证券代码：300627 证券简称：华测导航 公告编号：2025-110 上海华测导航技术股份有限公司 第四届董事会第二十四次会议决议公告 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"）第四届董事会第二十 四次会议的通知于2025年12月18日以书面或电子邮件的形式发出，会议于2025 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 8 名，实际出席董事 8 名。本 次会议由公司董事长赵延平先生主持，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》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 8 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三个归属期符合归属条件》的议案。 根据《上 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-111 上海华测导航技术股份有限公司 关于公司2021年限制性股票激励计划预留授予部分 第三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： 限制性股票拟归属数量（调整后）：46.1870 万股，占目前公司总股本1的 0.0587%。 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。 上海华测导航技术股份有限公司（以下简称"公司"）于2025年12月23日召开 了第四届董事会第二十四次会议，审议通过关于《公司2021年限制性股票激励计划 预留授予部分第三个归属期符合归属条件》的议案，董事会认为公司2021年限制性 股票激励计划（以下简称"本激励计划"）预留授予部分第三个归属期归属条件已 经成就，同意按规定为符合条件的100名激励对象办理46.1870万股第二类限制性股 票归属相关事宜，现将有关事项说明如下： 一、2021 年限制性股票激励计划实施情况概要 （一）2021 年限制性股票激励计划简介 公司分别于 2021 年 10 月 11 日与 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-112 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2025年12月23日召开 的第四届董事会第二十四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： 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、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。公司独立董事就本激励计划相关议案发表了同意 的独立意见。 同日，公司召开第三届监事会第八次会议，审议通过了关于《公司< ...

Core Insights - The article provides a comprehensive overview of the Beidou navigation industry, highlighting key companies, their business layouts, and the industry chain structure [1][8][12]. Industry Chain Overview - The Beidou navigation industry relies on satellite support, encompassing satellite design, manufacturing, launching, and operation [1]. - The upstream components are crucial for self-control, primarily consisting of baseband chips, RF chips, boards, and antennas [1]. - The midstream focuses on terminal integration and system integration, which are key development areas [1]. - The downstream service clientele includes consumer markets, industrial markets, and military markets [1]. Key Companies and Their Business Layouts - Major listed companies in the Beidou navigation sector include Beidou Star Communication, Haige Communication, Huace Navigation, and others [1][2]. - By the first half of 2025, Huace Navigation, Hezhong Shizhuang, and Tongyu Communication are expected to achieve over 500 million yuan in Beidou-related revenue, leading other listed companies [8]. - Companies like Zhenlei Technology, Haige Communication, and Huace Navigation have gross profit margins exceeding 50%, outperforming their peers [8]. Regional Distribution of Companies - Upstream satellite manufacturing enterprises are primarily located in Beijing and Jiangsu [6]. - Upstream component suppliers are distributed across Beijing, Guangdong, Zhejiang, and Chongqing [6]. - Midstream navigation product and solution providers are mainly found in Beijing, Shanghai, Guangdong, and Sichuan [6]. - Downstream application companies are concentrated in Liaoning and Beijing [6]. Recent Investment Trends - In 2023, Haige Communication and Beidou Star Communication established subsidiaries to expand their business scale [12]. - Reiko Defense set up an investment fund to focus on advantageous projects, while other companies like Aerospace Intelligence and Zhenlei Technology increased capital in their subsidiaries to advance project construction [12][14]. - Notable investments include Huace Navigation's 1 billion yuan increase in its subsidiary and Haige Communication's establishment of a new subsidiary in Chongqing to enhance market presence [14].

