华测导航深度报告：北斗高精定位应用龙头，出海打开新的空间

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the coming months [7][113][126]. Core Insights - The company is a leading player in the domestic high-precision satellite navigation industry, focusing on core technologies and solutions since its establishment in 2003 [4][18]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 27.78% in revenue and 34.58% in net profit from 2014 to 2023 [4][33]. - The overseas business has been growing significantly, with a revenue increase of 34.98% in the first half of 2024, contributing over 30% to total revenue [4][92]. - The high-precision navigation market in China is expected to reach a scale of 126.34 billion yuan by 2028, indicating substantial growth potential [4][66]. Summary by Sections Company Overview - The company focuses on high-precision navigation positioning technology and has developed a comprehensive range of products and solutions across four main sectors: construction and infrastructure, geographic spatial information, resources and public utilities, and robotics and autonomous driving [4][18][24]. Financial Performance - In the first half of 2024, the company achieved revenue of 1.484 billion yuan and a net profit of 251 million yuan, representing year-on-year growth rates of 22.86% and 42.96%, respectively [4][33]. - The resource and public utility sector is the largest revenue contributor, accounting for 45.89% of total revenue in the first half of 2024, with a growth rate of 48.06% [4][36][104]. Market Trends - The overall market for satellite navigation and positioning services in China reached 536.2 billion yuan in 2023, with a growth rate of 7.09% compared to 2022 [58]. - The high-precision satellite navigation market has seen significant growth, with the market value increasing from 2.3 billion yuan in 2012 to 21.4 billion yuan in 2023 [66]. Growth Drivers - The agricultural machinery autonomous driving system market is expected to grow rapidly, with projected sales of 164,300 units and 190,600 units in 2024 and 2025, respectively [4][77]. - The company has a strong position in the domestic agricultural machinery autonomous driving market, ranking second with a market share of 13.98% in 2023 [6][96]. Technological Leadership - The company maintains a high research and development expense ratio, consistently above 16% over the past three years, which has led to the development of proprietary technologies and algorithms [4][87]. - The company has developed a new generation of GNSS chips, which are expected to significantly enhance its self-sufficiency and potentially create new business models [4][86]. Future Outlook - The company is expected to benefit from the growth of the high-precision navigation industry and its expansion into overseas markets, with projected net profits of 585 million yuan, 740 million yuan, and 935 million yuan for 2024, 2025, and 2026, respectively [7][113].