华测导航：2024年半年度业绩点评：业绩增速亮眼，高毛利海外业务占比稳步提升

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company has shown impressive growth in its performance, with a 22.9% year-on-year increase in revenue for H1 2024, reaching 1.48 billion yuan, and a 43.0% increase in net profit attributable to shareholders, amounting to 250 million yuan [2]. - The gross margin for H1 2024 stands at 58.4%, reflecting a slight increase of 0.2 percentage points year-on-year, while the sales net profit margin improved by 2.3 percentage points to 16.5% [2]. - The overseas business revenue reached 450 million yuan in H1 2024, marking a 35% increase, with the gross margin for overseas operations at 67.3%, significantly higher than the domestic segment's 54.6% [2]. - The company is actively promoting new products across four major segments, with notable growth in the resources and public utilities segment, which saw a 48.1% revenue increase to 680 million yuan [2]. - The company has established two foundational platforms for core technologies, enhancing its competitive edge and expanding its global service capabilities [3]. Financial Projections - The company is projected to achieve net profits attributable to shareholders of 590 million yuan, 740 million yuan, and 920 million yuan for the years 2024, 2025, and 2026, respectively [3]. - The current market capitalization corresponds to price-to-earnings ratios of 26, 21, and 17 for the years 2024, 2025, and 2026 [3].