华测导航（300627）：2025年三季报点评：毛利率持续提升，三维智能业务表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market [3]. Core Insights - The company's revenue for the first three quarters of 2025 reached 2.618 billion yuan, a year-on-year increase of 15.47%, while the net profit attributable to shareholders was 493 million yuan, up 26.41% year-on-year [1][2]. - The profit growth rate outpaced revenue growth, with the gross margin increasing from 58.13% in the first half of 2025 to 60.41% in the third quarter, driven by strong overseas business performance [2]. - The three-dimensional intelligent business segment showed significant growth potential, with expectations for continued expansion in the geographic information sector [2]. - The slowdown in revenue growth in the third quarter was attributed to the displacement monitoring business, but other segments performed well [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue increase of 15.47% and a net profit increase of 26.41% [1][2]. - The gross margin improved to 60.41% in Q3 2025, up from 58.13% in H1 2025, primarily due to the growth in overseas business [2]. Business Segments - The three-dimensional intelligent business is a key growth driver, with expectations for it to outperform overall revenue growth for the year [2]. - The company plans to continue investing in technology development and market expansion to support this segment [2]. Future Outlook - The company aims for a net profit of 730 million yuan for the full year 2025, representing a growth of approximately 25% compared to the previous year [2]. - The report forecasts net profits of approximately 743 million yuan, 954 million yuan, and 1.216 billion yuan for 2025, 2026, and 2027, respectively [3].