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华测导航(300627):利润落预期上限 资源与公共事业/海外市场共创佳绩

Huazu Navigation (300627): Profit falls to the upper limit of expectations, resources and public/overseas markets create excellent results

海通證券 ·  Aug 13

Key points of investment:

Incident: The company released its 24-year semi-annual report. 24H1 achieved revenue of 1.484 billion yuan (+22.86% YoY), net profit of 0.251 billion yuan (YoY +42.96%), in the upper range of the forecast, net profit after deducting 0.21 billion yuan (YoY +34.55%), gross profit margin of 58.44% (YoY +0.36pct); in a single quarter, 24Q2 achieved revenue of 0.867 billion yuan (YoY +24.57%), net return to mother Profit 0.148 billion yuan (YoY +53.28%), gross profit margin 58.18% (YoY +0.62pct).

The resources and utilities sector and overseas market business are growing steadily, while the growth rate of the local communications sector is slowing down. By business, 24H1 resources and utilities 0.681 billion yuan (YoY +48.06%), gross profit margin 57.96% (YoY +0.61pct); construction and infrastructure 0.533 billion yuan (YoY +4.62%), gross profit margin 65.78%, (YoY +2.78pct); Geospatial information 0.191 billion yuan (YoY +7.48%), gross profit margin 48.48% (YoY -2.87pct); Robotics and driverless cars 0.079 billion yuan (YoY +29.80%), gross profit margin 37.25% (YoY -8.02pct). By region: Overseas market revenue of 0.445 billion yuan (YoY +34.98%), gross profit margin 67.29% (YoY -6.5 pct); domestic market 1.039 billion yuan (YoY +18.3%), gross profit margin 54.64% (YoY +2.25pct).

Cost rates continue to be optimized, and investment in high-tech R&D continues to increase. In terms of expenses, 24H1's sales, management, finance, and R&D expenses were 19.54% (y-2.61 pct), 7.45% (-0.92 pct), 0.16% (-0.40pct), and 16.32% (y-o-1.04pct), respectively. Among them, 24H1 invested 0.242 billion yuan in R&D (+31.28% year over year).

Profit forecasting and investment advice. As the company's focus, the overseas market continues to contribute to revenue growth. The compound growth rate of overseas revenue has been above 50% in the past three years, and product competitiveness is outstanding. At the same time, new strategic directions such as autonomous driving and low altitude are also expected to bring new growth impetus to the company. Among them, the low-altitude economy is juxtaposed with commercial aerospace, biomedicine, etc., making it a strategic emerging industry currently being rapidly deployed from the central government to the local authorities, with broad space. We expect the company's revenue for 2024-2026 to be 3.405 billion yuan, 4.356 billion yuan, 5.555 billion yuan, and net profit to mother of 0.583 billion yuan, 0.747 billion yuan, and 0.957 billion yuan, corresponding EPS of 1.07 yuan, 1.37 yuan, and 1.75 billion yuan. Referring to comparable company valuations, the 2024 PE range is 30-35x, and the corresponding reasonable value range is 32.08 yuan to 37.42 yuan, giving a “superior to the market” rating.

Risk warning. The expansion of overseas markets fell short of expectations; the expansion of emerging businesses in the domestic market fell short of expectations.

The translation is provided by third-party software.


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