华测导航（300627）：公司信息更新报告：业绩保持高速增长，导航定位龙头前景广阔

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has maintained rapid growth in performance, with a Q1 2025 revenue of 789 million yuan, representing a year-on-year increase of 27.91%. The net profit attributable to the parent company reached 143 million yuan, up 38.50% year-on-year, and the net profit after deducting non-recurring gains and losses was 123 million yuan, an increase of 42.09% year-on-year [3][4] - The company is actively expanding its applications in high-precision positioning technology, with significant growth in overseas markets, having established a strong distribution network in over 80 countries and regions [4][5] Financial Performance Summary - In Q1 2025, the company's gross margin was 58.34%, remaining stable year-on-year, while the net profit margin improved by 2.37 percentage points to 18.66% [4] - The total expenses for Q1 2025 were 323 million yuan, with the expense ratios for sales, management, R&D, and financial expenses being 19.92%, 6.59%, 16.63%, and -2.13% respectively, showing improvements in cost control [4] - The company forecasts net profits attributable to the parent company for 2025-2027 to be 759 million, 951 million, and 1.194 billion yuan, with corresponding EPS of 1.38, 1.73, and 2.17 yuan per share, leading to PE ratios of 30.8, 24.6, and 19.6 times respectively [3][6] Product and Market Expansion - The company is a leader in high-precision navigation in China, continuously enhancing its product matrix with investments in high-precision lidar, unmanned flight control, and integrated navigation technologies [5] - In the agricultural machinery sector, the company sold over 60,000 units of its autonomous driving systems in 2024 and is expanding its product offerings, which is expected to drive new growth [5] - The passenger vehicle autonomous driving business saw significant growth, with over 300,000 sets of automotive-grade products delivered in 2024, indicating a strong growth trajectory for 2025 [5]