华测导航：高精定位龙头企业，低空打开新空间

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][3]. Core Insights - The company is a leading player in high-precision positioning, focusing on satellite navigation and related solutions since its establishment in 2003. Its main products include high-precision GNSS receivers, measurement systems, GIS, drone navigation, and autonomous driving applications, serving industries such as surveying, agriculture, construction, transportation, and defense [2][19]. - In 2023, the company reported revenues and net profits of 2.678 billion yuan and 449 million yuan, respectively, representing year-on-year growth of 19.77% and 24.32%. For the first half of 2024, revenues and net profits reached 1.484 billion yuan and 251 million yuan, with year-on-year growth of 22.86% and 42.96% [2][20]. - The global GNSS market is projected to grow from 260 billion euros in 2023 to approximately 580 billion euros by 2033, with a CAGR of 8.35%. The company is well-positioned in the Beidou industry chain, providing comprehensive smart solutions and equipment to downstream customers [2][29]. Summary by Sections High-Precision Positioning Equipment and Solutions - The company has been deeply engaged in satellite positioning for 20 years, providing GNSS technology and related application solutions. Its products are widely used across various sectors [19][20]. "Beidou+" Steady Growth and Exploration of New Businesses - The "Beidou+" initiative is driving steady growth in the company's business, with significant contributions from agricultural and infrastructure sectors. The company is also actively exploring autonomous driving, achieving a 61% year-on-year growth in this segment in 2023 [2][3][29]. Low Altitude Economy Opens Second Growth Curve - The low-altitude economy in China is expected to grow significantly, with a projected scale of over 1 trillion yuan by 2026. The company’s expertise in high-precision positioning and spatial information collection positions it well to capitalize on this emerging market [2][3][29]. Financial Projections - The company is expected to achieve revenues of 3.316 billion yuan, 4.211 billion yuan, and 5.344 billion yuan from 2024 to 2026, with corresponding net profits of 574 million yuan, 739 million yuan, and 958 million yuan. The projected PE ratios are 28x, 21x, and 17x for the same period [3][4]. Competitive Advantages - The company maintains a competitive edge in the industry, with strong performance in gross and net profit margins compared to peers. Its continuous investment in R&D supports its technological advantages and product leadership [2][31][32].