华测导航（300627）：内外业务协同发展，多项业务线齐头并进

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company's overseas business gross margin is expected to improve significantly due to self-research of core components and an increase in the proportion of high-end products. The precision agriculture products have expanded their application scenarios from controlling agricultural machinery to controlling tools. The passenger vehicle business is progressing smoothly, with a delivery volume of 300,000 units. For 2025, the company aims for a net profit attributable to shareholders of 730 million yuan, representing a year-on-year increase of 25% [2][12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit attributable to shareholders of 143 million yuan, a year-on-year increase of 38.50% [6]. Business Development - The company is focusing on four main growth lines: overseas expansion, three-dimensional intelligence, precision agriculture, and intelligent driving. The overseas market is large with high gross margins, and in 2024, overseas revenue accounted for 29% of total revenue with a gross margin of 77.6%, which is nearly 27 percentage points higher than the domestic market. The three-dimensional intelligent products have completed core component localization and are showing good growth after increased sales resource investment. The precision agriculture segment is leveraging mechanical control and high-precision positioning to develop automated navigation systems for both agricultural machinery and tools. In the intelligent driving sector, the company has been designated as a key supplier for several automotive manufacturers, with cumulative deliveries exceeding 300,000 units [12][12]. Investment Recommendations - The report suggests focusing on overseas markets, agricultural machinery, three-dimensional intelligence, and intelligent driving for investment in 2025. The company targets a net profit of 730 million yuan for 2025, with expected growth rates of 28%, 26%, and 26% for the following years, corresponding to valuations of 31x, 25x, and 20x [12][12].