Core Viewpoint - The company's performance in 2024 is under pressure due to factors such as contract signing delays, but a significant recovery is expected in Q1 2025. The company is a leader in weapon guidance and control, with a well-established industrial chain and highly certain demand, indicating potential for continuous performance improvement [1][4]. Investment Highlights - The target price has been lowered to 18.9 yuan while maintaining a "buy" rating. The company is expected to benefit from the "14th Five-Year Plan" for equipment construction, leading to steady growth in future performance. The EPS for 2025 has been revised down to 0.21 yuan (previously 0.23 yuan), while the EPS for 2026 remains at 0.29 yuan, and the EPS for 2027 is projected at 0.34 yuan. The average PE for comparable companies in 2025 is 66 times, and given the company's leading position in guidance and control, a PE of 90 times is assigned for 2025 [2][3]. Company Performance - In 2024, the company achieved revenue of 2.748 billion yuan (down 22.91%), primarily due to changes in product technical status and delays in order contracts, resulting in a net profit of 59 million yuan (down 69.29%). In Q1 2025, the company reported revenue of 352 million yuan (up 347.47%) due to an increase in product deliveries, with a net profit of -17 million yuan (compared to -50 million yuan in Q1 2024). The gross margin for 2024 slightly decreased to 22.64% (down 2.16 percentage points), with R&D investment of 280 million yuan and an R&D intensity of 10.19%, indicating a significant increase in R&D investment [3][4]. Industry Outlook - The demand in the industry is highly certain, with expectations for a long-term high boom in related sectors due to the evolution of modern warfare towards informationization and automation. The company's technical system and industrial ecosystem are well-established, focusing on navigation control and ammunition information technology, and aiming to enhance high-end industries while modernizing traditional sectors. 2025 is a critical year for the "14th Five-Year Plan," and with strong downstream demand and improved operational efficiency, the company is poised for a recovery and rapid growth [4][5].

登录新浪财经APP 搜索【信披】查看更多考评等级 会议召开时间：2025年05月12日 （星期一） 13:00-14:45 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于2025年04月30日 （星期三） 至05月09日 （星期五）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱600435@bfdh.com.cn进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 证券代码：600435 证券简称：北方导航 公告编号：临2025-032号 北方导航控制技术股份有限公司 关于召开2024年度、2025年第一季度业绩暨现金分红 说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 二、 说明会召开的时间、地点 （一） 会议召开时间：2025年05月12日 （星期一） 13:00-14:45 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路 ...

Core Viewpoint - The company experienced a significant decline in revenue and net profit in 2024, but showed a strong recovery in early 2025 with substantial growth in revenue and a reduction in losses [1][2]. Financial Performance - In 2024, the company reported revenue of 2.748 billion yuan, a year-on-year decrease of 22.91%, and a net profit attributable to shareholders of 59.0374 million yuan, down 69.29% [1]. - The first quarter of 2025 saw revenue rise to 352 million yuan, an increase of 347.5% year-on-year, with net losses narrowing from 49.76 million yuan to 16.76 million yuan [2]. - The fourth quarter of 2024 showed a revenue of 1.952 billion yuan, up 67.29% year-on-year, and a net profit of 133 million yuan, a staggering increase of 1720.15% [2]. Profitability Metrics - The gross margin for 2024 was 22.64%, a decline of 2.17 percentage points, while the net margin was 3.24%, down 3.78 percentage points [3]. - In the first quarter of 2025, the gross margin improved to 27.91% [3]. Future Outlook - The company anticipates achieving a revenue of 5 billion yuan and a total profit of 300 million yuan in 2025, with significant growth in related transactions [2]. - Projected revenues for 2025-2027 are 5.198 billion, 6.535 billion, and 7.832 billion yuan, with net profits of 305 million, 401 million, and 485 million yuan respectively [4]. Strategic Initiatives - The company is focusing on enhancing its position in navigation and control, and is investing in emerging industries such as digital industry, smart manufacturing, and next-generation military communication [3].

