Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to see significant growth in overseas business gross margin due to self-research of core components and an increase in the proportion of high-end products. The precision agriculture products have expanded their application scenarios, and the passenger vehicle business has progressed smoothly with a delivery volume of 300,000 units. The company aims for a net profit of 730 million yuan in 2025, representing a year-on-year increase of 25% [2][6]. Financial Performance - In the first half of 2025, the company reported revenue of 1.833 billion yuan, a year-on-year increase of 23.54%, and a net profit attributable to the parent company of 326 million yuan, up 29.94%. The non-recurring net profit was 299 million yuan, reflecting a 41.80% increase [6]. Business Segmentation - Revenue from the resource and public utilities segment was 702 million yuan, up 3.09% year-on-year; the construction and infrastructure segment generated 659 million yuan, up 23.67% due to increased RTK market share; the geographic information segment saw revenue of 359 million yuan, up 87.61% driven by significant growth in 3D intelligent products; the robotics and autonomous driving segment earned 114 million yuan, up 43.80% due to substantial volume from a specific automotive client [12]. Geographic Performance - Domestic revenue reached 1.232 billion yuan, a year-on-year increase of 18.58%, while overseas revenue was 602 million yuan, up 35.09%, indicating a recovery to over 40% growth for the full year [12]. Growth Drivers - The company is focusing on four main growth areas: overseas expansion, 3D intelligence, precision agriculture, and intelligent driving. The overseas market is expected to provide high margins and rapid growth, with overseas revenue accounting for 29% of total revenue and a gross margin of 77.6%, which is 27 percentage points higher than the domestic market [12]. Profit Forecast - The company aims for a net profit of 730 million yuan in 2025, with projections of 756 million yuan, 995 million yuan, and 1.326 billion yuan for 2026 and 2027, respectively, reflecting year-on-year growth rates of 30%, 32%, and 33% [12].

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]

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]