证券代码：300627 证券简称：华测导航 公告编号：2025-107 上海华测导航技术股份有限公司 2025年第四次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东会无否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 证券代码：300627 证券简称：华测导航 公告编号：2025-107 议讨论，形成决议如下： 一、会议召开和出席情况 1、上海华测导航技术股份有限公司（以下简称"公司"）2025 年第四次临时股东会 的通知于 2025 年 10 月 28 日以公告方式发出，本次股东会采取现场投票与网络投票相 结合的方式召开，其中现场会议于 2025 年 11 月 28 日 14:45 在上海市青浦区崧盈路 577 号华测时空智能产业园 C 座二楼会议室召开。通过深圳证券交易所交易系统进行网络投 票的时间为 2025 年 11 月 28 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交 易所互联网投票系统进行网络投票的时间为 2025 年 11 月 28 日 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-108 上海华测导航技术股份有限公司关于 2025 年第三期限制性股票激励计划内幕信息知情人 买卖公司股票情况的自查报告 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 10 月 27 日召开了第四届董事会第二十三次会议和第四届董事会薪酬与考核委员会第十 九次会议，会议审议通过了关于《公司<2025 年第三期限制性股票激励计划（草 案）>及其摘要》的议案等相关议案，并于 2025 年 10 月 28 日在巨潮资讯网 （http://www.cninfo.com.cn）上披露了相关公告。 按照《上市公司信息披露管理办法》、公司《信息披露管理制度》及相关内 部保密制度的规定，公司对 2025 年第三期限制性股票激励计划（以下简称"本 激励计划"）采取了充分必要的保密措施，同时对本激励计划的内幕信息知情人 进行了必要登记。根据《上市公司股权激励管理办法》《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》的规定，公司对本激 ...

Group 1 - Institutional reports today issued 21 buy ratings involving 20 stocks, with Huafeng Aluminum receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 10 provided future target prices, with 7 stocks showing an upside potential exceeding 20%. China Pacific Insurance has the highest upside potential at 36.86% with a target price of 47.97 yuan [1] - The average increase for stocks with buy ratings today was 0.59%, outperforming the Shanghai Composite Index, with notable gainers including Spring Autumn Electronics and Aladdin [1] Group 2 - The power equipment industry is the most favored, with stocks like Putailai and Zhenyu Technology making the buy rating list. The pharmaceutical and electronics sectors also received attention with 4 and 3 stocks respectively [2] - A detailed list of stocks with institutional buy ratings includes China Pacific Insurance, Huafeng Aluminum, and others, with various target prices and latest closing prices provided [2]

Investment Rating - The report maintains an "Outperform" rating for the company [3][6]. Core Insights - The company has shown steady revenue and net profit growth in the first three quarters of 2025, with a revenue of 2.62 billion RMB, up 15.47% year-on-year, and a net profit attributable to shareholders of 0.49 billion RMB, up 26.41% year-on-year [7][8]. - The projected revenue for 2025-2027 is 3.73 billion RMB, 4.27 billion RMB, and 4.69 billion RMB, with net profits of 0.73 billion RMB, 0.88 billion RMB, and 1.02 billion RMB respectively [3][6]. - The company’s gross profit margin (GPM) has improved, reaching 60.41% in the first three quarters of 2025, an increase of 1.23 percentage points year-on-year [7][8]. Financial Summary - The company’s earnings per share (EPS) are projected to be 0.93 RMB, 1.12 RMB, and 1.30 RMB for 2025, 2026, and 2027 respectively [3][6]. - The price-to-earnings (PE) ratio for 2025 is set at 40 times, leading to a target price of 37.31 RMB, representing a potential upside of 48% [3][6]. - The company’s net asset return rate (ROE) is expected to increase from 15.0% in 2023 to 20.7% by 2027 [4]. Business Segments - In the Resources and Public Utilities sector, the company has rapidly expanded its agricultural machinery autopilot products, leading in domestic market share and exporting to over 70 countries [8]. - The Construction and Infrastructure sector is promoting high-precision receiver smart equipment, enhancing measurement efficiency through advanced technologies [8]. - The Robotics and Autonomous Driving sector has established a complete development process for automotive-grade products, achieving the highest international safety standards [8].