证券代码：600435 证券简称：北方导航 公告编号：临 2025-032 号 会议召开时间：2025 年 05 月 12 日 （星期一） 13:00-14:45 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 04 月 30 日 （星期三） 至 05 月 09 日 （星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 600435@bfdh.com.cn 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 北方导航控制技术股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日发布公司 2024 年度报告、2025 年第一季度报告，为便 于广大投资者更全面深入地了解公司 2024 年度、2025 年第一季度的 经营成果、财务状况，公司计划于 2025 年 05 月 12 日 （星期一） 13:00-14:45 举行 2024 年度、2025 年第一季度业绩暨现金分红说明 会，就投资者关心的问题进行交流。 一、 说明会 ...

北方导航2024年度报告显示，公司在营业收入、净利润等关键指标上出现较大幅度下滑，经营活动现金 流量净额更是同比下降373.52%，公司面临着诸多挑战。以下将对北方导航2024年年报进行详细解读。 关键财务指标分析 营收下滑明显 2024年北方导航营业收入为2,747,742,877.50元，较2023年的3,564,548,001.95元下降22.91%。公司解释 称，部分产品受技术状态变更、订货合同延迟签订等因素影响，已确定的订单未能在当期确认收入，导 致营收同比下降。从季度数据来看，第四季度营业收入为1,951,546,016.05元，相对其他季度较高，但仍 无法挽回全年营收下滑的局面。 净利润大幅缩水 归属于上市公司股东的净利润为59,037,374.91元，与2023年的192,231,185.15元相比，降幅达69.29%。 净利润下降的主要原因是当期营业收入下滑，尽管固定费用支出与上年相比略有降低，但仍导致利润大 幅下降。 扣非净利润表现不佳 归属于上市公司股东的扣除非经常性损益的净利润为40,252,754.83元，相较于2023年的176,558,113.51 元，减少了77.20%。这表明 ...

证券研究报告·公司点评报告·地面兵装Ⅱ 北方导航（600435） 2024 年报点评：下游需求恢复，业绩拐点将 至 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,565 | 2,748 | 4,828 | 5,675 | 6,835 | | 同比 | (7.16) | (22.91) | 75.71 | 17.54 | 20.45 | | 归母净利润（百万元） | 192.23 | 59.04 | 199.24 | 252.54 | 317.54 | | 同比 | 3.90 | (69.29) | 237.47 | 26.75 | 25.74 | | EPS-最新摊薄（元/股） | 0.13 | 0.04 | 0.13 | 0.17 | 0.21 | | P/E（现价&最新摊薄） | 86.39 | 281.31 | 83.36 | 65.76 | 52.30 | [Table_Tag] [Table_Su ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.748 billion yuan in 2024, a decrease of 22.91% year-on-year, and a net profit attributable to shareholders of 59.04 million yuan, down 69.29% year-on-year [1][7] - Despite the current performance pressure, the recovery of downstream demand is anticipated, and as a leading domestic guided control platform enterprise, the company's operational situation is expected to improve significantly with the release of long-range fire orders [7] Financial Summary - **Revenue and Profit Forecasts**: - 2023A: Total revenue of 3.565 billion yuan, net profit of 192.23 million yuan - 2024A: Total revenue of 2.748 billion yuan, net profit of 59.04 million yuan - 2025E: Total revenue of 4.828 billion yuan, net profit of 199.24 million yuan - 2026E: Total revenue of 5.675 billion yuan, net profit of 252.54 million yuan - 2027E: Total revenue of 6.835 billion yuan, net profit of 317.54 million yuan [1][8] - **Earnings Per Share (EPS)**: - 2024A: 0.04 yuan - 2025E: 0.13 yuan - 2026E: 0.17 yuan - 2027E: 0.21 yuan [1][8] - **Price-to-Earnings (P/E) Ratios**: - 2024A: 281.31 - 2025E: 83.36 - 2026E: 65.76 - 2027E: 52.30 [1][8] - **Research and Development Investment**: - R&D investment in 2024 increased by 10.19% year-on-year, totaling 280 million yuan, which has impacted profit margins [7] - **Market Position and Innovations**: - The company has made significant progress in core technology areas, applying for 36 patents, including 31 invention patents, which enhance product competitiveness [7]

