华测导航：2024年年报点评：海外市场增长显著，“北斗+”持续赋能产业发展-20250419

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company reported a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [1] - The company's overseas market revenue reached 938 million yuan, growing by 30.39% year-on-year, while domestic revenue was 2.313 billion yuan, an increase of 18.07% [1] - The gross margin improved from 57.77% in 2023 to 58.13% in 2024, indicating enhanced profitability [1] - The high-precision positioning market is experiencing robust growth, with the overall output value of China's satellite navigation and positioning service industry reaching 536.2 billion yuan in 2023, a 7.09% increase from 2022 [2] - The company has established partnerships in the autonomous driving and robotics sectors, becoming a designated supplier for several automotive manufacturers, with cumulative deliveries exceeding 300,000 units [3] - Future profit forecasts for the company suggest net profits of 734 million yuan, 928 million yuan, and 1.183 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE multiples of 31x, 24x, and 19x [4] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 3.251 billion yuan, with a projected revenue growth rate of 21.4% for 2025 [4] - The net profit attributable to shareholders is expected to grow to 734 million yuan in 2025, reflecting a growth rate of 25.8% [4] Market Trends - The high-precision application terminal sales in China reached nearly 2.8 million units in 2023, with over 80% utilizing domestic high-precision chips or modules [2] - The sales revenue of high-precision related products has grown from 1.1 billion yuan in 2010 to approximately 21.4 billion yuan in 2023, with a compound annual growth rate exceeding 25% [2] Strategic Developments - The company is leveraging its core technology in navigation algorithms to meet the demands of high-precision navigation in various applications, including autonomous driving and intelligent logistics [3] - Collaborations with major companies such as JD.com and Huawei in the autonomous driving sector are expected to drive future growth [3]