Investment Rating - The report maintains a "Buy" recommendation for the satellite communication industry, particularly focusing on low Earth orbit (LEO) satellite systems [6]. Core Insights - The low Earth orbit (LEO) satellite communication sector is entering a critical phase of large-scale deployment and commercialization, driven by the acceleration of global digitalization and the emergence of new application scenarios [2][3]. - The report highlights the significant improvements in system efficiency and cost reduction due to technological advancements, such as enhanced on-board processing (OBP) capabilities and the maturity of phased array antenna technology [3][4]. - The Chinese government has included satellite internet in its "new infrastructure" initiatives, supporting the development of autonomous LEO satellite constellations [2][3]. Summary by Sections Industry Overview - The global satellite industry is projected to generate approximately $293 billion in revenue by 2024, with a compound annual growth rate (CAGR) of about 1.57% from 2019 to 2024 [12]. - The revenue from satellite manufacturing is expected to reach $20.1 billion in 2024, reflecting a year-on-year growth of approximately 17% [15][16]. Technological Trends - The report emphasizes that the enhancement of OBP capabilities allows satellites to perform more data routing and computing functions, reducing reliance on ground stations [3][4]. - The widespread use of reusable launch vehicles is expected to alleviate launch bottlenecks and continuously lower the cost per bit of transmission, facilitating large-scale user access [3][4]. Market Dynamics - The report indicates that the revenue from ground equipment is currently the highest in the global satellite industry, but as OBP technologies mature, the reliance on ground stations is expected to decrease, leading to increased revenue shares for satellite manufacturing and services [4]. - The demand for consumer broadband terminals, IoT devices, and specialized communication equipment is anticipated to grow, presenting unprecedented market opportunities for domestic companies with core hardware development capabilities [4][5]. Investment Recommendations - The report suggests focusing on leading suppliers of satellite payload manufacturing and navigation modules, as the optimization of launch costs and operational efficiencies is expected to drive growth in downstream service applications [5].

Core Viewpoint - The stock price of Huace Navigation has shown a positive trend, with a year-to-date increase of 10.00% and a recent uptick in trading activity, indicating investor interest and potential growth in the company's market position [2][1]. Group 1: Stock Performance - As of December 18, Huace Navigation's stock rose by 2.04%, reaching 32.45 CNY per share, with a trading volume of 3.47 billion CNY and a market capitalization of 255.20 billion CNY [1]. - The stock has experienced a 5.70% increase over the last five trading days and a 2.20% increase over the last 20 days, while it has declined by 10.90% over the past 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Huace Navigation reported a revenue of 2.618 billion CNY, reflecting a year-on-year growth of 15.47%, and a net profit attributable to shareholders of 493 million CNY, which is a 26.41% increase compared to the previous year [2]. - The company has distributed a total of 971 million CNY in dividends since its A-share listing, with 615 million CNY distributed over the last three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, Huace Navigation had 45,600 shareholders, an increase of 4.88% from the previous period, with an average of 14,204 circulating shares per shareholder, down by 4.65% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest with 13.297 million shares, while E Fund's ChiNext ETF holds 10.579 million shares, having decreased by 1.6898 million shares from the previous period [3].

