华测导航（300627）：Q1业绩快速增长，海外收入创新高

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 47.26 RMB [6][4]. Core Insights - The company achieved a revenue of 3.251 billion RMB in 2024, representing a year-over-year increase of 21.38%, and a net profit of 583 million RMB, up 29.89% year-over-year [1][2]. - In Q1 2025, the company reported a revenue of 789 million RMB, reflecting a year-over-year growth of 27.91%, and a net profit of 143 million RMB, which is a 38.50% increase year-over-year [1]. - The company is expected to maintain rapid growth due to horizontal expansion into emerging fields such as precision agriculture and autonomous driving, as well as vertical deepening in upstream chip and algorithm development [1]. Revenue Breakdown - In 2024, the revenue from the resources and public utilities sector was 1.426 billion RMB, up 26.41% year-over-year, while the construction and infrastructure sector generated 1.053 billion RMB, an increase of 8.97% year-over-year [2]. - The geographic information sector saw revenue of 589 million RMB, up 38.44% year-over-year, and the robotics and autonomous driving sector generated 185 million RMB, a 15.53% increase year-over-year [2]. - The company's overseas revenue reached 938 million RMB in 2024, marking a 30.39% year-over-year increase, with overseas revenue accounting for 28.84% of total revenue, up 2 percentage points year-over-year [2]. Profitability Metrics - The company's gross margin for 2024 was 58.13%, an increase of 0.36 percentage points year-over-year, while the net profit margin was 17.95%, up 1.18 percentage points year-over-year [3]. - In Q1 2025, the gross margin was 58.34%, a slight decrease of 0.47 percentage points year-over-year, and the net profit margin was 18.09%, an increase of 1.38 percentage points year-over-year [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 759 million RMB, 965 million RMB, and 1.215 billion RMB for the years 2025, 2026, and 2027, respectively [4]. - The report adjusts the PE ratio for 2025 to 34.2x, up from 32x, corresponding to the target price of 47.26 RMB [4].