华测导航（300627）：RTK产品份额提升，地信业务增速迅猛

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to see significant growth in overseas business gross margin 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, and the passenger vehicle business has progressed smoothly with a delivery volume of 300,000 units. The company aims for a net profit of 730 million yuan in 2025, representing a year-on-year increase of 25% [2][6]. Financial Performance - In the first half of 2025, the company reported revenue of 1.833 billion yuan, a year-on-year increase of 23.54%, and a net profit attributable to the parent company of 326 million yuan, up 29.94%. The non-recurring net profit was 299 million yuan, reflecting a 41.80% increase [6]. Business Segmentation - Revenue from the resource and public utilities segment was 702 million yuan, up 3.09% year-on-year; the construction and infrastructure segment generated 659 million yuan, up 23.67% due to increased RTK market share; the geographic information segment saw revenue of 359 million yuan, up 87.61% driven by significant growth in 3D intelligent products; the robotics and autonomous driving segment earned 114 million yuan, up 43.80% due to substantial volume from a specific automotive client [12]. Geographic Performance - Domestic revenue reached 1.232 billion yuan, a year-on-year increase of 18.58%, while overseas revenue was 602 million yuan, up 35.09%, indicating a recovery to over 40% growth for the full year [12]. Growth Drivers - The company is focusing on four main growth areas: overseas expansion, 3D intelligence, precision agriculture, and intelligent driving. The overseas market is expected to provide high margins and rapid growth, with overseas revenue accounting for 29% of total revenue and a gross margin of 77.6%, which is 27 percentage points higher than the domestic market [12]. Profit Forecast - The company aims for a net profit of 730 million yuan in 2025, with projections of 756 million yuan, 995 million yuan, and 1.326 billion yuan for 2026 and 2027, respectively, reflecting year-on-year growth rates of 30%, 32%, and 33% [12].