证券代码：300627 证券简称：华测导航 公告编号：2024-120 上海华测导航技术股份有限公司 监事会关于2021年限制性股票激励计划 预留授予部分第二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2021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2021年限制性股票激励计划（以下简称"本激励计划"）预留授予部分第二个 归属期归属名单进行审核，发表核查意见如下： 公司2021年限制性股票激励计划预留授予部分第二个归属期的109名激励对象 作为公 ...

上海华测导航技术股份有限公司 第四届董事会第十一次会议决议公告 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。 证券代码：300627 证券简称：华测导航 公告编号：2024-118 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"）第四届董事会第十一 次会议的通知于 2024 年 12 月 18 日以书面或电子邮件的形式发出，会议于 2024 年 12 月 23 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》（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、董事会会议审议情况 1、以 7 票同意，0 票反对，0 票弃权，审议通过关于《公司 2021 年限制性 股票激励计划预留授予部分第二个归属期符合归属条 ...

国浩律师（杭州）事务所 关 于 上海华测导航技术股份有限公司 2021 年限制性股票激励计划 预留授予部分第二个归属期归属条件成就 及部分限制性股票作废事项 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二四年十二月 国浩律师（杭州）事务所 法律意见书 关 于 上海华测导航技术股份有限公司 2021 年限制性股票激励计划 预留授予部分第二个归属期归属条件成就 及部分限制性股票作废事项 之 法律意见书 致：上海华测导航技术股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受上海 ...

证券代码：300627 证券简称：华测导航 公告编号：2024-122 上海华测导航技术股份有限公司 关于作废 2021 年限制性股票激励计划 部分已授予尚未归属的限制性股票的公告 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。 上海华测导航技术股份有限公司（以下简称"公司"）于2024年12月23日召开的 第四届董事会第十一次会议、第四届监事会第十一次会议审议通过了关于《作废2021 年限制性股票激励计划部分已授予尚未归属的限制性股票》的议案，现将相关事项公 告如下： 3、2021年10月12日至2021年10月21日，公司对本激励计划拟授予激励对象的姓 一、本次限制性股票授予已履行的决策程序和信息披露情况 1 1、2021年10月11日，公司召开第三届董事会第八次会议，会议审议通过了关于 《公司<2021年限制性股票激励计划（草案）>及其摘要》的议案、关于《公司<2021 年限制性股票激励计划实施考核管理办法>》的议案、关于《提请股东大会授权董事 会办理公司2021年限制性股票激励计划相关事项》的议案、关于《召开公司2021年 第三次临时股东大会》的议案。 ...

第一条 为加强上海华测导航技术股份有限公司（以下简称"公司"）的市 值管理工作，进一步规范公司的市值管理行为，维护公司及广大投资者合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《国务院关于加强监 管防范风险推动资本市场高质量发展的若干意见》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》《上市公司监管指引第 10 号——市值管理》等相关法律、行政法规、 部门规章、规范性文件及《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，结合公司实际情况，制订本制度。 第二条 本制度所称市值管理是以提高公司质量为基础，为提升公司投资价 值和股东回报能力而实施的战略管理行为。 第三条 市值管理是公司战略管理的重要内容，是董事会的核心工作之一。 第四条 公司在开展市值管理过程中，应当牢固树立回报股东意识，采取措施 保护投资者尤其是中小投资者利益，诚实守信、规范运作、专注主业、稳健经营， 以新质生产力的培育和运用，推动经营水平和发展质量提升，并在此基础上做好 投资者关系管理，提高信息披露质量和透明度，必要时积极采取措施 ...

