华测导航：中小盘信息更新：三季度业绩稳健增长，全年业绩增长可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company has demonstrated steady growth in its performance, with a year-on-year revenue increase of 24.22% and a net profit growth of 37.84% for the first three quarters of 2024. The projected net profits for 2024-2026 are 5.95 billion, 7.59 billion, and 9.51 billion yuan respectively, with corresponding EPS of 1.09, 1.39, and 1.74 yuan per share [3][4]. - The company is a leading player in high-precision satellite navigation and positioning, with expectations for continued robust growth [3][4]. - The company has successfully expanded its downstream application scenarios, particularly in automation, geological disaster monitoring, and autonomous driving, which are expected to drive future growth [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved quarterly revenues of 6.17 billion, 8.67 billion, and 7.83 billion yuan, reflecting year-on-year growth rates of 20.53%, 24.57%, and 26.90% respectively [4]. - The net profit for the same quarters was 1.03 billion, 1.48 billion, and 1.38 billion yuan, with year-on-year growth rates of 30.35%, 53.28%, and 29.42% [4]. - The gross margin and net margin for the first three quarters of 2024 were 59.18% and 16.96%, showing improvements of 0.81 percentage points and 1.83 percentage points year-on-year [4]. - The company has effectively controlled its expenses, with a total expense ratio decrease of 2.05 percentage points year-on-year [4]. Market Expansion and Opportunities - The company has made significant progress in expanding its overseas market, achieving revenue of 4.45 billion yuan in the first half of 2024, a year-on-year increase of 34.98% [5]. - The gross margin for overseas business stands at 67.29%, indicating strong profitability in this segment [5]. - The company has secured contracts for its automotive-grade navigation products with several car manufacturers, contributing to advancements in autonomous driving capabilities [5]. - The development of low-altitude economy services is also underway, providing comprehensive solutions for navigation and positioning in this emerging market [5].