Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][17]. Core Views - The company is experiencing rapid revenue growth in the geographic information sector, driven by a continuously expanding product matrix that supports steady performance improvement [1][2]. - The company has a strong focus on high-precision navigation and positioning technologies, enhancing core algorithm capabilities and expanding application scenarios [2][3]. - The company is committed to high R&D investment, continuously launching new products to enhance market competitiveness [3][4]. Financial Performance Summary - For the first half of 2025, the company achieved 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% year-on-year [2]. - The company’s revenue is projected to grow from 2.678 billion yuan in 2023 to 6.273 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.1% [1][10]. - The net profit attributable to the parent company is expected to rise from 449 million yuan in 2023 to 1.202 billion yuan in 2027, reflecting a strong growth trajectory [1][10]. Business Segment Performance - The company’s revenue from the geographic information segment grew by 87.61% year-on-year in the first half of 2025, indicating significant demand in this area [2]. - The construction and infrastructure segment reported a revenue increase of 23.67% year-on-year, while the robotics and autonomous driving segment grew by 43.80% [2]. R&D and Product Development - The company invested 267 million yuan in R&D in the first half of 2025, marking a 10.13% increase year-on-year, which underscores its commitment to technological advancement [3]. - New product launches, such as laser surveying systems and smart agricultural machinery, are expected to enhance operational efficiency and expand the product matrix [3].

Group 1 - The company is expanding its business in precision agriculture, with significant growth in the first half of the year and successful overseas sales of agricultural machinery autonomous driving products [2] - New products such as the "Navigator NX612" series, intelligent spraying systems, smart water stakes, and agricultural navigation tools are being introduced and are currently in the market promotion phase, expected to contribute to future performance growth [2] - The company has identified the intelligent needs in the entire agricultural production process ("plowing, planting, managing, harvesting") through deep communication with end-users, leveraging its long-term industry experience [2] Group 2 - In the 3D intelligent field, the company has successfully developed and launched a series of 3D intelligent products, including AU20, RS10, AA10, and AA15, addressing the strong demand for laser radar products during the transition from 2D to 3D [3] - The company faced challenges in market development during the import phase of laser heads due to high prices and limited product types, but has achieved good market promotion results through independent innovation [3]

Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 1,833.37 million, a year-on-year increase of 23.54% [3] - The net profit attributable to shareholders reached CNY 326.47 million, up 29.94% compared to the same period last year [3] - The net profit after deducting non-recurring gains and losses was CNY 299.06 million, reflecting a growth of 41.80% year-on-year [3] Business Segment Performance - Revenue from the Resources and Public Utilities segment was CNY 702.06 million, a growth of 3.09% [3] - The Construction and Infrastructure segment generated CNY 658.54 million, increasing by 23.67% [3] - The Geospatial Information segment saw a significant revenue increase of 87.61%, totaling CNY 358.61 million [3] - The Robotics and Autonomous Driving segment achieved CNY 114.17 million in revenue, up 43.80% [3] Market Performance - The company's international market revenue reached CNY 601.68 million, a year-on-year growth of 35.09% [3] - Domestic market revenue was CNY 1,231.69 million, reflecting an 18.58% increase [3] Strategic Goals - The overall target for 2025 is to achieve a net profit attributable to shareholders of CNY 730 million, representing a growth of approximately 25% compared to the previous year [3] - The company aims to continue its global development strategy and maintain stable operations in the second half of 2025 [3] Risks and Uncertainties - The stated operational goals do not represent a profit forecast for 2025 and are subject to market conditions, organizational capabilities, and ongoing management changes, indicating inherent uncertainties [4] Future Outlook - The Geospatial Information segment is expected to maintain a strong growth trajectory, driven by advancements in 3D intelligent business and technology investments [5][6] - The Resources and Public Utilities segment is anticipated to continue exploring business opportunities despite a slowdown in growth [7][8] - The company is committed to enhancing its offerings in Precision Agriculture and 3D Intelligent sectors, focusing on automation and intelligent solutions [8][9]