格隆汇10月10日丨华测导航(300627.SZ)公布，预计前三季度归属于上市公司股东的净利润48,000万元— 49,500万元，比上年同期增长23.17%—27.02%，扣除非经常性损益后的净利润44,000万元—45,500万 元，比上年同期增长28.81%—33.20%。 1、报告期内，公司实现归属于上市公司股东的净利润和归属于上市公司股东的扣除非经常性损益的净 利润有效增长，主要原因如下：（1）公司坚持全球化、打爆品的发展战略，积极拓展产品和解决方案 的行业应用，机器人与自动驾驶、地理空间信息等相关业务领域快速发展。公司集中资源大力拓展海外 市场，海外区域营业收入持续快速增长，未来海外市场仍有较大增长空间。（2）公司继续加大研发投 入，构筑核心技术壁垒，提升公司产品竞争力，助力公司在各行业市场业务快速拓展。2、报告期内， 因实施公司股权激励计划带来股份支付费用约为3,300万元，已经计入本报告期损益。3、报告期内，预 计非经常性损益对当期净利润的影响约为4,000万元。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Insights - The company achieved a revenue of 1.833 billion RMB in 1H25, representing a year-over-year increase of 23.54%, with a net profit of 326 million RMB, up 29.94% year-over-year [1]. - The growth is driven by strong demand in geospatial information and autonomous driving sectors, with overseas revenue contributing significantly [2][4]. - The company’s net profit margin continues to improve, reflecting operational efficiency and scale effects [3]. Revenue and Profitability - The geospatial information segment reported revenue of 359 million RMB in 1H25, a year-over-year increase of 87.61%, with a gross margin improvement [2]. - The autonomous driving segment generated 114 million RMB, up 43.80% year-over-year, with a significant increase in the delivery of positioning units [2]. - Overall gross margin for 1H25 was 58.13%, with a net profit margin of 17.81%, showing a year-over-year increase [3]. Future Projections and Valuation - The company is expected to maintain rapid growth, with projected net profits of 760 million RMB, 966 million RMB, and 1.217 billion RMB for 2025, 2026, and 2027 respectively [4][10]. - The target price is set at 42.01 RMB per share, based on a PE ratio of 43.2x for 2025 [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89%, exceeding the 2023 target of 560 million yuan [4][5] - The company aims for a net profit target of 730 million yuan in 2025, which is approximately a 25% increase compared to 2024 [4] - The first quarter of 2025 showed a revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit of 143 million yuan, up 38.50% [4] Revenue Structure - In 2024, the revenue breakdown was as follows: Resources and Public Utilities contributed 1.425 billion yuan (43.84%, +26.41%), Construction and Infrastructure 1.053 billion yuan (32.38%, +8.97%), Geographic Information 589 million yuan (18.10%, +38.44%), and Robotics and Autonomous Driving 185 million yuan (5.68%, +15.53%) [5] - The Geographic Information segment is emerging as a new growth engine for the company [5] Profitability - The overall gross margin for the company in 2024 was 58.13%, with specific margins of 68.41% for Construction and Infrastructure, 54.71% for Resources and Public Utilities, 53.10% for Geographic Information, and 41.95% for Robotics and Autonomous Driving [6] - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth [6] Domestic and Overseas Business - Domestic revenue in 2024 was 2.313 billion yuan, growing 18.07%, while overseas revenue was 938 million yuan, up 30.39% [7] - The company has significant growth potential in overseas markets, with a compound annual growth rate of nearly 40% in overseas revenue over the past five years [7] Financial Forecasts - The company’s projected net profits for 2025, 2026, and 2027 are 756 million yuan, 1 billion yuan, and 1.307 billion yuan, respectively, with corresponding EPS of 1.38, 1.82, and 2.38 yuan [9] - The current stock price corresponds to a P/E ratio of 30.68X for 2025, 23.20X for 2026, and 17.74X for 2027 [9]