华测导航：2023年报&2024年一季报点评：经营稳健，积极发展低空经济

Investment Rating - The report assigns an "Accumulate" rating for the company [5]. Core Insights - In Q1 2024, the company achieved revenue of 617 million, a year-on-year increase of 20%, and a net profit attributable to shareholders of 100 million, up 30% year-on-year [1]. - The company maintains a gross margin of 58.8%, slightly down by 0.37% year-on-year, with sales expense ratio, management expense ratio, and R&D expense ratio at 18.48%, 7.86%, and 17.42% respectively [1]. - The company aims for a net profit of 560 million in 2024, representing a growth of approximately 25% compared to the previous year [1]. - The company is focused on R&D investments in high-precision navigation components, industry-specific intelligent robots, and technologies compatible with the BeiDou-3 system [1][10]. Financial Performance Summary - For the year 2023, the company reported revenue of 2.678 billion, a 19.77% increase year-on-year, and a net profit of 449 million, up 24.32% year-on-year [4]. - The gross margin for 2023 was 57.77%, an increase of 1.12% year-on-year, with a net cash flow from operations of 445 million [4]. - The company’s revenue from overseas markets reached 719.09 million, a growth of 47.51%, while domestic revenue was 1.959 billion, up 12.04% [4]. - The company expects revenue growth rates of 26.18%, 28.56%, and 29.08% for 2024, 2025, and 2026 respectively [11]. Business Segment Performance - In 2023, the company’s resource and public utility segment achieved revenue of 1 billion, a growth of 41.29%, while the robotics and autonomous driving segment saw revenue of 159 million, up 61.64% [4]. - The company has launched several innovative products, including high-precision receivers and software that enhance measurement efficiency and data quality [4][8]. - The agricultural machinery automatic driving products have seen a doubling in domestic sales, indicating significant growth potential in this area [8]. Future Projections - The company is projected to achieve revenues of 3.379 billion, 4.344 billion, and 5.608 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 576 million, 744 million, and 965 million [11]. - The report anticipates a PE ratio of 28.10, 21.76, and 16.79 for the years 2024, 2025, and 2026 respectively [11].