中海达 20250429 Q&A 请介绍一下中海达在 2024 年及 2025 年第一季度的经营情况。 中海达主要从事高精度定位技术相关产业链的硬件产品研发、制造和销售。公 司业务涵盖卫星定位、激光雷达、声纳、光电、惯导等核心技术，并构建了完 整的技术链条，从底层硬件到上层算法，再到行业解决方案。经过多年的发展， 公司已成为全球高精度导航定位领域的主流企业之一，形成了海陆空天室内外 全方位高精度定位技术产业布局。 2024 年度，中海达实现营收 12.2 亿元， 同比增长 2.8%。净利润略微亏损，主要原因是时空信息数据化业务招投标及 交付验收环节出现延迟，客户回款未达预期，导致合同资产和应收坏账回收风 险增大，公司基于谨慎性原则对相应资产进行了计提。2025 年第一季度，公 司实现营收 1.52 亿元，同比增长 30.6%，业绩有所改善。 • 公司看好低空经济发展，认为无人机载体航空测量业务带来机会，公司在 数据地图等方面具备基础能力。深海经济市场需求尚不清晰，需进一步观 察。 • 中海达自主研发芯片、激光器等核心器件，高精度定位终端芯片采购国内 厂家产品，自研激光头应用于军用设备。车规级芯片和惯性测量单元 ...

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [5]. Core Insights - The company reported a significant narrowing of losses, with a 2024 revenue of 1.22 billion yuan, a year-on-year increase of 2.80%, and a net profit attributable to shareholders of -12 million yuan, improving by 97.08% year-on-year [1][2]. - The gross margin improved to 39.86% in 2024, up by 3.21 percentage points from the previous year, and further increased to 44.00% in Q1 2025, reflecting a 5.02 percentage point rise year-on-year [1][2]. - The company's cash flow situation has significantly improved, with a net cash flow from operating activities of 102 million yuan in 2024, a year-on-year growth of 377.43% [2]. Revenue and Profitability - In 2024, the high-precision positioning equipment and industry solutions business generated 1.051 billion yuan in revenue, a year-on-year increase of 12.15%, while the spatiotemporal data and information technology business saw a revenue decline of 32.43% to 168 million yuan [2]. - The company has a strong order backlog in the intelligent driving sector, with orders more than doubling year-on-year, indicating robust growth potential [3]. Financial Forecast - The company is expected to achieve revenues of 1.32 billion yuan, 1.48 billion yuan, and 1.70 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 36 million yuan, 60 million yuan, and 86 million yuan [3][4]. - Earnings per share (EPS) are forecasted to be 0.05 yuan in 2025, 0.08 yuan in 2026, and 0.12 yuan in 2027 [3][4]. Market Position - The company is recognized as one of the few full-product suppliers of high-precision positioning products and solutions in China, with strong growth prospects in the automotive high-precision and hydrological monitoring sectors [3].

Group 1: Company Overview and Financial Performance - The company focuses on high-precision navigation and positioning technology, developing a complete technology chain from hardware to algorithms and industry solutions [2][3] - In 2024, the company achieved a revenue of ¥1,219,549,535.51, a year-on-year increase of approximately 2.80%, while the net profit attributable to shareholders was -¥12,449,794.70, reflecting a 97.08% increase compared to the previous year [3] - In Q1 2025, the company reported a revenue of ¥151,988,324.18, marking a year-on-year growth of about 30.60% [3] Group 2: Smart Driving and Automotive Products - The company provides smart driving-related hardware and software products, achieving approximately 40% growth in its smart driving business in 2024 [4] - Over 60 models from various automotive manufacturers have successfully integrated the company's products, including high-precision positioning antennas and inertial measurement units (IMU) [4][5] - The company collaborates with partners like Baidu Apollo and China Mobile to develop advanced smart driving solutions [5] Group 3: Overseas Business and Tariff Impact - The company's overseas sales primarily consist of high-precision positioning terminals and optical products, with no sales in the U.S. market [6] - The company is minimally affected by U.S. tariffs as it imports very few materials from the U.S. and has domestic alternatives available [6][10] Group 4: Monitoring and Disaster Prevention - The company has developed universal disaster monitoring equipment, successfully deployed in over 20 provinces for geological disaster monitoring [6] - The equipment has been recognized by the Natural Resources Ministry for its effectiveness in harsh environments [6] Group 5: Low-altitude Economy and Marine Applications - The company utilizes drones and laser radar for surveying and emergency rescue, providing comprehensive solutions for various applications [7] - In marine applications, the company offers advanced detection equipment and has established a comprehensive monitoring system integrating various technologies [8][9] Group 6: Import Dependency and Future Development - In 2024, imported components accounted for about 10% of total procurement, with most having domestic alternatives [10] - The company is exploring further development in measurement robots and high-precision positioning technologies for various industries, including smart driving and robotics [11]

