华测导航：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-20250422

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a robust revenue growth of 21.38% year-on-year, reaching 3.251 billion yuan in 2024, with a net profit of 583 million yuan, reflecting a 29.89% increase [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 from 2025 to 2027 is 759 million yuan, 951 million yuan, 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 generated revenue of 3.251 billion yuan, with a gross margin of 58.13% and a net margin of 17.94%, showing improvements in profitability [5] - The company’s revenue from domestic and international markets was 2.313 billion yuan and 938 million yuan respectively, with year-on-year growth of 18.07% and 30.39% [5] - R&D expenses amounted to 469 million yuan, focusing on high-precision positioning chips and autonomous driving products [5] Business Expansion - The company has strengthened its market position in agricultural machinery autonomous driving and disaster monitoring equipment, with over 80,000 units deployed [6] - New business opportunities are being explored in the low-altitude economy and autonomous driving sectors, with partnerships established across various applications [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]