华测导航：Q3业绩贴近预告上限，全年增长可期

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][5]. Core Insights - The company reported Q3 2024 results that were close to the upper limit of its previous earnings forecast, with a year-to-date revenue of 2.27 billion yuan, a 24.2% year-on-year increase, and a net profit attributable to shareholders of 390 million yuan, reflecting a 37.8% growth [4][5]. - The Q3 revenue reached 783 million yuan, marking a 26.9% increase year-on-year, with a net profit of 138 million yuan, up 29.4% year-on-year [4][5]. - The company's gross margin for Q3 exceeded 60%, the highest in two years, demonstrating strong profitability despite some non-recurring expenses [4][5]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 2.27 billion yuan, with a net profit of 390 million yuan [6]. - The projected revenue for 2024 is estimated at 3.31 billion yuan, with a net profit forecast of 583 million yuan, indicating a growth rate of 29.8% [6][8]. - The company’s earnings per share (EPS) for 2024 is expected to be 1.06 yuan, with a price-to-earnings (PE) ratio of 34 [6][8]. Growth Drivers - The report highlights the importance of the company's overseas business expansion, which is expected to become a significant growth driver, with overseas revenue accounting for approximately 30% of total revenue in the first half of 2024 [5]. - The company is also focusing on the development of agricultural machinery automation and 3D laser radar technologies, which are anticipated to further boost growth [5]. - Future opportunities in software subscription services are noted, leveraging the company's domestic high-density reference station network [5].