华测导航：国内业务稳中向好，海外市场加速开拓

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company achieved a revenue of 1.48 billion yuan in the first half of 2024, representing a year-on-year growth of 22.9%, and a net profit of 250 million yuan, up 43% year-on-year [1][5] - The company has shown strong growth in both domestic and overseas markets, with overseas business revenue reaching 445 million yuan, accounting for 30% of total revenue [1][8] - The company maintains a robust gross margin of 58.4% and a net margin of 16.5%, benefiting from effective cost control [1][5] Financial Performance - The company’s revenue is projected to grow from 3.33 billion yuan in 2024 to 4.82 billion yuan in 2026, with a compound annual growth rate (CAGR) of 24.2% [2][9] - Net profit is expected to increase from 566 million yuan in 2024 to 846 million yuan in 2026, reflecting a CAGR of 26.1% [2][9] - The earnings per share (EPS) is forecasted to rise from 1.04 yuan in 2024 to 1.55 yuan in 2026 [2][9] Market Expansion - The company is actively expanding its overseas market presence, establishing a strong dealer network in eight countries/regions, including Hungary and Singapore [1][8] - The overseas business has a gross margin of 67%, contributing significantly to profit growth [1][8] - The company is well-positioned to leverage opportunities in satellite navigation for automotive and low-altitude economy sectors [1][8]