Group 1: Business Focus and Development - The company focuses on high-precision navigation and positioning technology, with three core business segments: precise spatial perception equipment, Beidou high-precision industry applications, and intelligent driving and navigation control [3][5]. - The company aims to expand high-precision positioning technology applications in low-altitude fields and industrial robots, continuously exploring integration opportunities [4][6]. Group 2: Market and Product Strategy - The company has achieved approximately 30% domestic substitution rate in high-precision positioning equipment, with key products like positioning terminals and industrial-grade LiDAR being fully domestically produced [5][6]. - In 2024, the proportion of government project-related business has decreased to 13.79%, with a strategic shift towards high-precision positioning equipment and solutions that have better cash flow [6][9]. Group 3: International Expansion and Collaboration - The company has established branches in 12 countries, implementing localization strategies for procurement, logistics, sales, and global technical services [7][9]. - Collaborations with Baidu Apollo and Beijing Hangji focus on high-precision differential positioning solutions, with successful deliveries of 5G+V2X smart antennas and high-precision positioning antennas [7][8]. Group 4: Technological Advancements - The company emphasizes continuous investment in core technology research and development, maintaining a leading position in key technologies such as laser radar and inertial navigation [6][8]. - The company has successfully developed disaster monitoring and early warning devices, which have been deployed in over 20 provinces and regions across the country [8][9]. Group 5: Financial Performance and Projections - The intelligent driving business is projected to grow by approximately 40% in 2024, although it currently represents a small portion of the overall revenue [9].

证券代码：300177 证券简称：中海达 公告编号：2025-028 广州中海达卫星导航技术股份有限公司 关于 2025 年第一季度报告披露的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示：公司《2025 年第一季度报告》于 2025 年 04 月 26 日 在中国证监会指定的创业板信息披露网站上披露，敬请投资者注意查 阅。 广州中海达卫星导航技术股份有限公司（以下简称"公司"）于 2025 年 04 月 25 日召开的第六届董事会第八次会议及第六届监事会 第六次会议审议通过了《关于公司<2025 年第一季度报告>的议案》， 为使投资者全面了解公司的经营成果及财务状况，公司《2025 年第 一季度报告》于 2025 年 04 月 26 日在中国证监会创业板指定信息披 露网站巨潮资讯网（http://www.cninfo.com.cn）上披露，敬请投资 者注意查阅。 特此公告。 广州中海达卫星导航技术股份有限公司 董事会 2025 年 04 月 25 日 ...

一、监事会会议召开情况 证券代码：300177 证券简称：中海达 公告编号：2025-027 广州中海达卫星导航技术股份有限公司 第六届监事会第六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、备查文件 1、广州中海达卫星导航技术股份有限公司第六届监事会第六次 会议（以下简称"本次会议"）的会议通知已于 2025 年 04 月 15 日 以邮件、电话的形式通知全体监事。 经与会监事签字的监事会决议。 2、本次会议于 2025 年 04 月 25 日在公司会议室以现场表决方 式召开。 5、本次会议的召集和召开符合《中华人民共和国公司法》等有 关法律、行政法规、部门规章、规范性文件和《公司章程》及《监事 会议事规则》的有关规定。 二、监事会会议审议情况 审议通过了《关于公司< 2025 年第一季度报告>的议案》 监事会经认真审核后认为，公司《2025 年第一季度报告》的审议 程序符合法律、法规和中国证监会的有关规定，报告内容真实、准确、 完整地反映了公司 2025 年第一季度经营的实际情况， ...

