华测导航（300627）：2024年年报点评：海外市场增长显著，“北斗+”持续赋能产业发展

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 geographical information, resources, and public utilities sectors showed strong growth, with overseas markets expanding significantly [1] - The high-precision positioning market is thriving, with the domestic satellite navigation and positioning service industry reaching a total output value of 536.2 billion yuan in 2023, growing by 7.09% compared to 2022 [2] - The company has made breakthroughs in the autonomous driving and robotics sectors, establishing partnerships with major companies and achieving significant production milestones [3] Summary by Sections Financial Performance - In 2024, the resources and public utilities sector generated 1.425 billion yuan in revenue, up 26.41% year-on-year, while the geographical information sector achieved 589 million yuan, up 38.44% year-on-year [1] - The company's gross margin improved from 57.77% in 2023 to 58.13% in 2024, reflecting enhanced profitability [1] Market Outlook - The report forecasts that the company's net profit attributable to shareholders will reach 734 million yuan in 2025, 928 million yuan in 2026, and 1.183 billion yuan in 2027, with corresponding PE multiples of 31x, 24x, and 19x [4] - The overseas market is expected to continue providing growth opportunities, while the autonomous driving sector is anticipated to contribute to higher growth rates [3] Industry Trends - 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] - The integration of Beidou's spatial data is expected to enhance digital applications across various industries, promoting the transformation and upgrading of traditional sectors [2]