华测导航：中报快速增长基本面优异，业务边界不断拓展

Investment Rating - The investment rating for the company is "Accumulate" with a target price set at 28.57 CNY, maintaining the current rating [4]. Core Views - The company reported a strong performance in the first half of 2024, with revenue reaching 1.484 billion CNY, a year-on-year increase of 22.86%, and net profit attributable to shareholders of 251 million CNY, up 42.96% year-on-year [1][2]. - The company has shown robust growth in various business segments, particularly in resource and public utilities, which saw a revenue increase of 48.06% year-on-year [1]. - The company is expanding its business boundaries, focusing on high-precision positioning technology and aiming to develop into a platform company [2]. Summary by Sections Financial Performance - The company achieved a revenue of 1.484 billion CNY in H1 2024, with a net profit of 251 million CNY, reflecting a year-on-year growth of 22.86% and 42.96% respectively [1]. - The second quarter alone saw a revenue of 867 million CNY, marking a 24.6% year-on-year increase and a 40.6% quarter-on-quarter increase [1]. - The gross margin slightly increased to 58.44%, while the expense ratio decreased by 2.07 percentage points [1]. Business Segments - Resource and Public Utilities: Revenue of 681 million CNY, up 48.06% YoY, driven by rapid growth in the agricultural machinery automation market [1]. - Construction and Infrastructure: Revenue of 533 million CNY, up 4.62% YoY, with a focus on promoting construction automation products in international markets [1]. - Geographic Information: Revenue of 191 million CNY, up 7.48% YoY, leveraging advanced GNSS and INS technologies [1]. - Robotics and Autonomous Driving: Revenue of 79.39 million CNY, up 29.80% YoY, with several models already in mass production [1]. Market Expansion - Domestic revenue reached 1.039 billion CNY, a growth of 18.30% YoY, while international revenue was 445 million CNY, growing 34.98% YoY [1]. - The company has demonstrated a compound annual growth rate (CAGR) of 62% in international revenue from 2020 to 2023, significantly outperforming industry leader Trimble [1]. Future Outlook - The company is expected to continue its rapid growth in overseas markets over the next 3-5 years, with domestic opportunities in agricultural machinery, 3D navigation, and low-altitude businesses [2]. - Projected net profits for 2024-2026 are estimated at 594 million CNY, 781 million CNY, and 1.013 billion CNY, respectively, with corresponding valuations of 26X, 20X, and 15X [2].