华测导航：用精准时空信息构建智能世界

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report highlights that the company's revenue and profit growth are strongly correlated with GDP growth since 2022, and as overseas revenue increases, this correlation is expected to decrease, indicating significant future growth potential [7][58]. - The company has a relatively low market share in the global market, suggesting substantial room for growth, particularly in overseas markets where the gross margin is approximately 20 percentage points higher than in the domestic market [7][49][87]. - The report emphasizes three main growth drivers: expansion into overseas markets, the development of the low-altitude economy, and the increasing demand for intelligent products [7][76]. Revenue Growth - The company has identified significant growth opportunities in mature products like RTK and agricultural driving assistance devices, particularly in overseas markets where market penetration is currently low [4]. - The domestic market for agricultural driving assistance devices is still in a low penetration phase, suggesting that growth rates are expected to remain high [4]. - The company aims for a net profit target of 560 million yuan for 2024, representing a year-on-year increase of 25%, which is higher than the target growth rate for 2023 [4][9]. Emerging and Traditional Business - The company has successfully integrated high-precision positioning technology into various applications since its inception, with significant breakthroughs in RTK technology in 2010 and subsequent expansions into fields like precision agriculture and digital construction [7][61]. - Traditional products have been continuously iterated upon, with innovations such as the introduction of AR visual RTK and video measurement RTK, enhancing user experience and operational efficiency [7][70]. Market Expansion - The company has made significant strides in expanding its overseas market presence, with overseas revenue accounting for 27% of total revenue in 2023, and this segment is expected to grow rapidly [7][76]. - The report notes that the company has established a strong distribution network overseas, which is a key factor in its recent growth in international markets [7][76]. Profitability and Valuation - The report indicates that the company's current price-to-earnings (PE) ratio is at a historical relative bottom, providing a high margin of safety for investors [7][54]. - The company has consistently met its profit targets, achieving a minimum completion rate of 98% from 2020 to 2023, which reflects a high level of reliability in its financial guidance [9][54].