华测导航：公司半年报点评：利润落预期上限，资源与公共事业/海外市场共创佳绩

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 1.484 billion yuan for H1 2024, representing a year-on-year increase of 22.86%, and a net profit attributable to shareholders of 251 million yuan, up 42.96% year-on-year, exceeding the forecast [4][5] - The company is focusing on overseas markets, which have shown a compound annual growth rate of over 50% in revenue over the past three years, and is expected to drive future growth [5][6] - The report highlights the company's strong performance in the resource and public utility sector, which generated 681 million yuan in revenue, a year-on-year increase of 48.06% [5] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 58.44%, slightly up by 0.36 percentage points year-on-year [4] - The company’s R&D investment reached 242 million yuan, an increase of 31.28% year-on-year, indicating a commitment to innovation [5] - The forecast for revenue from 2024 to 2026 is 3.405 billion yuan, 4.356 billion yuan, and 5.555 billion yuan respectively, with net profits projected at 583 million yuan, 747 million yuan, and 957 million yuan [6][8] Business Segment Analysis - The resource and public utility segment reported revenue of 681 million yuan, with a gross margin of 57.96% [5] - The geographic information segment generated 191 million yuan in revenue, with a gross margin of 48.48%, reflecting a slowdown in growth [5] - The robotics and autonomous driving segment saw revenue of 79 million yuan, up 29.80% year-on-year, although its gross margin decreased to 37.25% [5] Regional Performance - Revenue from overseas markets was 445 million yuan, a year-on-year increase of 34.98%, with a gross margin of 67.29% [5] - Domestic market revenue reached 1.039 billion yuan, up 18.3% year-on-year, with a gross margin of 54.64% [5] Profitability Forecast - The company expects to maintain a gross margin around 57.6% to 57.2% from 2024 to 2026 [8] - The net profit margin is projected to be around 17.1% for the next few years, indicating stable profitability [8]