Investment Rating - The report maintains a "Buy" rating for the company [5] 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% year-on-year [1] - The company aims for a net profit of 730 million yuan in 2025, a growth of approximately 25% compared to the previous year [1] - The first quarter of 2025 is projected to yield a net profit of 135 to 143 million yuan, reflecting a year-on-year increase of 30.99% to 38.75% [1] - The company operates in four major sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving, all of which are part of trillion-yuan global markets [2] - The international market revenue reached 938 million yuan in 2024, marking a significant year-on-year growth of 30.39% [2] - The company has established a strong overseas dealer network and an international product development and marketing team to expand its market share [2] - Continuous R&D investment has created effective technological barriers, enhancing the company's core competencies in high-precision GNSS algorithms and related technologies [3] - The profit forecast for 2025-2026 has been adjusted upwards, with net profit estimates of 740 million yuan and 925 million yuan respectively, reflecting increases of 5% and 9% [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.251 billion yuan, with a growth rate of 21.38% [4] - The net profit attributable to shareholders was 583 million yuan, with a growth rate of 29.89% [4] - The company expects to achieve a net profit of 740 million yuan in 2025, with a growth rate of 26.87% [4] Revenue Breakdown - The resources and public utilities sector generated 1.425 billion yuan in revenue, up 26.41% year-on-year [2] - The construction and infrastructure sector reported revenue of 1.053 billion yuan, an increase of 8.97% [2] - The geographic information sector saw revenue of 589 million yuan, growing by 38.44% [2] - The robotics and autonomous driving sector achieved revenue of 185 million yuan, up 15.53% [2] Profitability and Valuation - The company’s projected P/E ratios for 2025-2027 are 30, 24, and 20 respectively [3] - The estimated EPS for 2025 is 1.35 yuan, with a projected ROE of 18.59% [4][11]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company reported 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% year-on-year [1] - The company's geographical information, resources, and public utilities sectors showed strong growth, with overseas markets expanding significantly [1] - The high-precision positioning market is thriving, with the domestic satellite navigation and positioning service industry reaching a total output value of 536.2 billion yuan in 2023, growing by 7.09% compared to 2022 [2] - The company has made breakthroughs in the autonomous driving and robotics sectors, establishing partnerships with major companies and achieving significant production milestones [3] Summary by Sections Financial Performance - In 2024, the resources and public utilities sector generated 1.425 billion yuan in revenue, up 26.41% year-on-year, while the geographical information sector achieved 589 million yuan, up 38.44% year-on-year [1] - The company's gross margin improved from 57.77% in 2023 to 58.13% in 2024, reflecting enhanced profitability [1] Market Outlook - The report forecasts that the company's net profit attributable to shareholders will reach 734 million yuan in 2025, 928 million yuan in 2026, and 1.183 billion yuan in 2027, with corresponding PE multiples of 31x, 24x, and 19x [4] - The overseas market is expected to continue providing growth opportunities, while the autonomous driving sector is anticipated to contribute to higher growth rates [3] Industry Trends - The sales revenue of high-precision related products has grown from 1.1 billion yuan in 2010 to approximately 21.4 billion yuan in 2023, with a compound annual growth rate exceeding 25% [2] - The integration of Beidou's spatial data is expected to enhance digital applications across various industries, promoting the transformation and upgrading of traditional sectors [2]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company reported 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% year-on-year [1] - The company's overseas market revenue reached 938 million yuan, growing by 30.39% year-on-year, while domestic revenue was 2.313 billion yuan, an increase of 18.07% [1] - The gross margin improved from 57.77% in 2023 to 58.13% in 2024, indicating enhanced profitability [1] - The high-precision positioning market is experiencing robust growth, with the overall output value of China's satellite navigation and positioning service industry reaching 536.2 billion yuan in 2023, a 7.09% increase from 2022 [2] - The company has established partnerships in the autonomous driving and robotics sectors, becoming a designated supplier for several automotive manufacturers, with cumulative deliveries exceeding 300,000 units [3] - Future profit forecasts for the company suggest net profits of 734 million yuan, 928 million yuan, and 1.183 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE multiples of 31x, 24x, and 19x [4] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 3.251 billion yuan, with a projected revenue growth rate of 21.4% for 2025 [4] - The net profit attributable to shareholders is expected to grow to 734 million yuan in 2025, reflecting a growth rate of 25.8% [4] Market Trends - The high-precision application terminal sales in China reached nearly 2.8 million units in 2023, with over 80% utilizing domestic high-precision chips or modules [2] - The sales revenue of high-precision related products has grown from 1.1 billion yuan in 2010 to approximately 21.4 billion yuan in 2023, with a compound annual growth rate exceeding 25% [2] Strategic Developments - The company is leveraging its core technology in navigation algorithms to meet the demands of high-precision navigation in various applications, including autonomous driving and intelligent logistics [3] - Collaborations with major companies such as JD.com and Huawei in the autonomous driving sector are expected to drive future growth [3]

