华测导航(300627)：Q4业绩创历史新高 盈利能力持续改善

Core Insights - The company achieved record high performance in Q4, maintaining a buy rating and showing continuous improvement in profitability while looking forward to new business developments [1][2] Financial Performance - In 2024, the company reported revenue of 3.251 billion yuan (up 21.38% year-on-year) and a net profit attributable to shareholders of 583 million yuan (up 29.89% year-on-year) [2] - Q4 revenue reached 983 million yuan (up 15.30% year-on-year, up 25.53% quarter-on-quarter) with a net profit of 194 million yuan (up 16.39% year-on-year, up 39.91% quarter-on-quarter), marking a historical high for the quarter [2] - The company aims for a net profit of 730 million yuan in 2025, representing a growth of approximately 25% [2] - Updated profit forecasts for 2025-2027 project net profits of 735 million yuan, 880 million yuan, and 1.008 billion yuan, respectively, with corresponding EPS of 1.34 yuan, 1.60 yuan, and 1.83 yuan [2] Business Segments - All business segments reported revenue growth, with an overall gross margin improvement to 58.13% (up 1.07 percentage points year-on-year) primarily due to cost reductions from self-developed core components [2] - Revenue by segment includes: - Resources and Public Utilities: 1.425 billion yuan (up 26.41% year-on-year), gross margin 54.71% (down 1.85 percentage points) - Construction and Infrastructure: 1.053 billion yuan (up 8.97% year-on-year), gross margin 68.41% (up 4.55 percentage points) - Geospatial Information: 589 million yuan (up 38.44% year-on-year), gross margin 53.10% (up 6.31 percentage points) - Robotics and Autonomous Driving: 185 million yuan (up 15.53% year-on-year), gross margin 41.95% (down 4.89 percentage points) [2] - Revenue by product includes: - High-precision positioning equipment: 1.334 billion yuan (up 15.02% year-on-year), gross margin 61.46% (up 1.57 percentage points) - System applications and solutions: 1.917 billion yuan (up 26.24% year-on-year), gross margin 55.81% (up 0.91 percentage points) [2] - Revenue by region includes: - Domestic: 2.313 billion yuan (up 18.07% year-on-year), gross margin 50.24% (down 1.36 percentage points) - International: 938 million yuan (up 30.39% year-on-year), gross margin 77.60% (up 5.64 percentage points) [2] Catalysts - Emerging business demands in autonomous driving and robotics are expected to drive future growth [3]