华测导航（300627）：24年目标超额完成，25年预计全面向好

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to exceed its 2024 net profit target of 560 million yuan, with a forecasted net profit of 575 million yuan, representing a year-on-year increase of 25.8% to 30.25% [2][6]. - The company plans to focus on key investments in chip technology, industry-specific intelligent robots, SWAS systems, and unmanned flight control technology in 2024, while suggesting to pay attention to overseas expansion, agricultural machinery, and low-altitude economy in 2025 [2][10]. Summary by Sections Financial Performance - For 2024, the company anticipates a net profit of 565 to 585 million yuan, a year-on-year increase of 25.8% to 30.25%, and a non-recurring net profit of 503 to 523 million yuan, a year-on-year increase of 35.1% to 40.5% [6][10]. - The company has consistently met its profit targets, with a minimum completion rate of 98% from 2020 to 2023 [10]. Business Strategy - The company is actively expanding its product applications in various industries, leading to significant revenue growth in sectors such as resources and public utilities, as well as geographic information [10]. - Emerging businesses are being developed alongside traditional business iterations, with a focus on high-precision positioning technology and various applications since 2010 [10]. Growth Drivers - The company identifies three main growth lines: overseas market expansion, low-altitude economy, and intelligentization across different scenarios [10]. - The overseas revenue share reached 27% in 2023, with a gross margin approximately 20 percentage points higher than the domestic market, indicating substantial future growth potential [10]. Profit Forecast - The company forecasts net profits of 575 million yuan in 2024, 748 million yuan in 2025, and 954 million yuan in 2026, with year-on-year growth rates of 28%, 30%, and 28% respectively [10].