Core Viewpoint - 华测导航's stock price has experienced fluctuations, with a recent decline of 2.00% and a total market capitalization of 24.623 billion yuan, while the company shows a year-to-date stock price increase of 6.14% [1] Financial Performance - For the period from January to September 2025, 华测导航 achieved operating revenue of 2.618 billion yuan, representing a year-on-year growth of 15.47%, and a net profit attributable to shareholders of 493 million yuan, reflecting a year-on-year increase of 26.41% [2] Shareholder Information - As of September 30, 2025, the number of shareholders of 华测导航 increased by 12.00% to 31,600, with an average of 20,491 circulating shares per shareholder, which decreased by 10.24% [2] - The company has distributed a total of 971 million yuan in dividends since its A-share listing, with 615 million yuan distributed over the past three years [3] Stock Trading Activity - On November 26, 华测导航's stock saw a trading volume of 339 million yuan, with a turnover rate of 1.66%. The net outflow of main funds was 45.819 million yuan, with significant buying and selling activity from large orders [1] Business Overview - 华测导航, established on September 12, 2003, and listed on March 21, 2017, specializes in the research, development, production, and sales of high-precision satellite navigation and positioning products, with a revenue composition of 50.42% from system applications and solutions and 49.58% from high-precision positioning equipment [1]

证券代码：300627 证券简称：华测导航 公告编号：2025-106 上海华测导航技术股份有限公司 关于变更签字注册会计师的公告 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 了第四届董事会第四次会议及第四届监事会第四次会议，于2025年5月12日召开 2024年年度股东大会，审议通过了关于《续聘公司2025年度审计机构》的议案， 同意续聘立信会计师事务所（特殊普通合伙）（以下简称"立信会计师事务所"） 为公司2025年度的审计机构，负责公司财务及内控审计工作。具体内容详见于公 司在巨潮资讯网（www.cninfo.com.cn）上披露的《关于续聘公司2025年度审计机 构的公告》（公告编号：2025-028）。 公司于近日收到立信会计师事务所出具的《关于变更上海华测导航技术股份 有限公司2025年度财务报表审计与内控审计签字会计师的函》，立信会计师事务 所因内部工作调整，变更了签字注册会计师，现将具体情况公告如下： 一、本次签字注册会计师变更情况 立信会计师事务所作为公司2025 ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, citing sustained high prosperity driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (November 10-16, 2025) saw the Shanghai Composite Index decline by 0.18%, the Shenzhen Component Index by 1.40%, and the ChiNext Index by 3.01%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 4.77% [2][12]. - Within the telecommunications sub-sectors, communication engineering and services had the highest increase at 1.57%, while communication network equipment and devices faced the largest decline at 6.98% [2][15]. - Notable individual stock performances included "Online and Offline" with a rise of 46.55%, followed by Zhongfutong at 30.69% and Meilixin at 11.87% [2][17]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high demand for core chips, which is becoming a bottleneck for the performance expansion of domestic and international module manufacturers. The supply-demand balance for optical chips is expected to remain tight until the first half of 2026, maintaining high product prices [3]. - Huawei is set to release a groundbreaking AI technology on November 21, which could significantly improve the utilization efficiency of computing resources from the current 30%-40% to 70%, enhancing the penetration of domestic computing chips in the market [3]. Satellite Industry - The upcoming launch of the "Zhuque-3" reusable rocket is anticipated to be a milestone for China's space capabilities, aiming to reduce launch costs to below 20,000 RMB per kilogram, comparable to SpaceX's Falcon 9 [4]. Key Announcements - Meta Platforms plans to invest over $600 billion in AI infrastructure in the U.S. over the next three years, aiming to enhance its computing capabilities and support local economies [19]. - China successfully launched 13 low-orbit satellites for internet connectivity, marking a significant achievement in its commercial space endeavors [22]. - The Ministry of Industry and Information Technology (MIIT) is accelerating the construction of manufacturing pilot platforms, focusing on AI and quantum technology [25]. Company Highlights - CoreWeave reported a significant increase in customer order backlog, reaching $55.6 billion, nearly double from the previous quarter, despite a slight downward adjustment in revenue guidance due to delays in third-party data center construction [27]. - Baidu announced the launch of its next-generation Kunlun chips, aimed at optimizing large-scale inference and multi-modal model training [28]. - LightCounting reported that optical module suppliers are actively expanding capacity in response to increased demand from cloud computing companies [30].