Core Viewpoint - The report from Dongxing Securities highlights that Huace Navigation, a leader in high-precision navigation applications, is poised to benefit from the "15th Five-Year Plan" and the Beidou system's advantages, with self-developed chips and new product innovations solidifying its lead in both domestic and international markets [1] Revenue Growth Projections - The company is expected to achieve revenue growth rates of 22.6%, 20.2%, and 18.4% for the years 2025, 2026, and 2027 respectively [1] - Corresponding net profits attributable to the parent company are projected to be 742 million yuan, 933 million yuan, and 1.158 billion yuan for the same years [1] Market Position and Product Reception - The successful expansion into overseas markets and positive market response to new RTK measurement products and LiDAR products reinforce the company's competitive position [1] - The industry in which Huace Navigation operates is characterized by long-term growth potential, supported by the company's effective scientific management mechanisms [1] Valuation and Target Price - Based on the valuation of the CSI 500 index and the communication equipment industry index, the company is assigned a price-to-earnings ratio (PE) of 30X-35X for 2026 [1] - This corresponds to a target price range of 35.7 to 41.7 yuan, indicating a potential upside of 16% to 36% from the current market capitalization [1] Investment Recommendation - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth trajectory and market positioning [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a target price range of 35.7 to 41.7 CNY, indicating a potential upside of 16% to 36% from the current market value [6][17]. Core Insights - The company, Huace Navigation, is a leading player in China's BeiDou satellite navigation sector, benefiting significantly from the development of the BeiDou system and focusing on high-precision GNSS technology and products [2][30]. - The company achieved a revenue of 3.251 billion CNY in 2024, representing a year-on-year growth of 21.38%, and a net profit of 583 million CNY, with a growth rate of 29.84% [12][45]. - Huace Navigation has established a robust product ecosystem across four main business segments: Resources and Public Utilities, Construction and Infrastructure, Geographic Information, and Robotics and Autonomous Driving, emphasizing high-precision navigation technology [4][34]. Summary by Sections Company Overview - Huace Navigation was founded in 2003 and has focused on high-precision BeiDou/GNSS technology and solutions, achieving significant growth in revenue and profit since the establishment of the BeiDou system [2][30]. - The company has a well-structured equity incentive system that covers over 50% of its core employees, enhancing motivation and performance [3][40]. Market Potential - The BeiDou satellite navigation industry is projected to grow significantly, with the core output value expected to reach approximately 169.9 billion CNY by 2024, driven by the completion of the BeiDou system and supportive policies [5][12]. - The company is well-positioned to benefit from the growing demand for high-precision navigation products, particularly in the agricultural sector, where it holds a leading market share [13][45]. Product Development - Huace Navigation has developed its high-precision navigation chips, achieving self-sufficiency in core technology, with the first-generation chip "Xuanji" launched in 2020 and subsequent advancements planned [12][57]. - The company has launched a satellite-based augmentation service platform, PointX, which aims to provide global high-precision spatial information services [13][82]. Financial Performance - The financial outlook for Huace Navigation is positive, with projected revenue growth rates of 22.6%, 20.2%, and 18.4% for 2025, 2026, and 2027, respectively, alongside net profit growth rates of 27.25%, 25.74%, and 24.08% [18][45]. - The company’s revenue structure indicates a strong reliance on its primary business segments, which contribute approximately 75% of total revenue, showcasing the growth potential in precision agriculture and construction sectors [50].

Market Overview - The Shanghai Composite Index closed at 3889.35 points, with a change of 0.41% [1] - The total trading volume of A-shares reached 2119.01 billion yuan [1] Technical Analysis - 28 A-shares experienced a crossover where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Hengfeng Information: -0.95% - Huaxia Happiness: -0.87% - Haitai New Light: -0.79% [1] Individual Stock Performance - Hengfeng Information (300605) saw a decline of 6.66% with a turnover rate of 18.06% [1] - Huaxia Happiness (600340) decreased by 1.63% with a turnover rate of 7.60% [1] - Haitai New Light (688677) increased by 1.19% with a turnover rate of 0.80% [1] - Jiangsu Beiren (688218) fell by 1.35% with a turnover rate of 3.68% [1] - Shenhui Technology (300853) decreased by 0.99% with a turnover rate of 2.24% [1] - Other notable declines include: - Zhongke Tongda (688038): -1.51% - Zhongke Information (300678): -0.37% - Fa Lion (605318): -0.91% [1] Additional Stock Movements - Stocks with minor declines include: - New Times (002527): -0.45% - Shanghai Environment (601200): -0.62% - Mind Electronics (300656): +0.29% [2] - The stock performance of various companies indicates a mixed market sentiment, with some stocks showing resilience while others face downward pressure [2]

Group 1 - The core transaction involved Huace Navigation, with a total of 216,900 shares traded on December 11, resulting in a transaction amount of 5.3856 million yuan, which accounted for 1.7% of the total trading volume for that day [1][2] - The transaction price was 24.83 yuan per share, representing a discount of 19.12% compared to the market closing price of 30.7 yuan [1][2]