华测导航（300627）：24年业绩稳健增长，盈利能力持续强化

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the coming months [7]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 3.251 billion yuan in 2024, representing a year-over-year increase of 21.38%, and a net profit of 583 million yuan, up 29.89% year-over-year [1]. - The company is positioned as a leading high-precision navigation service provider with accelerated global expansion plans, expecting net profits of 777 million yuan, 1.006 billion yuan, and 1.273 billion yuan for 2025, 2026, and 2027, respectively [7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.251 billion yuan (yoy +21.38%) and a net profit of 583 million yuan (yoy +29.89%), with a basic earnings per share of 1.07 yuan (yoy +28.02%) [1]. - The fourth quarter of 2024 saw a revenue of 983 million yuan (yoy +15.30%) and a net profit of 194 million yuan (yoy +16.39%) [1]. Industry Segmentation - The resource and public utilities sector reported a revenue of 1.425 billion yuan (yoy +26.41%), driven by strong sales of agricultural machinery automation systems [2]. - The geographic information sector achieved a revenue of 589 million yuan (yoy +38.44%), benefiting from successful overseas market expansion [2]. - The construction and infrastructure sector generated 1.053 billion yuan (yoy +8.97%), with global sales of RTK products exceeding 100,000 units [2]. - The robotics and autonomous driving sector reported a revenue of 185 million yuan (yoy +15.53%), with cumulative deliveries of passenger vehicle-grade products surpassing 300,000 sets [2]. Cost and Efficiency - The company's expense ratio for 2024 was 41.12% (yoy -3.19pct), with a sales expense ratio of 18.45% (yoy -1.29pct) and a management expense ratio of 7.92% (yoy +0.56pct) [3]. - Research and development expenses for 2024 were 469 million yuan (yoy +1.49%), maintaining a high level of investment in strategic projects [3]. Cash Flow and Profitability - The operating cash flow for 2024 reached 659 million yuan (yoy +47.99%), reflecting improved internal management of receivables, inventory, and payables [3]. - The company achieved a gross margin of 58.13% (yoy +0.36pct) and a net margin of 17.94% (yoy +1.37pct) in 2024, driven by cost reduction strategies and optimized product design [6]. Market Performance - The company’s stock price is currently at 40.85 yuan, with a market capitalization of 22.4 billion yuan [3]. - The report indicates a strong performance relative to the market, with a 12-month absolute performance of 59% [5].