华测导航（300627）：前三季度业绩稳健增长，毛利率持续提升

Investment Rating - The report maintains an "Outperform" rating for the company [3][6]. Core Insights - The company has shown steady revenue and net profit growth in the first three quarters of 2025, with a revenue of 2.62 billion RMB, up 15.47% year-on-year, and a net profit attributable to shareholders of 0.49 billion RMB, up 26.41% year-on-year [7][8]. - The projected revenue for 2025-2027 is 3.73 billion RMB, 4.27 billion RMB, and 4.69 billion RMB, with net profits of 0.73 billion RMB, 0.88 billion RMB, and 1.02 billion RMB respectively [3][6]. - The company’s gross profit margin (GPM) has improved, reaching 60.41% in the first three quarters of 2025, an increase of 1.23 percentage points year-on-year [7][8]. Financial Summary - The company’s earnings per share (EPS) are projected to be 0.93 RMB, 1.12 RMB, and 1.30 RMB for 2025, 2026, and 2027 respectively [3][6]. - The price-to-earnings (PE) ratio for 2025 is set at 40 times, leading to a target price of 37.31 RMB, representing a potential upside of 48% [3][6]. - The company’s net asset return rate (ROE) is expected to increase from 15.0% in 2023 to 20.7% by 2027 [4]. Business Segments - In the Resources and Public Utilities sector, the company has rapidly expanded its agricultural machinery autopilot products, leading in domestic market share and exporting to over 70 countries [8]. - The Construction and Infrastructure sector is promoting high-precision receiver smart equipment, enhancing measurement efficiency through advanced technologies [8]. - The Robotics and Autonomous Driving sector has established a complete development process for automotive-grade products, achieving the highest international safety standards [8].