华测导航（300627）：跟踪报告之四：业绩稳步增长，海外市场打开空间

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved 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 aims for a net profit of 730 million yuan in 2025, a growth of approximately 25% compared to the previous year [1] - The first quarter of 2025 is projected to yield a net profit of 135 to 143 million yuan, reflecting a year-on-year increase of 30.99% to 38.75% [1] - The company operates in four major sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving, all of which are part of trillion-yuan global markets [2] - The international market revenue reached 938 million yuan in 2024, marking a significant year-on-year growth of 30.39% [2] - The company has established a strong overseas dealer network and an international product development and marketing team to expand its market share [2] - Continuous R&D investment has created effective technological barriers, enhancing the company's core competencies in high-precision GNSS algorithms and related technologies [3] - The profit forecast for 2025-2026 has been adjusted upwards, with net profit estimates of 740 million yuan and 925 million yuan respectively, reflecting increases of 5% and 9% [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.251 billion yuan, with a growth rate of 21.38% [4] - The net profit attributable to shareholders was 583 million yuan, with a growth rate of 29.89% [4] - The company expects to achieve a net profit of 740 million yuan in 2025, with a growth rate of 26.87% [4] Revenue Breakdown - The resources and public utilities sector generated 1.425 billion yuan in revenue, up 26.41% year-on-year [2] - The construction and infrastructure sector reported revenue of 1.053 billion yuan, an increase of 8.97% [2] - The geographic information sector saw revenue of 589 million yuan, growing by 38.44% [2] - The robotics and autonomous driving sector achieved revenue of 185 million yuan, up 15.53% [2] Profitability and Valuation - The company’s projected P/E ratios for 2025-2027 are 30, 24, and 20 respectively [3] - The estimated EPS for 2025 is 1.35 yuan, with a projected ROE of 18.59% [4][11]