Group 1 - Company Sinan Navigation (SH 688592) announced that approximately 1.01 million restricted shares will be unlocked and listed for trading on August 18, 2025, representing 1.26% of the total share capital [1] - For the fiscal year 2024, the revenue composition of Sinan Navigation is as follows: Geographic Information Applications and Others account for 49.82%, Modules and Data Applications for 35.16%, Intelligent Driving and Digital Construction for 14.66%, and Other Businesses for 0.36% [1] Group 2 - As of the latest report, the market capitalization of Sinan Navigation is 3.5 billion yuan [2]

Performance Review - In 2024, the company achieved revenue of 3.251 billion yuan, a year-on-year increase 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 [1] - The 2025 revenue target is set at 730 million yuan, representing a year-on-year growth of approximately 25% [1] - In Q1 2025, the company reported revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit of 143 million yuan, up 38.50% [1] Revenue Structure - In 2024, the revenue breakdown was as follows: Resources and Public Utilities 1.425 billion yuan (43.84%, +26.41%), Construction and Infrastructure 1.053 billion yuan (32.38%, +8.97%), Geospatial Information 589 million yuan (18.10%, +38.44%), and Robotics and Autonomous Driving 185 million yuan (5.68%, +15.53%) [2] - The Resources and Public Utilities segment is the main growth driver, while Construction and Infrastructure serves as a stable business, and Geospatial Information is emerging as a new growth engine [2] Profitability - The company's overall gross margin in 2024 was 58.13%, with the following segment margins: Construction and Infrastructure 68.41%, Resources and Public Utilities 54.71%, Geospatial Information 53.10%, and Robotics and Autonomous Driving 41.95% [2] - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth, attributed to effective management and cost reduction efforts [2] Domestic and International Business - Domestic revenue in 2024 was 2.313 billion yuan, a year-on-year increase of 18.07%, outperforming the industry average [3] - International revenue reached 938 million yuan, up 30.39%, with significant growth potential in overseas markets [3] - The company’s overseas revenue accounts for less than 30% of total revenue, with a compound annual growth rate of nearly 40% over the past five years [3] Investment Outlook - The net profit forecasts for 2025-2026 have been adjusted to 756 million and 1 billion yuan, respectively, with a new forecast for 2027 at 1.307 billion yuan [4] - Corresponding EPS for these years are projected to be 1.38, 1.82, and 2.38 yuan, with current stock prices reflecting PE ratios of 30.68X, 23.20X, and 17.74X for 2025-2027 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company's overseas profitability continues to improve, with the geographic information segment becoming a new growth engine [4] - In 2024, the company achieved a revenue of 3.251 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, a year-on-year increase of 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, representing a year-on-year growth of approximately 25% [4] Revenue Structure - In 2024, the revenue breakdown was as follows: - Resources and Public Utilities: 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%) - Robotics and Autonomous Driving: 185 million yuan (5.68%, +15.53%) - The resources and public utilities segment is the main growth driver, while construction and infrastructure serve as the stable business [5] Profitability - The company's overall gross margin in 2024 was 58.13%, with the following margins by segment: - Construction and Infrastructure: 68.41% - Resources and Public Utilities: 54.71% - Geographic Information: 53.10% - Robotics and Autonomous Driving: 41.95% - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth [6] Domestic and Overseas Business Performance - Domestic revenue in 2024 was 2.313 billion yuan, a year-on-year increase of 18.07%, outperforming the industry average [7] - Overseas revenue reached 938 million yuan, a year-on-year increase of 30.39%, with significant growth potential in international markets [7] Financial Forecast - The company’s projected net profits for 2025-2027 are as follows: - 2025: 756 million yuan - 2026: 1 billion yuan - 2027: 1.307 billion yuan - Corresponding EPS for these years are estimated at 1.38, 1.82, and 2.38 yuan respectively [9]

Core Insights - The company reported a revenue of 3.251 billion yuan for 2024, representing a year-on-year growth of 21.38% and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year, closely aligning with the upper limit of its profit forecast [1] - The company aims for a net profit of 730 million yuan in 2025, indicating a target growth of approximately 25% compared to the previous year [1] - The overall gross margin for 2024 was 58.1%, showing a gradual upward trend, supported by cost reduction strategies and optimization of product design [1] Business Segment Performance - The geographic information segment showed significant growth, with sales reaching 5516 units, a year-on-year increase of 178%, driven by the integration of SLAM and RTK algorithms [2] - The four main business segments reported the following revenues: Resources and Public Utilities at 1.43 billion yuan (up 26.4% YoY), Construction and Infrastructure at 1.05 billion yuan (up 9.0% YoY), Geographic Information at 590 million yuan (up 38.4% YoY), and Robotics and Autonomous Driving at 185 million yuan (up 15.5% YoY) [2] - The company's overseas business accounted for 28.8% of total revenue in 2024, reflecting a year-on-year growth of 30.4%, with a high overseas gross margin of approximately 77.6% [2] Profit Forecast Adjustments - The profit forecasts for 2025 to 2027 have been raised, with expected net profits of 750 million yuan, 949 million yuan, and 1.146 billion yuan respectively, reflecting adjustments based on overseas market expansion and new product launches [3] - The current stock price corresponds to a price-to-earnings ratio of 30, 24, and 20 for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [3]