通信/通信设备 华测导航（300627.SZ） 业绩保持高速增长，导航定位龙头前景广阔 2025 年 04 月 28 日 投资评级：买入（维持） 日期 2025/4/28 当前股价(元) 42.53 一年最高最低(元) 46.65/26.46 总市值(亿元) 233.69 流通市值(亿元) 192.85 总股本(亿股) 5.49 流通股本(亿股) 4.53 近 3 个月换手率(%) 97.59 股价走势图 -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 华测导航 沪深300 数据来源：聚源 相关研究报告 《2024 全年业绩稳健增长，海外市场 打开成长空间—公司信息更新报告》 -2025.4.22 《三季度业绩稳健增长，全年业绩增 长可期 — 中 小 盘 信 息 更 新 》 -2024.10.27 《业绩快速增长，海外市场拓展进入 收获期—中小盘信息更新》-2024.8.12 赵旭杨（分析师） 王镇涛（联系人） zhaoxuyang@kysec.cn 证书编号：S0790523090002 wangzhentao@kysec.cn 证书编号：S0790124070021 ...

证券研究报告 华测导航 (300627 CH) Q1 业绩快速增长，海外收入创新高 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 通信设备制造 | 公司 2024 年实现营收 32.51 亿元（yoy+21.38%），归母净利 5.83 亿元 （yoy+29.89%），扣非净利 5.04 亿元（yoy+35.31%），符合公司此前快报； 1Q25 实现营收 7.89 亿元（ yoy+27.91% ）， 归 母 净 利 1.43 亿 元 （yoy+38.50%），扣非净利 1.23 亿元（yoy+42.09%），符合公司此前预告。 我们认为公司业务有望保持快速增长，主要基于：1）横向拓宽：从建筑、 地理信息等传统应用向精准农业、自动驾驶、低空经济等新兴领域延伸，加 速全球化扩张；2）纵向做深：加强上游芯片和算法以及下游运营服务的布 局，增强盈利能力。维持"买入"评级。 四大行业应用持续开拓，海外收入创新高 分板块来看， 2024 年资源与公共事业营收 14.26 亿元（yoy+26.41%），公 司持续巩固农 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 3,251.01 million, a year-on-year increase of 21.38% [3] - The net profit attributable to shareholders reached CNY 583.40 million, up 29.89% from the previous year [3] - The net profit after deducting non-recurring gains and losses was CNY 503.79 million, reflecting a growth of 35.31% [3] - In Q1 2025, the company reported a revenue of CNY 789.12 million, a 27.91% increase year-on-year [4] - The net profit attributable to shareholders for Q1 2025 was CNY 142.74 million, up 38.50% from the same period last year [5] R&D Investment - In 2024, R&D investment totaled CNY 469.02 million, a 1.49% increase year-on-year, accounting for 14.43% of total revenue [3] - The company has focused on high-precision positioning chips and autonomous driving products, among other strategic projects [3] Product Performance - The company launched several key products, including the RS series measurement systems and the Navigator NX612 autonomous driving system [3] - RTK sales exceeded 100,000 units, while the agricultural autonomous driving system sold over 60,000 units in 2024 [3] - Cumulative deliveries of automotive-grade products surpassed 300,000 units by the end of 2024 [9] Market Segmentation - The resource and public utilities segment generated CNY 1,425.25 million in revenue, a 26.41% increase [3] - The construction and infrastructure segment achieved CNY 1,052.59 million, up 8.97% [3] - The geographic information segment reported CNY 588.50 million, a growth of 38.44% [3] - The robotics and autonomous driving segment earned CNY 184.67 million, increasing by 15.53% [3] Profitability Metrics - The overall gross margin for 2024 was 58.13%, an increase of 1.07% from the previous year [4] - The sales expense ratio was 18.45%, down 0.59%, while the management expense ratio rose to 7.92%, an increase of 0.56% [4] - Operating cash flow net amount reached CNY 659.06 million, a 47.99% increase year-on-year [4] Future Outlook - The company aims for a net profit of CNY 730 million in 2025, targeting a growth of approximately 25% [5] - The three-dimensional intelligent business is expected to continue growing, driven by advancements in technology and market demand [7] - The company plans to maintain high R&D investment to enhance its product offerings and market competitiveness [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company's overseas profitability