Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's profit growth rate for Q3 2025 is 20%, exceeding the previous forecast median of 17%. The slowdown in revenue growth is primarily due to the strain in the deformation monitoring business and adjustments in customer demand, while other business segments remain stable [2][11] - For Q4, it is anticipated that the impact of the monitoring business on overall growth will diminish, as the confirmation weight of the deformation monitoring business is relatively high in Q4, and the overall revenue and profit scale in Q4 is larger, thus reducing the drag from a single business segment compared to Q3 [2][11] - The company achieved operating revenue of 2.618 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 15.47%, and a net profit attributable to the parent company of 493 million yuan, up 26.41% year-on-year [5][11] Summary by Sections Business Performance - In Q3 2024, the company reported operating revenue of 785 million yuan, a slight increase of 0.19% year-on-year, and a net profit of 166 million yuan, reflecting a year-on-year growth of 20% [5] - The company has seen a decline in revenue growth primarily due to the deformation monitoring business, while other segments are performing well [11] Future Outlook - The company is expected to focus on emerging businesses and traditional business iterations, with a positive operating environment. Key growth areas include overseas expansion, three-dimensional intelligence, precision agriculture, and intelligent driving [11] - The company aims for a net profit target of 730 million yuan in 2025, representing a year-on-year increase of 25%. Projections for net profit from 2025 to 2027 are 733 million, 930 million, and 1.207 billion yuan, with growth rates of 26%, 27%, and 30% respectively [11]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [3][7][11]. Core Insights - The company's core business remains stable and shows positive growth, while the monitoring business experiences short-term fluctuations. In Q3, the company achieved a revenue of 780 million yuan, a year-on-year increase of 0.2%, and a net profit of 170 million yuan, up 20% year-on-year. For the first three quarters, total revenue reached 2.62 billion yuan, a 15.5% increase year-on-year, with a net profit of 490 million yuan, reflecting a 26.4% growth [1][2][3]. - The overseas market continues to grow rapidly, with products sold in over 100 countries and regions. The demand for displacement products in domestic disaster monitoring, water conservancy monitoring, and emergency scenarios is expected to recover, contributing to future growth [1][2]. - The company has implemented a third stock incentive plan, demonstrating confidence in its development. The plan includes performance assessment requirements based on net profit growth rates for the years 2026, 2027, and 2028 [2][3]. Financial Performance Summary - The company's gross margin for the first three quarters was 60.4%, an increase of 1.2 percentage points year-on-year, while the net margin was 19.6%, up 2.6 percentage points year-on-year. In Q3 alone, the gross margin and net margin reached 65.7% and 21.8%, respectively, marking the highest levels in five years [2][3]. - Revenue projections for the company are as follows: 2.678 billion yuan in 2023, 3.251 billion yuan in 2024, and 3.751 billion yuan in 2025, with growth rates of 19.8%, 21.4%, and 15.4% respectively. The net profit is expected to be 449 million yuan in 2023, growing to 583 million yuan in 2024, and 733 million yuan in 2025, with growth rates of 24.4%, 29.9%, and 25.7% respectively [5][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market [3]. Core Insights - The company's revenue for the first three quarters of 2025 reached 2.618 billion yuan, a year-on-year increase of 15.47%, while the net profit attributable to shareholders was 493 million yuan, up 26.41% year-on-year [1][2]. - The profit growth rate outpaced revenue growth, with the gross margin increasing from 58.13% in the first half of 2025 to 60.41% in the third quarter, driven by strong overseas business performance [2]. - The three-dimensional intelligent business segment showed significant growth potential, with expectations for continued expansion in the geographic information sector [2]. - The slowdown in revenue growth in the third quarter was attributed to the displacement monitoring business, but other segments performed well [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue increase of 15.47% and a net profit increase of 26.41% [1][2]. - The gross margin improved to 60.41% in Q3 2025, up from 58.13% in H1 2025, primarily due to the growth in overseas business [2]. Business Segments - The three-dimensional intelligent business is a key growth driver, with expectations for it to outperform overall revenue growth for the year [2]. - The company plans to continue investing in technology development and market expansion to support this segment [2]. Future Outlook - The company aims for a net profit of 730 million yuan for the full year 2025, representing a growth of approximately 25% compared to the previous year [2]. - The report forecasts net profits of approximately 743 million yuan, 954 million yuan, and 1.216 billion yuan for 2025, 2026, and 2027, respectively [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 42.3 yuan [2][8]. Core Insights - The company reported steady revenue growth, achieving an operating income of 2.62 billion yuan, a year-on-year increase of 15.5%. The net profit attributable to shareholders reached 490 million yuan, up 26.4%, while the net profit excluding non-recurring items was 450 million yuan, reflecting a 32.5% growth [2][3]. - The company is positioned as a leader in the high-precision spatiotemporal information industry, expected to benefit significantly from the expansion of both domestic and international markets [8][9]. - The company has maintained a high level of R&D investment, with a R&D expense ratio of 14.77%, and has established research centers in multiple locations, enhancing its core competitiveness [8][9]. Financial Performance Summary - The total revenue forecast for 2024 is 3.25 billion yuan, with a growth rate of 21.4%. For 2025, the expected revenue is 3.87 billion yuan, growing at 19.1%, and projected revenues for 2026 and 2027 are 4.94 billion yuan and 6.26 billion yuan, respectively, with growth rates of 27.6% and 26.8% [4][9]. - The net profit attributable to shareholders is forecasted to be 583 million yuan in 2024, increasing to 742 million yuan in 2025, and further to 948 million yuan in 2026, with growth rates of 29.9%, 27.2%, and 27.8% respectively [4][9]. - The company’s earnings per share (EPS) is projected to rise from 0.74 yuan in 2024 to 1.54 yuan in 2027, reflecting a strong upward trend [4][9]. Market Position and Strategy - The company is focusing on a global strategy and aims to develop "explosive products" in the fields of robotics, autonomous driving, and geographic information, with significant growth in overseas revenue [8][9]. - The company has improved its cash collection capabilities, with a net cash flow from operating activities of 51.51 million yuan in the first three quarters of 2025, a turnaround from a negative cash flow in the same period last year [8][9].

