华测导航（300627）：公司信息更新报告：2024全年业绩稳健增长，海外市场打开成长空间

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] 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 [4] - The company is a leading domestic high-precision satellite navigation positioning enterprise with core technology advantages and continuous market expansion [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 759 million, 951 million, and 1.194 billion yuan respectively, with corresponding EPS of 1.38, 1.73, and 2.17 yuan per share [4] Financial Performance - In 2024, the company achieved a gross margin of 58.13% and a net margin of 17.94%, with improvements of 0.36 and 1.37 percentage points year-on-year respectively [5] - The company’s revenue from various application sectors includes 1.425 billion yuan from resources and public utilities, 1.053 billion yuan from construction and infrastructure, 589 million yuan from geographic information, and 185 million yuan from robotics and autonomous driving, with year-on-year growth rates of 26.41%, 8.97%, 38.44%, and 15.53% respectively [5] - The company’s R&D investment reached 469 million yuan, focusing on high-precision positioning chips and autonomous driving products [5] Market Expansion - The company has seen significant growth in overseas markets, with revenue from international operations reaching 938 million yuan, a year-on-year increase of 30.39% [5] - The company is actively expanding its applications in high-precision positioning technology, with notable achievements in agricultural machinery autonomous driving and disaster monitoring equipment [6] - The company has established partnerships in various sectors, including low-speed robotics and logistics, indicating a broad market potential [6] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 4.218 billion yuan, with a year-on-year growth of 29.7% [7] - The projected P/E ratios for 2025, 2026, and 2027 are 29.5, 23.6, and 18.8 respectively [7] - The company’s return on equity (ROE) is expected to increase from 16.6% in 2024 to 19.3% in 2027 [9]