continues to improve, with the geographic information segment becoming a new growth engine [4] - In 2024, the company achieved a revenue of 3.251 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, a year-on-year increase of 29.89%, exceeding the 2023 target of 560 million yuan [4][5] - The company aims for a net profit target of 730 million yuan in 2025, representing a year-on-year growth of approximately 25% [4] Revenue Structure - In 2024, the revenue breakdown was as follows: - Resources and Public Utilities: 1.425 billion yuan (43.84%, +26.41%) - Construction and Infrastructure: 1.053 billion yuan (32.38%, +8.97%) - Geographic Information: 589 million yuan (18.10%, +38.44%) - Robotics and Autonomous Driving: 185 million yuan (5.68%, +15.53%) - The resources and public utilities segment is the main growth driver, while construction and infrastructure serve as the stable business [5] Profitability - The company's overall gross margin in 2024 was 58.13%, with the following margins by segment: - Construction and Infrastructure: 68.41% - Resources and Public Utilities: 54.71% - Geographic Information: 53.10% - Robotics and Autonomous Driving: 41.95% - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth [6] Domestic and Overseas Business Performance - Domestic revenue in 2024 was 2.313 billion yuan, a year-on-year increase of 18.07%, outperforming the industry average [7] - Overseas revenue reached 938 million yuan, a year-on-year increase of 30.39%, with significant growth potential in international markets [7] Financial Forecast - The company’s projected net profits for 2025-2027 are as follows: - 2025: 756 million yuan - 2026: 1 billion yuan - 2027: 1.307 billion yuan - Corresponding EPS for these years are estimated at 1.38, 1.82, and 2.38 yuan respectively [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89%, exceeding the 2023 target of 560 million yuan [4][5] - The company aims for a net profit target of 730 million yuan in 2025, which is approximately a 25% increase compared to 2024 [4] - The first quarter of 2025 showed a revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit of 143 million yuan, up 38.50% [4] Revenue Structure - In 2024, the revenue breakdown was as follows: Resources and Public Utilities contributed 1.425 billion yuan (43.84%, +26.41%), Construction and Infrastructure 1.053 billion yuan (32.38%, +8.97%), Geographic Information 589 million yuan (18.10%, +38.44%), and Robotics and Autonomous Driving 185 million yuan (5.68%, +15.53%) [5] - The Geographic Information segment is emerging as a new growth engine for the company [5] Profitability - The overall gross margin for the company in 2024 was 58.13%, with specific margins of 68.41% for Construction and Infrastructure, 54.71% for Resources and Public Utilities, 53.10% for Geographic Information, and 41.95% for Robotics and Autonomous Driving [6] - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth [6] Domestic and Overseas Business - Domestic revenue in 2024 was 2.313 billion yuan, growing 18.07%, while overseas revenue was 938 million yuan, up 30.39% [7] - The company has significant growth potential in overseas markets, with a compound annual growth rate of nearly 40% in overseas revenue over the past five years [7] Financial Forecasts - The company’s projected net profits for 2025, 2026, and 2027 are 756 million yuan, 1 billion yuan, and 1.307 billion yuan, respectively, with corresponding EPS of 1.38, 1.82, and 2.38 yuan [9] - The current stock price corresponds to a P/E ratio of 30.68X for 2025, 23.20X for 2026, and 17.74X for 2027 [9]

