证券代码：300627 证券简称：华测导航 公告编号：2025-095 上海华测导航技术股份有限公司 关于举办投资者接待日活动的公告 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。 为更好与投资者沟通交流，便于广大投资者深入全面地了解上海华测导航技 术股份有限公司（以下简称"公司"）情况，公司拟举办投资者接待日活动，现将 有关事项公告如下： 1、接待时间：2025年10月24日（星期五）下午13:30-15:30（其中13:30-15:00 为现场交流，15:00-15:30为公司展厅参观）。 2、接待地点：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 3、公司主要参与人员：公司董事长赵延平先生，公司副总经理、董事会秘书 孙梦婷女士（如有特殊情况，参会人员会有所调整） 电话：021-64950939 电子邮箱：huace@huace.cn 1 证券代码：300627 证券简称：华测导航 公告编号：2025-095 4、预约方式：为更好的安排本次活动，请有意参与此次活动的投资者通过扫 描下方二维码进行预约报名或将附件一预约登记表及身份证明文件发送至 ...

10月16日，华测导航盘中下跌2.00%，截至13:09，报32.28元/股，成交1.92亿元，换手率0.91%，总市值 253.47亿元。 资金流向方面，主力资金净流出2075.13万元，特大单买入1514.52万元，占比7.91%，卖出3665.79万 元，占比19.14%；大单买入2959.73万元，占比15.45%，卖出2883.60万元，占比15.05%。 华测导航今年以来股价涨9.42%，近5个交易日跌10.78%，近20日跌8.30%，近60日跌4.69%。 资料显示，上海华测导航技术股份有限公司位于上海市青浦区崧盈路577号华测时空智能产业园，成立 日期2003年9月12日，上市日期2017年3月21日，公司主营业务涉及从事北斗高精度卫星导航定位相关软 硬件技术产品的研发、生产和销售,并为行业客户提供数据应用及系统解决方案。主营业务收入构成 为：系统应用及解决方案50.42%，高精度定位装备49.58%。 华测导航所属申万行业为：通信-通信设备-通信终端及配件。所属概念板块包括：地理信息、北斗导 航、卫星导航、军民融合、百度概念等。 截至8月8日，华测导航股东户数2.82万，较上期增加2.06 ...

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company's overseas business gross margin has significantly improved in 2024, primarily due to self-developed core components and an increase in the proportion of high-end products. Additionally, precision agriculture products have expanded their application scenarios from controlling agricultural machinery to controlling tools. The passenger vehicle business is progressing smoothly, with a delivery volume of 300,000 units. For 2025, the company aims for a net profit attributable to shareholders of 730 million yuan, representing a year-on-year increase of 25% [2][4][9]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company expects a net profit attributable to shareholders of 480-495 million yuan, a year-on-year increase of 23.17%-27.02%. The non-recurring net profit is projected to be 440-455 million yuan, up 28.81%-33.20% [4]. - In Q3 2025, the company achieved a net profit of 154-169 million yuan, a year-on-year increase of 12%-22%, with a non-recurring net profit of 141-156 million yuan, up 8%-19% [9]. Business Development - The company has seen steady growth in its other business lines, despite pressure on the deformation monitoring business due to fiscal spending impacts. The company remains confident in achieving its annual profit target of 730 million yuan for 2025 [9]. - Emerging businesses are being launched while traditional businesses continue to iterate, with a favorable operating environment. The company has made significant breakthroughs in RTK technology and has expanded into various sectors, including precision agriculture and smart driving [9]. Growth Drivers - The company is focusing on four main growth areas: overseas expansion, three-dimensional intelligence, precision agriculture, and smart driving. The overseas market is expected to provide high margins and rapid growth, with overseas revenue accounting for 29% in 2024 and a gross margin of 77.6%, which is nearly 27 percentage points higher than the domestic market [9]. - The company has been designated as a key supplier for several automakers in the autonomous driving sector, with cumulative deliveries exceeding 300,000 units [9].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300627 | 华测导航 | 33.33 | -5.93% | 25.22万 | 8.51亿 | | 002796 | 世嘉科技 | 18.94 | -4.58% | 24.28万 | 4.61 乙 | | 603118 | 并进股份 | 12.68 | -4.37% | 51.27万 | 6.40 Z | | 300563 | 神宇股份 | 41.15 | -4.28% | 9.38万 | 3.84亿 | | 301205 | 联特科技 | 98.13 | -3.70% | 6.08万 | 5.86 Z | | 603236 | 移远通信 | 100.07 | -3.59% | 12.08万 | 11.92亿 | | 603421 | 鼎信通讯 | 8.13 | -3.56% | 38.61万 | 3.12亿 | | 300628 | 亿联网络 | 35.77 | -3.32% | 11.05万 | 3.94亿 | | 300308 | 中际旭 ...

