华测导航：业绩持续提升，海外业务快速发展

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 1.484 billion RMB in Q2 2024, a year-on-year increase of 24.57% and a quarter-on-quarter increase of 40.52% [2] - The company's net profit for H1 2024 reached 251 million RMB, reflecting a year-on-year growth of 42.96% [2] - The overseas business revenue grew by 34.98% year-on-year, with a significantly higher gross margin compared to domestic operations [2] - The company achieved a revenue of 681 million RMB in the resource and public utility sector, marking a 48.06% year-on-year increase [2] - The company holds over 900 proprietary intellectual property rights and more than 100 invention patents, establishing a solid technological foundation for long-term development [2] Summary by Sections Financial Performance - For H1 2024, the company achieved a total revenue of 1.484 billion RMB, a 22.86% increase year-on-year, and a net profit of 251 million RMB, a 42.96% increase year-on-year [2] - The projected revenues for 2024-2026 are 3.429 billion RMB, 4.391 billion RMB, and 5.593 billion RMB, respectively, with corresponding net profits of 588 million RMB, 754 million RMB, and 951 million RMB [2][5] Business Segments - The company reported a revenue of 533 million RMB from the construction and infrastructure sector, a 4.62% year-on-year increase [2] - The geographic information segment generated 191 million RMB in revenue, reflecting a 7.48% year-on-year increase [2] - The autonomous driving segment achieved a revenue of 79 million RMB, a 29.80% increase year-on-year [2] Research and Development - The company continues to increase R&D investment to enhance its core technology barriers and product competitiveness [2] - The focus on high-precision navigation and positioning technology has positioned the company as a leader in the high-precision satellite navigation industry [2]