Investment Rating and Target Price - The report initiates coverage on Huace Navigation with a **Buy** rating and a target price of **RMB 44.22** [1] - The company is a leader in China's high-precision satellite navigation and positioning application industry, with a revenue and net profit CAGR of 23% and 34% respectively from 2019 to 2023 [1] Core Investment Thesis - **Horizontal Expansion**: The company is expanding from traditional applications like construction and geographic information to emerging fields such as precision agriculture, autonomous driving, and low-altitude economy, accelerating global expansion [1] - **Vertical Integration**: Huace Navigation is strengthening its upstream chip and algorithm development, as well as downstream operational services, to enhance profitability [1] - **Industry Tailwinds**: The satellite navigation industry in China is benefiting from policy support, strong demand, and technological advancements, with the high-precision market size reaching RMB 21.5 billion in 2023, growing at a CAGR of over 25% from 2011 to 2023 [2] Competitive Advantages - **Technological Edge**: The company has mastered core technologies in GNSS chips, algorithms, autonomous driving perception, and 3D point cloud aerial surveying, creating significant barriers to entry [3] - **Product Strength**: Huace Navigation maintains leading market shares in surveying, agricultural machinery autonomous driving, and displacement monitoring, with overseas revenue growing at a CAGR of 54% from 2021 to 2023 [3] - **Channel Power**: The company has established a robust domestic and international sales network, laying a solid foundation for global market expansion [3] Business Expansion and Profitability - **Horizontal Expansion**: The company has secured new clients in autonomous driving, including Xiaomi and RoboTaxi, and is actively exploring low-altitude economy and international markets [4] - **Vertical Integration**: By integrating upstream and downstream operations, Huace Navigation provides comprehensive solutions, enhancing profitability and transitioning from a device manufacturer to a platform-based company [4] Market Differentiation - The report highlights that while the market is concerned about the growth potential of the BeiDou industry, Huace Navigation is well-positioned to benefit from the industry's rapid development due to policy support, technological maturity, and increasing demand for high-precision applications [5] Financial Projections and Valuation - The company is expected to achieve net profits of RMB 596 million, RMB 757 million, and RMB 958 million in 2024, 2025, and 2026, respectively, with a target PE of 32x for 2025 [6] - Revenue is projected to grow at a CAGR of 25.86% from 2024 to 2026, with net profit margins improving steadily [7] Industry Overview - **Policy Support**: The Chinese government is actively promoting the application of BeiDou, with initiatives like the establishment of the China Time Information Group and the issuance of trillion-yuan special bonds expected to boost industry penetration [2] - **Demand Growth**: High-precision navigation and positioning are in high demand across sectors such as autonomous driving, precision agriculture, and smart cities, driving market expansion [2] - **Technological Advancements**: China's BeiDou system has achieved technological breakthroughs, with some indicators surpassing those of international leaders, enhancing its global competitiveness [2] Company Overview - **Technological Leadership**: Huace Navigation has developed a strong technological foundation in GNSS algorithms, signal processing, and autonomous driving perception, supported by its high-precision positioning chip technology platform and global satellite-ground integrated enhancement network service platform [25] - **Product Portfolio**: The company offers a wide range of products and solutions across multiple industries, maintaining a leading position in domestic markets and achieving rapid growth in exports [25] - **Global Expansion**: With a well-established sales network and a focus on international markets, Huace Navigation is poised to become a global leader in navigation and positioning [25] Financial Performance - **Revenue Growth**: The company's revenue has grown from RMB 2.95 billion in 2014 to RMB 26.78 billion in 2023, with a 10-year CAGR of 28.12% [45] - **Profitability**: Net profit margins have improved steadily, with the company achieving a net profit of RMB 449 million in 2023, up from RMB 31 million in 2014 [45] - **R&D Investment**: Huace Navigation has consistently invested in R&D, with R&D expenses reaching RMB 462 million in 2023, reflecting its commitment to technological innovation [57]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the coming months [7][113][126]. Core Insights - The company is a leading player in the domestic high-precision satellite navigation industry, focusing on core technologies and solutions since its establishment in 2003 [4][18]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 27.78% in revenue and 34.58% in net profit from 2014 to 2023 [4][33]. - The overseas business has been growing significantly, with a revenue increase of 34.98% in the first half of 2024, contributing over 30% to total revenue [4][92]. - The high-precision navigation market in China is expected to reach a scale of 126.34 billion yuan by 2028, indicating substantial growth potential [4][66]. Summary by Sections Company Overview - The company focuses on high-precision navigation positioning technology and has developed a comprehensive range of products and solutions across four main sectors: construction and infrastructure, geographic spatial information, resources and public utilities, and robotics and autonomous driving [4][18][24]. Financial Performance - In the first half of 2024, the company achieved revenue of 1.484 billion yuan and a net profit of 251 million yuan, representing year-on-year growth rates of 22.86% and 42.96%, respectively [4][33]. - The resource and public utility sector is the largest revenue contributor, accounting for 45.89% of total revenue in the first half of 2024, with a growth rate of 48.06% [4][36][104]. Market Trends - The overall market for satellite navigation and positioning services in China reached 536.2 billion yuan in 2023, with a growth rate of 7.09% compared to 2022 [58]. - The high-precision satellite navigation market has seen significant growth, with the market value increasing from 2.3 billion yuan in 2012 to 21.4 billion yuan in 2023 [66]. Growth Drivers - The agricultural machinery autonomous driving system market is expected to grow rapidly, with projected sales of 164,300 units and 190,600 units in 2024 and 2025, respectively [4][77]. - The company has a strong position in the domestic agricultural machinery autonomous driving market, ranking second with a market share of 13.98% in 2023 [6][96]. Technological Leadership - The company maintains a high research and development expense ratio, consistently above 16% over the past three years, which has led to the development of proprietary technologies and algorithms [4][87]. - The company has developed a new generation of GNSS chips, which are expected to significantly enhance its self-sufficiency and potentially create new business models [4][86]. Future Outlook - The company is expected to benefit from the growth of the high-precision navigation industry and its expansion into overseas markets, with projected net profits of 585 million yuan, 740 million yuan, and 935 million yuan for 2024, 2025, and 2026, respectively [7][113].