Core Viewpoint - The company focuses on high-precision navigation and positioning technology, aiming to enhance its competitive edge through continuous innovation and development in various industry applications [2][4][21]. Company Overview - The company has been dedicated to high-precision navigation and positioning technology since its establishment in 2003, providing solutions across multiple industries [2]. - It has developed a robust technical platform for high-precision positioning chips and a global satellite-based augmentation service platform [5]. Key Products and Services - The company has established a comprehensive algorithm capability in high-precision GNSS, 3D point cloud, and autonomous driving perception [4]. - It has received multiple national awards for its technological advancements and holds over 900 authorized intellectual property rights [4]. Industry Applications - The company's high-precision positioning technology is applied in four main sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving [6][12]. - In the agricultural sector, the company has developed automated navigation systems for agricultural machinery, enhancing operational efficiency and reducing costs [7][9]. Technological Advancements - The company has developed a global satellite-based augmentation service platform to improve positioning accuracy for various applications, including autonomous driving and robotics [5][22]. - It has successfully integrated multiple technologies, such as AI and IoT, into its products to enhance functionality and user experience [8][19]. Financial Highlights - The company has a profit distribution plan approved by the board, proposing a cash dividend of 5 yuan per 10 shares and a capital reserve conversion of 4 shares for every 10 shares held [1]. - The company has seen stable growth in its high-precision receiver business, with over 100,000 units shipped in the reporting period [15]. Future Outlook - The company plans to continue exploring new applications for high-precision navigation technology and expand its market presence both domestically and internationally [21]. - It aims to leverage advancements in digitalization and automation to enhance its product offerings and maintain a competitive edge in the industry [21].

2024年，公司持续加大研发投入，报告期内研发投入46,901.91万元，同比增长1.49%，占营业收入比重 为14.43%，系公司持续投入高精度定位芯片、乘用车自动驾驶高精度定位产品、激光雷达等多项研发 项目。 4月17日晚，华测导航（300627）发布2024年年报。报告显示，2024年公司实现营业收入32.51亿元，同 比增长21.38%，实现归属于上市公司股东的净利润5.83亿元，同比增长29.89%。 在行业应用方面，华测导航持续探索高精度定位技术在多个朝阳行业的应用。报告期内，公司在资源与 公共事业板块实现营业收入142,525.35万元，同比增长26.41%；建筑与基建板块实现营业收入 105,258.66万元，同比增长8.97%；地理空间信息板块实现营业收入58,850.03万元，同比增长38.44%； 机器人与自动驾驶板块实现营业收入18,467.30万元，同比增长15.53%。随着高精度定位技术的不断成 熟以及与通信、云计算、物联网等技术的融合落地，公司产品和解决方案在更多行业得到应用，逐步替 代传统作业方式。 全球市场拓展是华测导航的重要战略方向。公司已建立国内直销与经销并重的营销体系， ...