Financial Performance - The company reported a basic earnings per share of -0.0332 yuan for Q1 2025, an improvement of 37.59% compared to -0.0532 yuan in Q1 2024 [1] - Revenue for Q1 2025 was 1.52 billion yuan, representing a 31.03% increase from 1.16 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.25 billion yuan, showing a 37.5% improvement from -0.4 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 was -1.60%, an improvement of 33.05% compared to -2.39% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 73.1321 million shares, accounting for 12.05% of the circulating shares, with a decrease of 3.5647 million shares from the previous period [1] - Notable shareholders include 廖定海 with 35.0705 million shares (5.78%) and 廖文 with 10.8374 million shares (1.79%), both remaining unchanged [2] - Hong Kong Central Clearing Limited decreased its holdings by 3.4026 million shares to 7.1084 million shares (1.17%) [2] Dividend Policy - The company has announced that it will not distribute dividends or bonus shares this time [3]

Financial Performance - The company's operating revenue for Q1 2025 was ¥151,988,324.18, representing a 30.60% increase compared to ¥116,373,138.39 in the same period last year[5]. - The net loss attributable to shareholders decreased to ¥24,692,507.12, a 37.63% improvement from a loss of ¥39,590,186.90 in the previous year[5]. - The net cash flow from operating activities improved by 18.04%, amounting to -¥80,152,853.37 compared to -¥97,800,778.04 in the prior year[5]. - The weighted average return on equity improved to -1.60%, up from -2.39% year-over-year[5]. - The total operating revenue for the current period is CNY 151,988,324.18, an increase from CNY 116,373,138.39 in the previous period, representing a growth of approximately 30.7%[22]. - The total operating costs for the current period are CNY 194,309,271.18, up from CNY 177,960,740.70 in the previous period, indicating an increase of about 9.5%[22]. - The net profit for the current period is a loss of CNY 25,543,736.37, compared to a loss of CNY 45,620,394.22 in the previous period, showing an improvement of approximately 43.9%[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,007,844,481.28, a decrease of 1.83% from ¥3,064,058,941.40 at the end of the previous year[5]. - The total assets amount to CNY 3,007,844,481.28, slightly down from CNY 3,064,058,941.40 in the previous period, reflecting a decrease of approximately 1.8%[20]. - The total liabilities are CNY 1,479,085,562.04, a decrease from CNY 1,495,893,928.54 in the previous period, indicating a reduction of about 1.1%[20]. - The company’s equity attributable to shareholders decreased to CNY 1,528,749,421.37 from CNY 1,560,217,605.16, a decline of approximately 2.0%[20]. Cash Flow - The company’s cash flow from operating activities showed a significant improvement, with a net cash outflow reduced compared to the previous period[23]. - Operating cash inflow for the current period was CNY 289,723,548.92, an increase from CNY 283,249,954.58 in the previous period, reflecting a growth of approximately 1.7%[25]. - Net cash outflow from operating activities was CNY -80,152,853.37, an improvement compared to CNY -97,800,778.04 in the previous period[25]. - Investment cash inflow totaled CNY 230,756,606.81, significantly higher than CNY 131,738,596.80 in the previous period, marking an increase of about 74.8%[26]. - Net cash inflow from financing activities was CNY 63,396,729.73, a turnaround from a net outflow of CNY -1,156,180.42 in the previous period[26]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 74,585[13]. - The largest shareholder, Liao Dinghai, holds 18.85% of shares, totaling 140,281,830 shares[13]. - The total number of restricted shares held by major shareholders remains unchanged at 137,865,815 shares[15]. - The company has no preferred shareholders or changes in preferred shareholder structure[14]. - The total number of shares held by the top ten shareholders does not include any shares lent through margin trading[13]. - The company plans to lift restrictions on shares held by major shareholders on January 1, 2026[14]. Operational Changes - The company completed the internal transfer of 100% equity of subsidiaries to optimize resource allocation[16]. - The company plans to focus on market expansion and new product development in the upcoming quarters, aiming to enhance revenue streams[23]. Other Financial Metrics - The company reported a significant increase in investment income, which rose by 2,937.66% to ¥2,025,243.17, primarily due to returns from financial products and joint ventures[10]. - The company experienced a 68.54% increase in accounts receivable, reaching ¥16,246,979.53, attributed to an increase in bank drafts received from customers[9]. - The company reported a 74.94% increase in taxes and surcharges, totaling ¥1,820,447.64, mainly due to increased property tax from the new headquarters[10]. - The company recorded a 43.68% improvement in asset disposal income, which was -¥22,373.44 compared to -¥39,726.05 in the previous year[10]. - The company has reported an increase in long-term borrowings to CNY 99,808,354.38 from CNY 66,522,401.46, an increase of approximately 50.0%[20]. - The company's cash and cash equivalents decreased from 337,233,360.77 CNY to 264,812,914.82 CNY, a decline of approximately 21.5%[18]. - Accounts receivable decreased from 939,850,510.64 CNY to 861,820,674.85 CNY, a reduction of about 8.3%[18]. - Inventory increased from 397,631,810.35 CNY to 490,786,787.79 CNY, an increase of approximately 23.3%[18]. - Cash received from other investment activities was CNY 230,300,000.00, a substantial increase from CNY 130,000,000.00 in the previous period[26]. - Cash paid for purchasing goods and services was CNY 215,230,204.06, compared to CNY 186,644,881.41 in the previous period, indicating an increase of about 15.3%[25]. - Cash paid to employees decreased to CNY 78,566,084.68 from CNY 104,623,698.38, reflecting a reduction of approximately 25%[25].

