证券代码：300627 证券简称：华测导航 公告编号：2025-050 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2022年限制性股票激励计划 第三个归属期归属名单的核查意见 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》等有关法律法 规、规范性文件及《上海华测导航技术股份有限公司2022年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章程》（以下简称"《公司章程》"）的有 关规定，对公司2022年限制性股票激励计划（以下简称"本激励计划"）第三个归属 期归属名单进行审核，发表核查意见如下： 公司2022年限制性股票激励计划第三个归属期的1名激励对象作为公司本次可 归属的激励对象主体资格合法、有效，符合《公司法》《证券法》等法律、法规和规 范性文件以及《公司章程 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-051 上海华测导航技术股份有限公司 关于公司2022年限制性股票激励计划第三个归属期 符合归属条件的公告 公司分别于 2022 年 1 月 28 日与 2022 年 2 月 14 日召开第三届董事会第十三次 会议与 2022 年第一次临时股东大会，会议审议通过关于《公司<2022 年限制性股票 激励计划（草案）>及其摘要》等相关议案，本激励计划的主要内容如下： 1、激励工具：第二类限制性股票 2、股份来源：公司向激励对象定向发行公司 A 股普通股股票 3、授予价格（调整前）：35 元/股 4、限制性股票数量（调整前）：本激励计划拟向激励对象授予不超过 370 万股 限制性股票，约占本激励计划草案公告前公司股本总额 378,772,718 股的 0.9768%。 5、激励人数：本激励计划的激励对象共计 1 人，为公司董事兼副总经理。 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。 重要内容提示： 上海华测导航技术股份有限公司（以下简称"公司"）于2025年5月21日召开了 第四届董事会第十六次会议 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-046 上海华测导航技术股份有限公司 2024年年度股东大会决议公告 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、本次股东大会无否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 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"）2024 年年度股东大会的通 知于 2025 年 4 月 18 日以公告方式发出，本次股东大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 5 月 12 日 14:30 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 5 月 12 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 5 月 12 日 9:15-15:00 期间的任意时间。本 次会议由公司董事会召集，董事、总经理朴东国先生主持。本次会议 ...

国浩律师（杭州）事务所 关于 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 上海华测导航技术股份有限公司 2024 年年度股东大会之 法律意见书 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 网址/Website：http://www.grandall.com.cn 关 于 二〇二五年五月 上海华测导航技术股份有限公司 2024 年年度股东大会之 致：上海华测导航技术股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受上海华测导航技术股份 有限公司（以下简称"公司"）的委托，指派律师出席公司 2024 年年度股东大 会（以下简称"本次股东大会" ...

Financial Performance - In 2024, the company achieved operating revenue of CNY 3,251.01 million, a year-on-year increase of 21.38% [2] - The net profit attributable to shareholders was CNY 583.40 million, up 29.89% from the previous year [2] - For Q1 2025, operating revenue reached CNY 789.12 million, reflecting a growth of 27.91% year-on-year [2] Market Expansion Strategy - The company plans to accelerate global expansion, particularly in key markets such as Europe and Southeast Asia, leveraging its domestic market leadership [1] - A focus on building an international product development and marketing team to enhance overseas market share [1] Industry Positioning - The company is positioned in four major sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving, all of which show promising growth prospects [4] - The company has established a robust dealer network overseas, with products sold in over 100 countries and regions [8] Product Development and Innovation - The company has developed high-precision navigation products for autonomous driving applications, with over 300,000 units delivered [10] - Continuous investment in core algorithm optimization and development of vehicle-grade chips to enhance competitiveness [10] Challenges and Market Dynamics - The company acknowledges a decrease in average prices for autonomous driving products due to market maturity and competition [9] - The impact of U.S. tariffs on the company's export business is minimal, as the U.S. market currently represents a small portion of total revenue [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company's overseas business gross margin is expected to improve significantly due to self-research of core components and an increase in the proportion of high-end products. The 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][12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit attributable to shareholders of 143 million yuan, a year-on-year increase of 38.50% [6]. Business Development - The company is focusing on four main growth lines: overseas expansion, three-dimensional intelligence, precision agriculture, and intelligent driving. The overseas market is large with high gross margins, and in 2024, overseas revenue accounted for 29% of total revenue with a gross margin of 77.6%, which is nearly 27 percentage points higher than the domestic market. The three-dimensional intelligent products have completed core component localization and are showing good growth after increased sales resource investment. The precision agriculture segment is leveraging mechanical control and high-precision positioning to develop automated navigation systems for both agricultural machinery and tools. In the intelligent driving sector, the company has been designated as a key supplier for several automotive manufacturers, with cumulative deliveries exceeding 300,000 units [12][12]. Investment Recommendations - The report suggests focusing on overseas markets, agricultural machinery, three-dimensional intelligence, and intelligent driving for investment in 2025. The company targets a net profit of 730 million yuan for 2025, with expected growth rates of 28%, 26%, and 26% for the following years, corresponding to valuations of 31x, 25x, and 20x [12][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [5]. Core Insights - The company reported a revenue of 3.251 billion yuan for 2024, representing a year-on-year growth of 21.38%, and a net profit of 583 million yuan, which is a 29.89% increase [2][3]. - The geographical information segment showed impressive growth, with a revenue increase of 38.44%, while the resource and public utility sector also contributed significantly with a 26.41% growth [3]. - The overseas market is a key growth driver, with international revenue reaching 937.63 million yuan, up 30.39% year-on-year, and a gross margin of 77.60% compared to 50.24% for domestic operations [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 789 million yuan, marking a 27.91% increase year-on-year, and a net profit of 143 million yuan, up 38.5% [2][4]. - The company aims for a net profit of 730 million yuan in 2025, which would represent a growth of approximately 25% from the previous year [4]. Revenue and Profit Forecast - The projected net profits for 2025, 2026, and 2027 are approximately 745 million yuan, 953 million yuan, and 1.221 billion yuan, respectively, with corresponding P/E ratios of 31.40, 24.53, and 19.14 [5][7]. Market Position and Strategy - The company is positioned as a leader in the Beidou high-precision positioning application industry, with a focus on expanding its overseas market presence while meeting domestic demand [5][4].