Core Viewpoint - 15 companies listed on the ChiNext board have announced their performance forecasts for the first three quarters, with all companies expecting profit increases [1] Group 1: Company Performance Forecasts - Company 川金 (Code: 300505) expects a net profit increase of 171.61% with a latest closing price of 21.50 and a year-to-date increase of 51.89% [1] - Company 金力 (Code: 300748) anticipates a net profit increase of 168.00%, with a closing price of 39.88 and a year-to-date increase of 124.29% [1] - Company 长川科技 (Code: 300604) forecasts a net profit increase of 138.39%, with a closing price of 94.75 and a year-to-date increase of 115.19% [1] - Company 震裕科技 (Code: 300953) predicts a net profit increase of 137.80%, with a closing price of 174.00 and a year-to-date increase of 248.20% [1] - Company 涛涛车业 (Code: 301345) expects a net profit increase of 99.10%, with a closing price of 230.18 and a year-to-date increase of 261.41% [1] - Company 全志科技 (Code: 300458) anticipates a net profit increase of 82.13%, with a closing price of 48.20 and a year-to-date increase of 62.47% [1] - Company 中泰股份 (Code: 300435) forecasts a net profit increase of 79.28%, with a closing price of 21.76 and a year-to-date increase of 82.77% [1] - Company 扬杰科技 (Code: 300373) predicts a net profit increase of 45.00%, with a closing price of 74.05 and a year-to-date increase of 72.66% [1] - Company 联合动力 (Code: 301656) expects a net profit increase of 44.16%, with a closing price of 29.91 and a year-to-date decrease of 3.20% [1] - Company C云汉 (Code: 301563) anticipates a net profit increase of 41.41%, with a closing price of 142.27 and a year-to-date increase of 21.81% [1] - Company 鼎龙股份 (Code: 300054) forecasts a net profit increase of 37.12%, with a closing price of 36.52 and a year-to-date increase of 40.85% [1] - Company 建发致新 (Code: 301584) predicts a net profit increase of 35.00%, with a closing price of 27.02 and a year-to-date decrease of 26.09% [1] - Company 华测导航 (Code: 300627) expects a net profit increase of 25.10%, with a closing price of 35.43 and a year-to-date increase of 19.98% [1] - Company 艾芬达 (Code: 301575) anticipates a net profit increase of 14.72%, with a closing price of 56.68 and a year-to-date decrease of 24.19% [1] - Company 昊创瑞通 (Code: 301668) forecasts a net profit increase of 2.48%, with a closing price of 57.80 and a year-to-date decrease of 5.34% [1]

Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

Core Viewpoint - The company, Huace Navigation, forecasts a net profit attributable to shareholders of 480 million to 495 million yuan for the first three quarters of 2025, representing a year-on-year growth of 23.17% to 27.02% [1] Group 1: Financial Performance - The company expects significant growth in net profit and net profit excluding non-recurring gains and losses during the reporting period [1] - The projected net profit range indicates a strong financial performance compared to the previous year [1] Group 2: Strategic Initiatives - The company adheres to a globalization strategy and focuses on developing popular products, actively expanding industry applications in robotics, autonomous driving, and geospatial information [1] - There is a concentrated effort to enhance overseas market presence, with rapid growth in overseas revenue and substantial future growth potential [1] Group 3: Research and Development - The company continues to increase R&D investment to build core technological barriers, enhancing product competitiveness [1] - This focus on R&D supports rapid business expansion across various industry markets [1]

全球化战略与业务拓展 华测导航坚持全球化、打爆品的发展战略，积极拓展产品和解决方案的行业应用。报告期内，公司在机器人与自动驾驶、地理 空间信息等相关业务领域快速发展，尤其在海外市场取得了显著成效。公司集中资源大力拓展海外市场，海外区域营业收入持 续快速增长，未来海外市场仍有较大增长空间。 | 项目 | | 本报告期 | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | | 48.000 | 49.500 | 38.969.29 | | | 比上年同期增长 | 23.17% | 27.02% | | | 扣除非经常性损益 后的净利润 | | 44.000 | 45.500 | 34,158.32 | | | 比上年同期增长 | 28.81% | 33.20% | | 报告期内，公司实现归属于上市公司股东的净利润和归属于上市公司股东的扣除非经常性损益的净利润有效增长，主要原因如 下： 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。这一战略不仅巩固了华测导航在行业内的技术领先地位， 还助力公司在各行业市场业务快速拓展，为业绩增长提供 ...