华测导航(300627)2025年半年报点评：海外布局加速 2025H1业绩稳步增长

Core Viewpoint - The company reported steady growth in its H1 2025 performance, with total revenue reaching 1.83 billion yuan, a year-on-year increase of 23.5%, and a net profit attributable to shareholders of 330 million yuan, up 29.9% [1][2] Financial Performance - Total revenue for H1 2025 was 1.83 billion yuan, with a net profit of 330 million yuan, and a non-recurring net profit of 300 million yuan, reflecting growth rates of 23.5%, 29.9%, and 41.8% respectively [1] - Q2 2025 revenue was 1.04 billion yuan, showing a year-on-year growth of 20.4%, while net profit for the same period was 184 million yuan, up 24.0% [2] - The company's gross margin for H1 2025 was 58.1%, a slight decrease of 0.3 percentage points year-on-year [2] - The net profit margin for H1 2025 improved to 17.8%, an increase of 0.88 percentage points year-on-year [2] Cost and Investment - R&D expenses for H1 2025 were 270 million yuan, representing a year-on-year increase of 10.1%, with an R&D expense ratio of 14.6% [2] - The management expense ratio decreased to 6.3%, down 1.1 percentage points year-on-year, while the sales expense ratio increased to 20.4%, up 0.89 percentage points [2] Business Segments - The company’s four major business segments showed growth, with the geographic information business growing significantly by 87.6% to 360 million yuan [3] - The resource and public utilities segment generated 700 million yuan, a growth of 3.1%, while the construction and infrastructure segment achieved 660 million yuan, up 23.7% [3] - The robotics and autonomous driving segment reported revenue of 110 million yuan, a year-on-year increase of 43.8% [3] Market Position and Expansion - The company has a robust national marketing system and a strong overseas dealer network, with branches in 12 countries/regions [3] - Overseas revenue accounted for 32.8% of total revenue, reaching 600 million yuan, a growth of 35.1% year-on-year [3] Investment Outlook - The company is positioned to benefit from the growing trend of high-precision satellite navigation services, with projected net profits of 760 million yuan, 990 million yuan, and 1.29 billion yuan for 2025-2027, corresponding to growth rates of 30.4%, 30.7%, and 29.3% [4] - A target price of 43.8 yuan is set based on a 45 times PE ratio for 2025, maintaining a "strong buy" rating [4]