每经AI快讯，司南导航（SH 688592，收盘价：44.1元）8月8日晚间发布公告称，公司限售股份约 101.01万股将于2025年8月18日解禁并上市流通，占公司总股本比例为1.26%。 2024年1至12月份，司南导航的营业收入构成为：地理信息应用及其他占比49.82%，模块及数据应用占 比35.16%，智能驾驶与数字施工占比14.66%，其他业务占比0.36%。 每经头条（nbdtoutiao）——调查：这类高频交易，一年佣金可达两个亿！监管明确禁止向投资者返佣 金，但禁令下暗藏博弈 （记者 张明双） 截至发稿，司南导航市值为35亿元。 ...

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]