Core Points - The Shanghai Composite Index is at 3945.15 points, above the annual line, with a slight increase of 0.14% [1] - A total trading volume of A-shares reached 1,424.57 billion yuan today [1] - 19 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates include: - Yaguang Technology (15.71%) - Yike Food (7.08%) - Dongfang Ocean (5.58%) [1] - Other stocks that have just crossed the annual line with smaller deviation rates include: - Luban Chemical - Dongfang Carbon - Zhongbai Group [1] Trading Data - The trading performance of selected stocks includes: - Yaguang Technology: +19.93% with a turnover rate of 24.42% - Yike Food: +7.60% with a turnover rate of 3.45% - Dongfang Ocean: +9.96% with a turnover rate of 13.34% [1] - The annual line prices and latest prices for these stocks are also provided, indicating their current market positions [1]

Core Viewpoint - The company reported a strong performance in Q1-Q3 2025, with revenue and net profit showing significant year-on-year growth, indicating robust business expansion and market opportunities across various sectors [1][2][3][4][5][6] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2.618 billion yuan, a year-on-year increase of 15.47% - The net profit attributable to shareholders reached 493 million yuan, up 26.41% year-on-year, while the net profit after deducting non-recurring items was 453 million yuan, reflecting a 32.49% increase [1] Business Segments Downstream Applications - The company is expanding its downstream application scenarios, with new businesses accelerating in the resource and public utility sectors - The displacement monitoring business faced challenges due to project implementation pace and contract quality, leading to slower revenue growth in Q3 2025 [2] Precision Agriculture - The company is diversifying its offerings in precision agriculture, with products like automated driving for agricultural machinery being exported to dozens of countries - New products such as intelligent spraying systems and navigation tools are expected to drive rapid growth throughout the year [2] Construction and Infrastructure - The high-precision receiver equipment business is experiencing steady sales growth, maintaining a leading market share - The company is promoting advanced measurement technologies and software solutions to enhance operational efficiency [2] Digital Construction - The company is actively expanding its international presence, with rapid revenue growth in overseas markets - Products are being promoted in over 40 countries, receiving positive customer feedback, particularly in Europe and the Asia-Pacific regions [3] Geospatial Information - The geospatial information segment continues to grow rapidly, with significant advancements in 3D intelligence and laser radar technologies - The integration of SLAM and RTK algorithms is enhancing operational efficiency in measurement systems [3] Robotics and Autonomous Driving - The company has made breakthroughs in the passenger vehicle sector, with production lines and certifications completed - Over 600,000 units have been delivered, and the business is expected to continue its rapid development [4] Overseas Market Strategy - Globalization is a key development strategy, with an established dealer network and ongoing expansion in key regions - The company is leveraging its mature product technologies to capture market opportunities, with overseas revenue growing and contributing to improved overall profit margins [5] Profit Forecast and Valuation - The company forecasts net profits of 738 million yuan, 939 million yuan, and 1.187 billion yuan for 2025-2027, representing year-on-year growth rates of 26.5%, 27.2%, and 26.4% respectively - The expected EPS for the same period is 1.34 yuan, 1.71 yuan, and 2.16 yuan, with corresponding PE ratios of 24.0, 18.9, and 14.9 [6]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for its stock performance [1]. Core Insights - The company has shown steady growth in revenue and net profit, with a year-on-year revenue increase of 15.47% and a net profit increase of 26.41% for the first three quarters of 2025 [4]. - The expansion of overseas business is progressing well, contributing to the overall growth and enhancing the company's market presence globally [8]. - The company is diversifying its product offerings across various sectors, including precision agriculture, public utilities, and geospatial information, which are expected to drive future growth [6][7]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.618 billion yuan and a net profit of 493 million yuan [4]. - The company’s earnings per share (EPS) are projected to grow from 1.34 yuan in 2025 to 2.16 yuan by 2027, reflecting a strong growth trajectory [9]. - The gross margin is expected to improve gradually, reaching 58.5% by 2027 [10]. Business Segments - The resource and public utilities segment is experiencing some slowdown due to project implementation and contract quality issues, but other areas like precision agriculture are seeing rapid growth with new product launches [4][5]. - The geospatial information segment is maintaining rapid growth, with advancements in 3D intelligent measurement and drone technology [6]. - The robotics and autonomous driving segment has made significant strides, with partnerships established with major automotive companies and a growing number of deliveries [7]. Market Expansion - The company has established a robust overseas distribution network, with products sold in over 100 countries, and is focusing on enhancing its presence in key international markets [8]. - The overseas revenue contribution is increasing, with a higher gross margin compared to domestic sales, indicating a successful international strategy [8]. Profitability Forecast - The company is expected to achieve net profits of 738 million yuan in 2025, with a compound annual growth rate (CAGR) of approximately 26.5% through 2027 [9]. - The price-to-earnings (P/E) ratio is projected to decrease from 24.0 in 2025 to 14.9 by 2027, suggesting an attractive valuation as earnings grow [10].