experiencing rapid growth, with a 34.98% year-on-year increase in the first half of 2024 [1][2] - The company maintains a strong growth momentum in emerging business areas, particularly in agricultural machinery automation and deformation monitoring, which are supported by significant government investments [1][2] - The report highlights the company's focus on enhancing its core technology capabilities and self-sufficiency in high-precision components, which is expected to further strengthen its competitive position in the market [2][4]