华测导航（300627）：深度研究报告：高精度时空信息产业领军者，全球布局加速

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 54.16 CNY [2][10]. Core Viewpoints - The company is a leader in the high-precision spatiotemporal information industry in China, accelerating its expansion into overseas markets. It has a complete product system centered on high-precision positioning technology and is actively exploring new markets in various sectors [7][9][8]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 23.66% from 2019 to 2023, and a projected revenue of 32.2 billion CNY in 2024, reflecting a year-on-year growth of 20.07% [31][38]. - The global GNSS market is expected to double in size over the next decade, driven by increasing demand for high-precision satellite navigation services across various applications [7][9]. Summary by Sections 1. Company Overview - The company, established in 2003, focuses on the research, manufacturing, and industrial promotion of high-precision navigation positioning technology. It aims to build an intelligent world using precise spatiotemporal information [14][26]. 2. Financial Performance - The company’s total revenue increased from 1.15 billion CNY in 2019 to 2.68 billion CNY in 2023, with a net profit rising from 140 million CNY to 449 million CNY during the same period. The net profit margin improved from 12.1% to 16.8% [31][38]. 3. Market Potential - The global GNSS market is projected to grow significantly, with sales expected to rise from 260 billion euros in 2023 to 580 billion euros by 2033. The high-precision satellite navigation market is anticipated to expand at a CAGR of 7.8% from 2024 to 2029 [7][9]. 4. Business Segments - The company operates in four main business segments: construction and infrastructure, geographic information, resources and public utilities, and robotics and autonomous driving. The revenue contributions from these segments are 36.1%, 15.9%, 42.1%, and 6.0%, respectively [7][30]. 5. Competitive Positioning - The company has established a global service system, covering over 120 countries and regions. It has been recognized as a leading domestic player in high-precision satellite navigation, with a growing international presence [9][10]. 6. Profitability Forecast - The company is expected to achieve net profits of 5.7 billion CNY, 7.4 billion CNY, and 10.1 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 27.8%, 29.6%, and 35.4% [10][31].