[Table_Summary] 事件：公司近日发布 2024 年年度报告，2024 年实现营业收入 32.51 元， YoY+21.38%；归母净利润 5.83 亿元，YoY+29.89%；毛利率 58.13%，提 升 1.07pct。拟每股派发现金股利 0.5 元（含税），且每 10 股转增 4 股。 2025 年目标归母净利润 7.3 亿元，增速 25%。整体业绩保持快速增长。 点评：高毛利海外市场拓展驱动公司业绩快速增长。分行业来看，资源 与公共事业板块及地理空间信息板块增速最快。2025 年公司资源与公共 事业板块实现收入 14.25 亿元，YoY+26.41%，毛利率 54.71%，较上年同 期降低 1.85pct；建筑与基建板块实现收入 10.5 亿元，YoY+8.97%，毛利 率 68.41%，提升 4.55pct；地理空间信息板块收入 5.89 亿元，YoY+38.44%， 毛利率 53.10%，提升 6.31pct；机器人与自动驾驶业务实现收入 1.85 亿 元，YoY+15.53%，毛利率 41.95%，降低 4.89pct。分地区来看，海外市 场是公司主要增长引擎。2024 年公司海外市 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-032 上海华测导航技术股份有限公司 关于公司开展外汇衍生品交易业务的公告 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于 2025 年 4 月 17 日召开第四届董事会第 十四次会议、第四届监事会第十四次会议，审议通过了关于《公司开展外汇衍生 品交易业务》的议案，同意公司及合并报表范围内的子公司使用自有资金与银行 等金融机构开展总额不超过 7 亿元人民币或等值外币的外汇衍生品交易业务。在 此额度内，可循环滚动使用。授权期限为 2025 年 5 月 1 日至 2026 年 5 月 1 日。 本次开展外汇衍生品交易业务事项在公司董事会的审批权限内，无需提交公司股 东大会审议。具体情况如下： 一、开展外汇衍生品交易业务的目的 为有效规避外汇市场的风险，防范汇率大幅波动对公司造成不良影响，提高 外汇资金使用效率，合理降低财务费用，增加汇兑收益，公司及合并报表范围内 的子公司拟与银行等金融机构开展外汇衍生品交易业务，以减少汇率波动对公司 业绩的影响。 二、外汇衍生品交易业务 ...

上海华测导航技术股份有限公司 董事会工作报告 上海华测导航技术股份有限公司 2024 年度董事会工作报告 2024 年度上海华测导航技术股份有限公司（以下简称"公司"）董事会严格按 照《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》"）、《深圳证券交易所创业板股票上市规则》（以下简称"《上 市规则》"）、《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》等法律法规以及《上海华测导航技术股份有限公司章程》（以下简称"《公 司章程》"）、《公司董事会议事规则》等规章制度的规定，以公司和股东的利益最大 化为行为准则，忠实、诚信、勤勉地履行职责，完成了各项工作任务。现将 2024 年 度董事会工作报告汇报如下： 一、2024 年公司经营情况回顾 2024 年度，公司坚持全球化、打爆品的发展战略，积极拓展行业应用，打造公 司品牌影响力，国内外区域业务协同发展，实现公司整体营业收入与净利润有效增 长。同时，公司继续加大研发投入，构筑核心技术壁垒，提升公司产品竞争力，助 力公司在各行业市场业务快速拓展，实现了公司整体营业收入与净利润有效增长。 2 ...

特此公告 上海华测导航技术股份有限公司 董事会 2025年4月17日 上海华测导航技术股份有限公司 2024年年度报告披露提示性公告 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。 上海华测导航技术股份有限公司 2024 年年度报告全文及摘要将于 2025 年 4 月 18 日在中国证券监督管理委员会指定的创业板上市公司信息披露网站巨潮资 讯网（http://www.cninfo.com.cn）上披露，请投资者注意查阅。 证券代码：300627 证券简称：华测导航 公告编号：2025-020 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-027 上海华测导航技术股份有限公司 关于会计政策变更的公告 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4月17日召开 了第四届董事会第十四次会议和第四届监事会第十四次会议，审议通过了关于 《公司会计政策变更》的议案，有关会计政策变更的具体内容如下： 一、本次会计政策变更概述 1、变更原因 （1）2023年8月，财政部发布《企业数据资源相关会计处理暂行规定》（财 会〔2023〕11号），规定了"企业数据资源相关会计处理"的相关内容，自2024 年1月1日起施行。 （2）2023年10月，财政部发布《企业会计准则解释第17号》（财会〔2023〕 21号），对"关于流动负债与非流动负债的划分""关于供应商融资安排的披露" "关于售后租回交易的会计处理"的内容进行进一步规范及明确。该解释规定自 2024年1月1日起施行，允许企业自发布年度提前执行。 证券代码：300627 证券简称：华测导航 公告编号：2025-027 资源相关会计处理暂 ...