Core Insights - The company reported a significant improvement in profitability for the year 2024, with a narrowed net loss of 12.45 million yuan, an increase of 97.08% year-on-year [1] - The fourth quarter showed outstanding performance, with total revenue of 481 million yuan, up 60.27% year-on-year, and a net profit of 13.32 million yuan, up 103.28% year-on-year [2] - The net cash flow from operating activities reached 102 million yuan, a substantial increase of 377.43% compared to the previous year, driven by improved collection efforts and a higher proportion of high-precision positioning equipment and solutions [3] - The company achieved notable cost control and expense optimization, with the ratio of operating expenses to revenue at 30.84%, down 26.22% year-on-year, and significant reductions in management and financial expenses [4] - The main business revenue was dominated by high-precision positioning equipment and industry solutions, accounting for 1.051 billion yuan, or 86.21% of total revenue, with a gross margin of 43.27% [5]

Core Viewpoint - 中海达 reported a revenue of 1.22 billion yuan for 2024, marking a year-on-year growth of 2.80%, but still recorded a net loss of 12 million yuan, although this represents a significant reduction in losses by 97.08% compared to the previous year [1] Group 1: Financial Performance - The net profit attributable to shareholders has been negative for three consecutive years, with figures of -110 million yuan in 2022, -430 million yuan in 2023, and -12 million yuan in 2024 [1] - The decrease in losses in 2024 was attributed to cost optimization and partial business recovery, despite not achieving profitability [1] - The company’s non-recurring net profit was -90 million yuan, showing an increase in losses by 81.98% year-on-year [1] Group 2: Business Segments and Market Conditions - 中海达's main business includes precision spatial perception equipment, high-precision applications of Beidou, and intelligent driving and navigation control [1] - The traditional surveying equipment business has seen a continuous decline in revenue due to macroeconomic downturns, reduced infrastructure investment, and intensified industry competition [1] - Although the company has made inroads into emerging fields such as autonomous driving and marine exploration, the revenue contribution from these areas remains limited [1] Group 3: R&D and Competitive Landscape - The company has increased its R&D investment in high-precision positioning for autonomous driving, Beidou applications, and marine sonar detection, with R&D expenses accounting for approximately 11.7% of revenue, significantly higher than the industry average [2] - Despite high R&D spending, the lack of corresponding revenue growth has continued to pressure profits [2] - Competitor 华测导航 has been squeezing 中海达's market share due to better cost control and channel advantages, exacerbating the industry's price war and further weakening the company's profitability [2] Group 4: Investor Concerns - Due to three consecutive years of losses, some investors have raised concerns about potential "ST" risks for the company [2] - 中海达 has stated that it has not reached any conditions that would trigger delisting risk warnings as per the Shenzhen Stock Exchange's rules and emphasized its commitment to focusing on its core business and improving operational efficiency [2]