华测导航（300627）：2024年报点评：又是一年风起时，北斗巨龙起新程

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 3.25 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [4] - The company aims for a net profit target of 730 million yuan in 2025, representing a 25% year-on-year growth [2][10] - The report highlights significant improvements in overseas business gross margins, driven by self-research of core components and an increase in the proportion of high-end products [2][10] Financial Performance - The company reported a Q4 2024 operating revenue of 983 million yuan, a year-on-year increase of 15.30%, and a net profit of 194 million yuan, up 16.39% year-on-year [4] - Revenue from the resource and public utility sector reached 1.43 billion yuan, a year-on-year increase of 26.41% [10] - The geographical revenue breakdown shows domestic revenue of 2.31 billion yuan, up 18.07% year-on-year, and overseas revenue of 940 million yuan, up 30.39% year-on-year, accounting for approximately 29% of total revenue [10] Business Segments - The company is focusing on four main growth areas: overseas expansion, three-dimensional intelligence, precision agriculture, and intelligent driving [10] - The precision agriculture segment has expanded from controlling agricultural machinery to controlling tools, further broadening application scenarios [2][10] - The passenger vehicle business has progressed smoothly, with a delivery volume reaching 300,000 units [2] Research and Development - R&D expenses for 2024 were 469 million yuan, a year-on-year increase of 1.49%, accounting for 14.43% of total revenue [10] - The company is developing a new generation of self-researched high-precision navigation components, which are expected to be launched soon [10] Future Outlook - The company is expected to achieve net profits of 747 million yuan, 938 million yuan, and 1.18 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 26% [10] - The projected valuation for the company is 30x, 24x, and 19x for the years 2025, 2026, and 2027, respectively [10]