华测导航：中小盘信息更新：业绩快速增长，海外市场拓展进入收获期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company has demonstrated rapid growth in performance, with a 22.86% year-on-year increase in revenue to 1.484 billion yuan in the first half of 2024, and a 42.96% increase in net profit attributable to shareholders to 251 million yuan [3]. - The company is expected to maintain its growth trajectory, with projected net profits of 595 million yuan, 759 million yuan, and 950 million yuan for 2024, 2025, and 2026 respectively, corresponding to EPS of 1.09, 1.39, and 1.74 yuan per share [3]. - The company is focusing on expanding its overseas market presence, achieving a 34.98% year-on-year growth in overseas revenue, indicating a successful market expansion strategy [5]. Financial Performance - In the first half of 2024, the company achieved a revenue of 1.484 billion yuan, with a quarterly revenue of 867 million yuan in Q2, reflecting a 24.57% year-on-year growth [3]. - The company’s four major business segments showed steady growth, with revenues of 681 million yuan, 533 million yuan, 191 million yuan, and 79 million yuan, representing year-on-year growth rates of 48.06%, 4.62%, 7.48%, and 29.80% respectively [4]. - The company’s gross margin and net margin improved to 58.44% and 16.50%, respectively, indicating enhanced profitability [4]. Market Expansion - The company has successfully penetrated the overseas market, with domestic and international revenues of 1.039 billion yuan and 445 million yuan, respectively, marking an 18.30% and 34.98% year-on-year increase [5]. - The company’s agricultural machinery autonomous driving products have been sold to 68 countries, showcasing its strong international market presence [5]. - Collaborations with companies in various sectors, including low-speed robotics and logistics automation, further enhance the company’s growth potential in emerging markets [5].