华测导航2024年业绩快报点评：业绩基本符合预期，关注海外市场持续增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [3]. Core Insights - The company has shown a strong performance in its 2024 preliminary financial results, with total revenue reaching 3.216 billion yuan, a year-on-year increase of 20.07%. The net profit attributable to shareholders was 574 million yuan, up 27.82% year-on-year [1][2]. - The growth in revenue and profit is attributed to the company's active expansion in overseas markets, which is expected to be a major source of growth moving forward. The overseas revenue growth rate was 34.98%, with overseas revenue accounting for over 30% of total revenue by the first half of 2024 [1][2]. - The company is focusing on enhancing its brand influence and product competitiveness through increased R&D investment, which is expected to support rapid business expansion across various industry markets [1]. Financial Summary - For 2024, the company reported a net cash flow from operating activities of 627 million yuan, a 40.79% increase from the previous year. Total assets at the end of 2024 were 5.109 billion yuan, up 15.80% from the beginning of the year [2]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.052 yuan, reflecting a 25.99% increase year-on-year. The forecast for net profit attributable to shareholders for 2025 and 2026 is approximately 740 million yuan and 935 million yuan, respectively [3][5].