证券代码：300627 证券简称：华测导航 公告编号：2024-117 近日，公司收到尚坤投资《关于股份减持计划完成的告知函》，尚坤投资通 过集中竞价交易方式（含盘后定价）共减持公司股份1,250,000股，其减持计划已 完成，现将具体情况公告如下： 一、股东减持股份情况 1 本公告所指"总股本"如未说明时间，均指 2024 年 11 月 7 日的股份数量 548,060,549 股。 | 股东 | 减持方式 | 股份来源 | 减持期间 | 减持均价 | 减持股数 | 减持股数占 | | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | | （元/股） | （股） | 总股本1比例 | | 尚坤 | 集中竞价 交易（含 | 公司首次公开发行股票之 前持有的股份（包含首次 | 2024年9月10日 至2024年11月8 | 32.62 | 1,250,000 | 0.2281% | | 投资 | 盘后定 | 公开发行股票后资本公积 | 日 | | | | | | 价） | 金转增股本的部分） | | | | | 1 上海华测导航技术股份有限公司 关于持股5 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Insights - The company reported a significant increase in net profit for the first three quarters, with revenue reaching 2.268 billion yuan, up 24.22%, and net profit at 390 million yuan, up 37.84% [6]. - The third quarter showed steady growth in both revenue and net profit, with Q3 revenue at 783 million yuan, up 26.9%, and net profit at 138 million yuan, up 29.42% [6]. - The company leads in sales within the agricultural machinery autonomous driving sector, with notable products enhancing risk prevention capabilities [6][7]. - The international market continues to grow, with the company expanding its global market share in construction and infrastructure [7]. - The company is developing a global star-ground integrated enhancement network service platform, aiming to provide differential information services for high-precision mobile intelligent equipment [7]. - The company expects revenue growth from 3.317 billion yuan in 2024 to 5.525 billion yuan in 2026, with net profit projected to rise from 554 million yuan to 952 million yuan during the same period [8][9]. Financial Summary - For 2023, the company expects total revenue of 2.678 billion yuan, with a year-on-year growth of 19.8%, and a net profit of 449 million yuan, reflecting a growth of 24.3% [9][12]. - The gross profit margin is projected to be 57.8% in 2023, slightly decreasing to 57.2% in 2024 [12]. - The company anticipates an EPS of 1.01 yuan in 2024, increasing to 1.74 yuan by 2026 [8][12]. Segment Performance - The construction and infrastructure segment is expected to generate revenue of 994.19 million yuan in 2024, with a growth rate of 5% [11]. - The geographical information segment is projected to see revenue of 447.60 million yuan in 2024, with a growth rate of 9% [11]. - The resources and public utilities segment is forecasted to achieve significant growth, with revenue expected to reach 1.661 billion yuan in 2024, up 50% [11].

Investment Rating - The report maintains a "Buy" rating for the company [1][2][5] Core Insights - The company has achieved revenue and profit growth exceeding expectations, with a significant expansion in application markets. The revenue for the first three quarters of 2024 reached 2.268 billion yuan, a year-on-year increase of 24.22%, while the net profit attributable to shareholders was 390 million yuan, up 37.84% year-on-year [1][2] - The company is positioned as a leader in high-precision navigation and positioning, providing hardware and solutions across various scenarios. It is gradually expanding into new business models such as SaaS subscription services, which are expected to enhance profitability [2][4] - The report projects net profits for 2024, 2025, and 2026 to be 596 million yuan, 774 million yuan, and 988 million yuan respectively, with corresponding EPS of 1.09 yuan, 1.41 yuan, and 1.80 yuan [2][4] Financial Summary - Revenue (in million yuan): - 2022: 2,236 - 2023: 2,678 - 2024E: 3,358 - 2025E: 4,419 - 2026E: 5,741 - Year-on-year growth rates: - 2023: 20% - 2024E: 25% - 2025E: 32% - 2026E: 30% [1][4] - Net Profit (in million yuan): - 2022: 361 - 2023: 449 - 2024E: 596 - 2025E: 774 - 2026E: 988 - Year-on-year growth rates: - 2023: 24% - 2024E: 33% - 2025E: 30% - 2026E: 28% [1][4] - Key Financial Ratios: - P/E ratios are projected to decrease from 44.3 in 2023 to 20.1 in 2026 - P/B ratios are expected to decline from 6.6 in 2023 to 3.9 in 2026 [1][4] Market Position and Growth Drivers - The company benefits from the continuous expansion of its products and solutions in various industries, including resources and public utilities, and geographic information. The overseas revenue is also experiencing rapid growth, with a 34.98% year-on-year increase in the first half of 2024 [1][2] - The company maintains a strong growth momentum in emerging business areas, particularly in agricultural machinery automation and deformation monitoring, which are supported by significant government investments [1][2] - The report highlights the company's focus on enhancing its core technology capabilities and self-sufficiency in high-precision components, which is expected to further strengthen its competitive position in the market [2][4]