Q1预告略超预期，资源公共事业及出口高增

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next 6 to 12 months [8][15]. Core Insights - The company, Huace Navigation, is a leader in high-precision navigation and positioning, providing hardware and various scene solutions while developing core algorithms and gradually expanding into SaaS subscription services, which are expected to enhance profitability [5][11]. - The company has reported strong growth in Q1, with a forecasted net profit of 1.03 billion to 1.06 billion yuan, representing a year-on-year increase of 26.48% to 34.06% [10][11]. - The company is actively expanding its industry applications and enhancing brand influence, with significant revenue growth in sectors such as resources and public utilities, as well as overseas markets [3][11]. Financial Performance Summary - Revenue Forecast: The company’s revenue is projected to grow from 2,236 million yuan in 2022 to 4,574 million yuan by 2025, with a compound annual growth rate (CAGR) of approximately 33% [1]. - Net Profit Forecast: Net profit is expected to increase from 361 million yuan in 2022 to 763 million yuan in 2025, reflecting a CAGR of about 32% [1]. - Earnings Per Share (EPS): EPS is forecasted to rise from 0.66 yuan in 2022 to 1.40 yuan in 2025 [1]. - Valuation Metrics: The Price-to-Earnings (P/E) ratio is projected to decrease from 40.3 in 2022 to 19.1 in 2025, indicating improving valuation as earnings grow [1]. Market Position and Strategy - The company is focusing on enhancing its research and development capabilities, with R&D expenses amounting to 3.07 billion yuan in the first three quarters of 2023, which is 16.84% of its revenue [19]. - Huace Navigation is expanding its global market presence and product offerings, particularly in high-precision positioning technologies, benefiting from the integration of technologies like BeiDou, 5G, and cloud computing [11][19]. - The company has established multiple R&D bases in China and the UK, leveraging local talent to strengthen its technological capabilities [19].