华测导航：海外盈利能力持续提升，地信板块成为新引擎-20250427

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company's overseas profitability continues to improve, with the geographic information segment becoming a new growth engine [4] - In 2024, the company achieved a revenue of 3.251 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, a year-on-year increase of 29.89%, exceeding the 2023 target of 560 million yuan [4][5] - The company aims for a net profit target of 730 million yuan in 2025, representing a year-on-year growth of approximately 25% [4] Revenue Structure - In 2024, the revenue breakdown was as follows: - Resources and Public Utilities: 1.425 billion yuan (43.84%, +26.41%) - Construction and Infrastructure: 1.053 billion yuan (32.38%, +8.97%) - Geographic Information: 589 million yuan (18.10%, +38.44%) - Robotics and Autonomous Driving: 185 million yuan (5.68%, +15.53%) - The resources and public utilities segment is the main growth driver, while construction and infrastructure serve as the stable business [5] Profitability - The company's overall gross margin in 2024 was 58.13%, with the following margins by segment: - Construction and Infrastructure: 68.41% - Resources and Public Utilities: 54.71% - Geographic Information: 53.10% - Robotics and Autonomous Driving: 41.95% - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth [6] Domestic and Overseas Business Performance - Domestic revenue in 2024 was 2.313 billion yuan, a year-on-year increase of 18.07%, outperforming the industry average [7] - Overseas revenue reached 938 million yuan, a year-on-year increase of 30.39%, with significant growth potential in international markets [7] Financial Forecast - The company’s projected net profits for 2025-2027 are as follows: - 2025: 756 million yuan - 2026: 1 billion yuan - 2027: 1.307 billion yuan - Corresponding EPS for these years are estimated at 1.38, 1.82, and 2.38 yuan respectively [9]