华测导航：国内业务边际向好，业绩增长逐季提速

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][3]. Core Views - The company aims to focus on key investments in areas such as chips, industry-specific intelligent robots, SWAS systems, and unmanned flight control technology in 2024. The target for net profit attributable to shareholders is set at 560 million yuan, representing a year-on-year increase of 25%, which is higher than the profit growth target for 2023 [1][3]. - In the first half of 2024, the company achieved operating revenue of 1.484 billion yuan, a year-on-year increase of 22.86%, and a net profit of 251 million yuan, a year-on-year increase of 42.96% [2][3]. - The company has identified three main growth lines: overseas expansion, low-altitude economy, and intelligentization, with a significant focus on agricultural machinery, deformation monitoring, and core component self-research [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported operating revenue of 867 million yuan, a year-on-year increase of 24.57%, and a net profit of 148 million yuan, a year-on-year increase of 53.28% [2]. - The revenue from the resource and public utilities sector reached 681 million yuan, up 48.06% year-on-year, driven by strong demand for agricultural machinery products [2][3]. - The overall gross margin remained stable, while the net profit margin increased by 2.29 percentage points [2]. Growth Drivers - The overseas market accounted for 27% of the company's revenue in 2023, with a gross margin approximately 20 percentage points higher than the domestic market, indicating significant growth potential [3]. - The development of the low-altitude economy is expected to significantly increase the demand for three-dimensional intelligent devices, which will drive growth in the company's three-dimensional mapping equipment business [3]. - The company is enhancing its capabilities in high-precision positioning, core algorithms, SWAS networks, and cloud services, which are expected to improve user experience and cost control [3]. Profit Forecast - The company is projected to achieve net profits of 610 million yuan, 817 million yuan, and 1.095 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 36%, 34%, and 34% [3].