华测导航：24H1业绩稳步增长，高精度导航定位技术赋能多行业应用，助力公司长期发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company has shown steady revenue growth, with a 22.86% year-on-year increase in revenue for the first half of 2024, reaching 1.484 billion yuan, and a 42.96% increase in net profit attributable to shareholders, amounting to 251 million yuan [2][4]. - The company focuses on high-precision navigation and positioning technology, enhancing its applications across multiple industries, which supports its long-term growth [2][4]. - The company has maintained a stable gross profit margin of 58.44% and a net profit margin of 16.5% in the first half of 2024 [2]. Financial Performance - Revenue and profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 3.309 billion yuan, net profit of 567 million yuan, and EPS of 1.04 yuan - 2025: Revenue of 4.116 billion yuan, net profit of 676 million yuan, and EPS of 1.24 yuan - 2026: Revenue of 5.1 billion yuan, net profit of 868 million yuan, and EPS of 1.59 yuan [4][5]. - The company reported a significant increase in R&D expenses, amounting to 242 million yuan in the first half of 2024, which is a 31.28% increase year-on-year, reflecting a commitment to innovation [2][4]. Business Segments - The company’s main revenue contributors are the Resource and Public Utilities sector, which generated 681 million yuan (up 48.06% year-on-year), and the Construction and Infrastructure sector, which generated 533 million yuan (up 4.62% year-on-year) [2]. - The Geospatial Information segment achieved revenue of 191 million yuan (up 7.48% year-on-year), while the Robotics and Autonomous Driving segment generated 79 million yuan (up 29.8% year-on-year) [2]. Market Position - The company is recognized as a leading domestic high-precision satellite navigation enterprise, with ongoing breakthroughs in industry applications expected to drive future growth [4][5].