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]