Financial Performance - The company reported a basic earnings per share of 0.2600 yuan for Q1 2025, representing a 36.91% increase compared to 0.1899 yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 7.89 billion yuan, up 27.88% from 6.17 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 reached 1.43 billion yuan, a significant increase of 38.83% from 1.03 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 3.96% in Q1 2025, compared to 3.35% in Q1 2024, marking an 18.21% increase [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 18,802.17 million shares, accounting for 41.46% of the circulating shares, which is a decrease of 175.94 million shares from the previous period [1] - The largest shareholder, Shanghai Taihexing Enterprise Development Partnership, holds 6,341.17 million shares, representing 13.98% of the total share capital, with a decrease of 51.27 million shares [2] - The second-largest shareholder, Ningbo Shangyu Venture Capital Partnership, maintains its holding at 2,935.38 million shares, which is 6.47% of the total [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

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。 一、监事会会议召开情况 上海华测导航技术股份有限公司（以下简称"公司"）第四届监事会第十五 次会议的通知于 2025 年 4 月 19 日以书面或电子邮件的形式发出，会议于 2025 年 4 月 24 日在上海市青浦区崧盈路 577 号华测时空智能产业园 C 座二楼会议室 以现场结合通讯方式召开。本次会议应出席监事 3 名，实际出席监事 3 名。本次 会议由沈礼伟先生主持，公司部分高级管理人员列席了本次会议。 本次会议的召开和表决程序符合《中华人民共和国公司法》（以下简称"《公 司法》"）等有关法律、行政法规、部门规章、规范性文件和《上海华测导航技术 股份有限公司章程》（以下简称"《公司章程》"）的规定。 二、监事会会议审议情况 证券代码：300627 证券简称：华测导航 公告编号：2025-040 上海华测导航技术股份有限公司 第四届监事会第十五次会议决议公告 经与会监事审议，以记名投票表决方式通过如下议案： 1、以 3 票同意，0 票反对，0 票弃权，审议通过关于《公司 2025 年第一季 度报告》的议案。 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-039 上海华测导航技术股份有限公司 第四届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 上海华测导航技术股份有限公司（以下简称"公司"）第四届董事会第十五 次会议的通知于 2025 年 4 月 19 日以书面或电子邮件的形式发出，会议于 2025 年 4 月 24 日在上海市青浦区崧盈路 577 号华测时空智能产业园 C 座二楼会议室 以现场结合通讯方式召开。本次会议应出席董事 7 名，实际出席董事 7 名。本次 会议由公司董事长赵延平先生主持，公司部分监事和高级管理人员列席了本次会 议。 本次会议的召开和表决程序符合《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《上海华测导航技术股份有限公司章程》的规 定。 二、董事会会议审议情况 经与会董事审议，以记名投票表决方式通过如下议案： 1、以 7 票同意，0 票反对，0 票弃权，审议通过关于《公司 2025 年第一季 度报告》的议案。 1 证券代码：300627 证券简称 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-043 上海华测导航技术股份有限公司 关于公司2023年限制性股票激励计划首次授予部分 第一个归属期符合归属条件的公告 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。 重要内容提示： 上海华测导航技术股份有限公司（以下简称"公司"）于2025年4月24日召开了 第四届董事会第十五次会议和第四届监事会第十五次会议，审议通过关于《公司2023 年限制性股票激励计划首次授予部分第一个归属期符合归属条件》的议案，董事会认 为公司2023年限制性股票激励计划（以下简称"本激励计划"）首次授予部分第一个 归属期归属条件已经成就，同意按规定为符合条件的802名激励对象办理589.8760万 股第二类限制性股票归属相关事宜，现将有关事项说明如下： 一、2023 年限制性股票激励计划实施情况概要 （一）2023 年限制性股票激励计划简介 限制性股票拟归属数量：589.8760 万股，占目前公司总股本1的 1.0736%。 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 公司分别于 2023 年 12 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-042 上海华测导航技术股份有限公司 监事会关于2023年限制性股票激励计划 首次授予部分第一个归属期归属名单的核查意见 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。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简 称"《管理办法》"）、《深圳证券交易所创业板股票上市规则》（以下简称"《上 市规则》"）、《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》 等有关法律法规、规范性文件及《上海华测导航技术股份有限公司2023年限制性股票 激励计划（草案）》、《上海华测导航技术股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，上海华测导航技术股份有限公司（以下简称"公司"）监事 会对公司2023年限制性股票激励计划（以下简称"本激励计划"）首次授予部分第一 个归属期归属名单进行审核，发表核查意见如下： 公司2023年限制性股票激励计划首次授予部分第一个归属期的802名激励对象 作为 ...