华测导航（300627）：2025年半年报点评：业绩保持稳健增长，地理空间信息表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [4]. Core Insights - The company reported a robust revenue growth of 23.54% year-on-year, reaching 1.833 billion yuan in the first half of 2025, with a net profit attributable to shareholders of 326 million yuan, reflecting a 29.94% increase [1]. - The geographical information segment showed exceptional growth, achieving a revenue of 359 million yuan, which is a remarkable 87.61% increase year-on-year [2]. - The overseas business continued to grow rapidly, with revenues of 602 million yuan, up 35.09% year-on-year, contributing to an overall improvement in the company's gross margin [2]. - The company's cash flow from operating activities improved significantly, with a net cash flow of approximately 134 million yuan, marking a 204.03% increase year-on-year, indicating strong growth quality [3]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 1.833 billion yuan in H1 2025, with a net profit of 326 million yuan, and a basic earnings per share of 0.59 yuan, up 28.56% year-on-year [1]. - The revenue from the resource and public utility segment grew by 3.09% to 702 million yuan, while the construction and infrastructure segment saw a 23.67% increase to 659 million yuan [2]. Cash Flow and Financial Health - The net cash flow from operating activities reached approximately 134 million yuan, a significant increase of 204.03% year-on-year, indicating improved cash flow management [3]. Future Earnings Forecast - The company is projected to achieve net profits of approximately 743 million yuan, 954 million yuan, and 1.216 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 38.97, 30.34, and 23.82 [4][6].