北方导航（600435.SH）2024 年年报及 2025 年一季报点评 1Q25 营收同比大增 347%；全年效益稳步提升预期乐观 2025 年 04 月 25 日 ➢ 事件：4 月 24 日，公司发布 2024 年年报，全年实现营收 27.5 亿元，YOY -22.9%；归母净利润 0.6 亿元，YOY -69.3%。业绩表现符合预期。同时发布 2025 年一季报，1Q25 实现营收 3.5 亿元，YOY +347.5%；归母净利润-0.17 亿元， 1Q24 为-0.50 亿元；同比续亏但幅度收窄。业绩表现略低于预期。2024 年，公 司部分产品受技术状态变更、订货合同延迟签订等因素影响，已确定的订单未能 在当期确认收入。我们综合点评如下： ➢ 25 年经营计划较好；关联交易计划预示景气。1）单季度：4Q24，公司实 现营收 19.5 亿元，YOY +67.3%；归母净利润 1.3 亿元，YOY +1720.1%。2） 利润率：2024 年，公司毛利率同比下滑 2.2ppt 至 22.6%；净利率同比下滑 3.8ppt 至 3.2%。3）经营计划：2025 年，公司预计营收 50 亿元，YOY +82. ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company reported a significant increase in revenue for Q1 2025, with a year-over-year growth of 347.5%, while the full-year revenue for 2024 was 2.75 billion, down 22.9% year-over-year [2][3]. - The company expects a strong recovery in 2025, projecting a revenue of 5 billion, representing an 82% year-over-year increase, and a profit of 300 million, up 261.9% [2][4]. - The company is positioned as a core player in the navigation control and ammunition information technology sectors, focusing on smart integration and military communication [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.75 billion, with a net profit of 60 million, reflecting a decline of 69.3% year-over-year [2][3]. - The company's Q1 2025 revenue was 350 million, with a net loss of 17 million, an improvement from a loss of 50 million in Q1 2024 [2][3]. Operational Insights - The company’s operational plan for 2025 is optimistic, with a significant increase in expected sales to 5 billion and a profit target of 300 million [2][4]. - The company’s gross margin for 2024 was 22.6%, down 2.2 percentage points year-over-year, while the net margin was 3.2%, down 3.8 percentage points [2][4]. Future Projections - The company forecasts revenues of 5.17 billion in 2025, 6.7 billion in 2026, and 8.36 billion in 2027, with respective growth rates of 88.1%, 29.7%, and 24.8% [6][12]. - The projected net profit for 2025 is 261 million, with significant growth expected in subsequent years [6][12]. Market Position - The company is recognized as a leader in its industry, focusing on the trends of automation and intelligence in military applications [4].

证券研究报告 北方导航 (600435 CH) 25Q1 业绩高增长，下游需求全面复苏 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 25 日│中国内地 | 其他军工 | 北方导航发布 24 年报和 25 年一季报，2024 年实现营收 27.48 亿元 （yoy-22.91%），归母净利 5903.74 万元（yoy-69.29%），低于我们此前 1.79 亿元归母净利的预期，主要原因是部分产品受技术状态变更、订货合同延迟 签订等因素影响，已确定的订单未能在当期确认收入，导致较上年同比下降。 25Q1 公司产品交付和收入确认节奏有所恢复，交付量较上年有明显提升， 实现营业收入 3.52 亿元（yoy+347.47%）；归母净利-1676 万元，上年同期 为-4976 万元，亏损有所收窄。考虑到"十四五"国防建设任务需要按期完 成，我们预计公司 25 年将实现较快增长，维持"买入"评级。 24 年多因素导致业绩下滑，25Q1 已逐步恢复正常 2024 年行业因素导致公司业绩有所下滑，核心军民两用产品实现收入 26.90 亿元，同比下滑 22.31%， ...