Group 1 - The core point of the article is that Huace Navigation announced the convening of its board meeting to review the draft of the 2025 third phase restricted stock incentive plan [1] - For the first half of 2025, Huace Navigation's revenue composition is as follows: 38.29% from resources and public utilities, 35.92% from construction and infrastructure, 19.56% from geographic spatial information, and 6.23% from robotics and unmanned driving [1] - As of the report date, Huace Navigation has a market capitalization of 25.8 billion yuan [1]

Core Points - The company Huace Navigation announced an incentive plan to grant restricted stock to 1,082 individuals, involving a total of up to 20 million shares, which represents approximately 2.55% of the company's total share capital [1] - The initial grant will consist of 18 million shares, accounting for about 2.29% of the total share capital at the time of the announcement, with a reserved portion of 200,000 shares [1] - The grant price for the restricted stock is set at 27.08 yuan per share, with a maximum validity period of 59 months from the date of the initial grant [1] Revenue Composition - For the first half of 2025, the revenue composition of Huace Navigation is as follows: 38.29% from resources and public utilities, 35.92% from construction and infrastructure, 19.56% from geographic information, and 6.23% from robotics and autonomous driving [2] Market Capitalization - As of the latest report, Huace Navigation has a market capitalization of 25.8 billion yuan [3]

本公司所有激励对象承诺，若公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相关 信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计 划所获得的全部利益返还公司。 证券代码：300627 证券简称：华测导航 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划 （草案） 上海华测导航技术股份有限公司 二零二五年十月 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划（草案） 声明 本公司及全体董事保证本激励计划草案及其摘要不存在虚假记载、误导性陈 述或者重大遗漏，并对其真实性、准确性和完整性依法承担法律责任。 2 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划（草案） 特别提示 一、《上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划 （草案）》（以下简称"本激励计划"）系依据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股权激励管理办法》《深圳证券交易所创业板 股票上市规则》《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》及其他有关 ...

股权激励计划自查表 公司简称：华测导航 股票代码：300627 上海华测导航技术股份有限公司 | 序号 | 事项 | 是否存在该 事项（是/ | 备注 | | --- | --- | --- | --- | | | | 否/不适用） | | | | 上市公司合规性要求 | | | | 1 | 最近一个会计年度财务会计报告是否被注册会计师出具否定意见或者 | 否 | | | | 无法表示意见的审计报告 | | | | 2 | 最近一个会计年度财务报告内部控制被注册会计师出具否定意见或者 | 否 | | | | 无法表示意见的审计报告 | | | | 3 | 上市后最近 个月内出现过未按法律法规、公司章程、公开承诺进行 36 | 否 | | | | 利润分配的情形 | | | | 4 | 是否存在其他不适宜实施股权激励的情形 | 否 | | | 5 | 是否已经建立绩效考核体系和考核办法 | 是 | | | 6 | 是否为激励对象提供贷款以及其他任何形式的财务资助 | 否 | | | | 激励对象合规性要求 | | | | 7 | 是否包括单独或者合计持有上市公司 5%以上股份的股东或者实际控 制人及其配偶、父母 ...

上海华测导航技术股份有限公司董事会薪酬与考核委员会 关于公司 2025 年第三期限制性股票激励计划 相关事项的核查意见 上海华测导航技术股份有限公司（以下简称"公司"）董事会薪酬与考核委 员会根据《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》"）、《上市公司股权激励管理办法》（以下简 称"《管理办法》"）、《深圳证券交易所创业板股票上市规则》（以下简称"《上 市规则》"）、《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办 理》（以下简称"《自律监管指南第 1 号》"）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》"）的规定，对《上海华测导航技术股份有限 公司 2025 年第三期限制性股票激励计划（草案）》（以下简称"《激励计划（草 案）》"）及其他相关资料进行审核，发表核查意见如下： 1、公司不存在《管理办法》等法律、法规规定的禁止实施股权激励计划的 情形，包括：（1）最近一个会计年度财务会计报告被注册会计师出具否定意见 或者无法表示意见的审计报告；（2）最近一个会计年度财务报告内部控制被注 册会计师出具否定意见或无法表示意 ...

证券代码：300627 证券简称：华测导航 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划 （草案）摘要 上海华测导航技术股份有限公司 二零二五年十月 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划（草案）摘要 声明 本公司及全体董事保证本激励计划草案及其摘要不存在虚假记载、误导性陈 述或者重大遗漏，并对其真实性、准确性和完整性依法承担法律责任。 本公司所有激励对象承诺，若公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相关 信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计 划所获得的全部利益返还公司。 2 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划（草案）摘要 四、本激励计划首次授予部分限制性股票的授予价格为 27.08 元/股。 本激励计划草案公告当日至激励对象完成限制性股票归属登记前，若公司发 生资本公积转增股本、派送股票红利、股份拆细、配股、缩股或派息等事项，应 对限制性股票的授予价格进行相应的调整。 3 上海华测导航技术股份有限公司 2025 年第三期限制 ...