证券代码：300627 证券简称：华测导航 公告编号：2025-045 上海华测导航技术股份有限公司 关于持股5%以上股东减持公司股份的预披露公告 持股5%以上的股东宁波上裕创业投资合伙企业（有限合伙）保证向公司提供的 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 上海华测导航技术股份有限公司（以下简称"公司"或"华测导航"）于近日接到 公司股东宁波上裕创业投资合伙企业（有限合伙）（以下简称"上裕创投"）《关于股 份减持计划的告知函》。持有公司股份29,353,831股（占公司总股本1的5.3423%）的股东 上裕创投计划在本公告发布之日起15个交易日后的3个月内（2025年5月28日至2025年8 月27日，但窗口期不减持）以大宗交易或集中竞价方式减持公司股份不超过2,000,000股 （占公司总股本比例0.3640%，若此期间公司有派息、送股、资本公积金转增股本、配 股等除权除息事项，减持股份数量将相应进行调整），现将相关情况公告如下： 一、上裕创投的基本情况 1、股东名称：宁波上裕创业投资合伙企业（有限合伙） ...

Performance Review - In 2024, the company achieved revenue of 3.251 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89%, exceeding the 2023 target of 560 million yuan [1] - The 2025 revenue target is set at 730 million yuan, representing a year-on-year growth of approximately 25% [1] - In Q1 2025, the company reported revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit of 143 million yuan, up 38.50% [1] Revenue Structure - In 2024, the revenue breakdown was as follows: Resources and Public Utilities 1.425 billion yuan (43.84%, +26.41%), Construction and Infrastructure 1.053 billion yuan (32.38%, +8.97%), Geospatial Information 589 million yuan (18.10%, +38.44%), and Robotics and Autonomous Driving 185 million yuan (5.68%, +15.53%) [2] - The Resources and Public Utilities segment is the main growth driver, while Construction and Infrastructure serves as a stable business, and Geospatial Information is emerging as a new growth engine [2] Profitability - The company's overall gross margin in 2024 was 58.13%, with the following segment margins: Construction and Infrastructure 68.41%, Resources and Public Utilities 54.71%, Geospatial Information 53.10%, and Robotics and Autonomous Driving 41.95% [2] - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth, attributed to effective management and cost reduction efforts [2] Domestic and International Business - Domestic revenue in 2024 was 2.313 billion yuan, a year-on-year increase of 18.07%, outperforming the industry average [3] - International revenue reached 938 million yuan, up 30.39%, with significant growth potential in overseas markets [3] - The company’s overseas revenue accounts for less than 30% of total revenue, with a compound annual growth rate of nearly 40% over the past five years [3] Investment Outlook - The net profit forecasts for 2025-2026 have been adjusted to 756 million and 1 billion yuan, respectively, with a new forecast for 2027 at 1.307 billion yuan [4] - Corresponding EPS for these years are projected to be 1.38, 1.82, and 2.38 yuan, with current stock prices reflecting PE ratios of 30.68X, 23.20X, and 17.74X for 2025-2027 [4]

Core Viewpoint - The company reported steady growth in Q1 2025, with revenue of 790 million yuan, a year-on-year increase of 27.9% but a quarter-on-quarter decrease of 19.8% [1] Financial Performance - Q1 2025 net profit attributable to shareholders was 140 million yuan, up 38.5% year-on-year and down 26.3% quarter-on-quarter [1] - The net profit after deducting non-recurring items was 120 million yuan, reflecting a year-on-year increase of 42.1% and a quarter-on-quarter decrease of 24.0% [1] - The comprehensive gross margin for Q1 2025 was 58.3%, a decrease of 0.5 percentage points year-on-year [2] - Total expense ratio was 24.4%, down 2.5 percentage points year-on-year, with management expense ratio at 6.6% (down 1.3 percentage points) and sales expense ratio at 19.9% (up 1.4 percentage points) [2] Business Strategy and Development - The company is actively expanding its industry applications and international markets, focusing on global strategies and rapid development in geospatial information, robotics, and autonomous driving [2] - R&D investment in Q1 2025 was 130 million yuan, a year-on-year increase of 22.1%, accounting for 16.6% of revenue [2] - The company has implemented an employee stock incentive plan, with 802 individuals meeting the conditions for the first vesting period, amounting to approximately 589.88 million shares, or 1.07% of total share capital [2] Partnerships and Market Position - The company has strengthened partnerships with multiple automotive manufacturers, achieving over 500,000 units shipped and projecting to reach 1 million units in the next two years [3][4] - The company emphasizes sustainable development, with a customer satisfaction score of 74.9% in 2024, an increase of 3.7% from 2023 [4] - The company is leveraging technology for green transformation, contributing to smart transportation and precision agriculture [4] Investment Outlook - The trend towards ubiquitous high-precision satellite navigation services is expected to benefit the company as an industry leader, with projected net profits of 760 million, 1 billion, and 1.29 billion yuan for 2025-2027, corresponding to growth rates of 30.4%, 30.8%, and 29.4% [4] - The company is assigned a target price of 55.39 yuan based on a 40 times PE ratio for 2025, maintaining a "strong buy" rating [4]