华测导航：2024年三季报点评：业绩延续高质量增长，盈利能力持续提升

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company continues to demonstrate high-quality growth, with total revenue for Q3 2024 reaching 7.83 billion yuan, a year-on-year increase of 26.90%, and a net profit attributable to shareholders of 1.38 billion yuan, up 29.42% from the previous year [1]. - The gross profit margin for Q3 2024 is reported at 60.59%, reflecting a year-on-year increase of 1.95 percentage points [1]. - The company has significantly expanded its overseas market presence, with overseas revenue reaching 7.19 billion yuan in 2023, accounting for 26.85% of total revenue, and over 30% in the first half of 2024 [1]. - The company is actively developing products for the autonomous driving and low-altitude economy sectors, which are expected to contribute to new revenue streams [1]. - Future profit forecasts for the company indicate net profits of 5.50 billion yuan, 6.62 billion yuan, and 8.86 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 37x, 31x, and 23x [1][2]. Financial Summary - Total revenue is projected to grow from 2,678 million yuan in 2023 to 5,790 million yuan in 2026, with growth rates of 19.8%, 29.0%, 28.7%, and 30.2% for the respective years [2][4]. - Net profit attributable to shareholders is expected to increase from 449 million yuan in 2023 to 886 million yuan in 2026, with growth rates of 24.3%, 22.4%, 20.4%, and 33.9% [2][4]. - The company's gross margin is forecasted to decline slightly from 57.77% in 2023 to 49.15% in 2026, while the net profit margin is expected to stabilize around 15% [4].