证券研究报告 | 公司动态点评 2025 年 08 月 18 日 华测导航（300627.SZ） 地理信息板块收入快速增长，不断丰富产品矩阵推动业绩稳步提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,678 | 3,251 | 4,058 | 5,053 | 6,273 | | 增长率 yoy（%） | 19.8 | 21.4 | 24.8 | 24.5 | 24.1 | | 归母净利润（百万元） | 449 | 583 | 755 | 958 | 1,202 | | 增长率 yoy（%） | 24.3 | 29.9 | 29.4 | 27.0 | 25.5 | | ROE（%） | 14.6 | 16.6 | 18.7 | 20.4 | 21.4 | | EPS 最新摊薄（元） | 0.57 | 0.75 | 0.97 | 1.23 | 1.54 | | P/E（倍） | 64.7 | 49.8 | 38.5 | 30.3 | 24.2 | | ...

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]