Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company achieved a total revenue of 3.25 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 [6]. - The company aims for a net profit of 730 million yuan in 2025, which is approximately a 25% increase from the previous year [6]. - The gross margin for 2024 was 58.1%, showing a gradual upward trend due to cost optimization strategies [6]. - The geographic information (Geo-information) segment showed significant growth, with a revenue increase of 38.4% year-on-year [6]. - The company is expanding its overseas business, which accounted for 28.8% of total revenue in 2024, with a high gross margin of 77.6% [6]. Financial Summary - Projected total revenue for the company is expected to reach 4.04 billion yuan in 2025, with a year-on-year growth rate of 24.4% [5]. - The net profit attributable to shareholders is forecasted to be 750 million yuan in 2025, reflecting a growth rate of 28.5% [5]. - The company's return on equity (ROE) is projected to increase to 19.2% in 2025 [5]. - The price-to-earnings (PE) ratio is expected to be 30 for 2025, indicating a favorable valuation compared to historical performance [5].
华测导航(300627):稳健高质量增长,地信板块表现亮眼