webbaccarat| China Testing Navigation (300627): 24Q1 performance is stable and low-altitude economy and Beijing Third has long-term driving the company's growth

Event: the company issues a forecast of first-quarter results in 2024WebbaccaratThe net profit of returning mother is 1-1.Webbaccarat600 million yuan, an increase of 26.48%, 34.06%, and a net profit of 0.83-89 million yuan, an increase of 34.26%, 43.97%. The steady growth of the company's 24Q1 net profit is mainly due to: 1) the rapid growth of revenue in related business areas such as resources and public utilities and overseas regions; 2) the improvement of the competitiveness of the company's products and the rapid expansion of its business in various industries. The payment fee caused by equity incentive in Q1 in 24 years is 14 million yuan, which is 8 million higher than that in 23 years. Excluding the influence of equity payment fee, the actual profitability is better. In addition, non-recurrent income is 1Webbaccarat, 7 million yuan, the same as the same period last year The company's multi-year performance is high growth: the company expects 23-year return net profit of 450 million (+ 24.65%), 20-23 years CAGR of 31.7%; return net profit margin of 16.95%, year-on-year increase 0.8pct. The application of Beidou navigation market where the company is located continues to expand, traditional mapping and displacement detection maintain steady growth, and new fields such as drones, unmanned ships and self-driving are developing rapidly to drive the demand for high-precision positioning. The company has the integrated supply capacity of software and hardware, such as chip + device + terminal + algorithm, and the market boundary is constantly opening. Satellite navigation applications, including drones, unmanned ships, autopilot and other emerging fields, are developing rapidly (1) drones / industrial drones:WebbaccaratWe believe that based on the technical advantages and project experience of high-precision positioning + lidar + UAV + autopilot, the company is also expected to expand to the eVTOL market. The company's main products are BB4 four-rotor UAV, P330 Pro pure electric vertical take-off and landing fixed-wing aerial survey UAV, P60 fixed-wing UAV aerial survey system, which are widely used in geological survey, real scene 3D, water conservancy digital twins and other fields. (2) the field of autopilot: the combination of satellite navigation and inertial navigation, the two technical advantages are integrated to enable vehicle navigation and positioning. With the development of autopilot in the future, the comprehensive scheme of the combination of sensing sensor and "health habit" may become the mainstream application. The company's passenger car integrated navigation terminal has been designated by many car factories, such as Nashi, Lutes, BYD, the Great Wall and so on, which is expected to benefit from self-driving for a long time. Investment suggestion: the company is a leading manufacturer in the field of GNSS, opening up new growth space for vehicle business. Previously, we predicted that the 23-year performance of the company would be 489 million yuan, without considering the payment of equity. Therefore, we simultaneously reduce the 24-year homing net profit, and forecast that the company's 24-25-year homing net profit will be 566 × 697 million yuan respectively, corresponding to 25X/20X for PE, maintaining the "overweight" rating. Risk hints: downstream market demand is lower than expected; autopilot development is less than expected; industry competition intensifies; performance forecast is only preliminary accounting results, the specific data is based on the company's official annual report / quarterly report. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

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