点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【石油化工】石化24年报总结：不确定环境下的确定性，"三桶油"及油服再创佳绩—— 石油化工行业周 报第 399 期（ 20250414 — 20250420 ） 根据 S&P Global 统计， 2024 年全球海上勘探开发投资同比增长 8.6% ，陆上勘探开发投资同比下降 7.9% ，预计 25 年全球上游资本开支恢复增长，有望达到 5824 亿美元以上，同比增长 5% ，上游资本开支的持 续扩增为油服景气奠定基础 。国内"三桶油"坚持增储上产，资本开支和产量持续增长，旗下油服企业有望 持续受益，我们持续看好油服企业工作量的增长和盈利能力的改善。 （赵乃迪/蔡嘉豪/王礼沫） 2025-04-20 您可点击今日推送内容 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 点击注册小程序 查看完整报告 特别申明： 公司发布2024年年报，实现营业收入32.51亿元，同比增长21.38%；实现归母净利润5.83亿元，同比增长 29.89%；实现扣非后归母净利润5.04亿元，同比增长35.31%。公司制定2025年整体经营目标为归母净利润 达到7.3亿元，较上年同期增长约25%。公司发布2025年第一季度业绩预告，实现归母净利润1.35亿-1.43亿 元，同比增长30.99%-38.75%。 风险提示： 海外市场开拓不及预期；新兴业务拓展低于预期。 发布日期： 2025-04-19 2024年，公司在国际市场的营业收入达到9.38亿元，同比增长30.39%。公司通过建立强大的海外经销商网 络和打造国际化产品开发与营销团队，利用国内市 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, indicating robust business operations and a positive outlook for future growth [3]. Financial Performance - The company achieved operating revenue of 3.251 billion yuan in 2024, a year-on-year increase of 21.38% - The net profit attributable to shareholders reached 583 million yuan, up 29.89% year-on-year - The net profit after deducting non-recurring gains and losses was 504 million yuan, reflecting a growth of 35.31% year-on-year - The company set a target for 2025, aiming for a net profit of 730 million yuan, which represents a growth of approximately 25% compared to the previous year - For Q1 2025, the company forecasts a net profit of 135 to 143 million yuan, indicating a year-on-year growth of 30.99% to 38.75% [3][4]. Business Segments Performance - The company operates in four major sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving, all of which are part of trillion-yuan global markets - In 2024, the resources and public utilities segment generated revenue of 1.425 billion yuan, a year-on-year increase of 26.41% - The construction and infrastructure segment reported revenue of 1.053 billion yuan, up 8.97% year-on-year - The geographic information segment achieved revenue of 589 million yuan, reflecting a growth of 38.44% year-on-year - The robotics and autonomous driving segment earned 185 million yuan, with a year-on-year increase of 15.53% [4]. International Market Growth - The company's revenue from international markets reached 938 million yuan in 2024, marking a significant year-on-year growth of 30.39% - The company has established a strong overseas distributor network and an international product development and marketing team, leveraging its domestic market success and cost advantages to expand its international market share [5]. R&D and Technological Advancements - The company continues to invest in R&D centered around high-precision positioning technology, establishing effective technological barriers - It possesses comprehensive algorithmic capabilities in high-precision GNSS, 3D point cloud and aerial surveying, GNSS signal processing and chip integration, and autonomous driving perception and decision-making - The company has focused on core components such as GNSS chips, OEM boards, and antennas, enhancing its core technology advantages in high-precision GNSS algorithms, integrated navigation, SWAS wide-area enhancement, and precise orbit determination [6].

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the coming months [7]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 3.251 billion yuan in 2024, representing a year-over-year increase of 21.38%, and a net profit of 583 million yuan, up 29.89% year-over-year [1]. - The company is positioned as a leading high-precision navigation service provider with accelerated global expansion plans, expecting net profits of 777 million yuan, 1.006 billion yuan, and 1.273 billion yuan for 2025, 2026, and 2027, respectively [7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.251 billion yuan (yoy +21.38%) and a net profit of 583 million yuan (yoy +29.89%), with a basic earnings per share of 1.07 yuan (yoy +28.02%) [1]. - The fourth quarter of 2024 saw a revenue of 983 million yuan (yoy +15.30%) and a net profit of 194 million yuan (yoy +16.39%) [1]. Industry Segmentation - The resource and public utilities sector reported a revenue of 1.425 billion yuan (yoy +26.41%), driven by strong sales of agricultural machinery automation systems [2]. - The geographic information sector achieved a revenue of 589 million yuan (yoy +38.44%), benefiting from successful overseas market expansion [2]. - The construction and infrastructure sector generated 1.053 billion yuan (yoy +8.97%), with global sales of RTK products exceeding 100,000 units [2]. - The robotics and autonomous driving sector reported a revenue of 185 million yuan (yoy +15.53%), with cumulative deliveries of passenger vehicle-grade products surpassing 300,000 sets [2]. Cost and Efficiency - The company's expense ratio for 2024 was 41.12% (yoy -3.19pct), with a sales expense ratio of 18.45% (yoy -1.29pct) and a management expense ratio of 7.92% (yoy +0.56pct) [3]. - Research and development expenses for 2024 were 469 million yuan (yoy +1.49%), maintaining a high level of investment in strategic projects [3]. Cash Flow and Profitability - The operating cash flow for 2024 reached 659 million yuan (yoy +47.99%), reflecting improved internal management of receivables, inventory, and payables [3]. - The company achieved a gross margin of 58.13% (yoy +0.36pct) and a net margin of 17.94% (yoy +1.37pct) in 2024, driven by cost reduction strategies and optimized product design [6]. Market Performance - The company’s stock price is currently at 40.85 yuan, with a market capitalization of 22.4 billion yuan [3]. - The report indicates a strong performance relative to the market, with a 12-month absolute performance of 59% [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [1] - The company aims for a net profit of 730 million yuan in 2025, a growth of approximately 25% compared to the previous year [1] - The first quarter of 2025 is projected to yield a net profit of 135 to 143 million yuan, reflecting a year-on-year increase of 30.99% to 38.75% [1] - The company operates in four major sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving, all of which are part of trillion-yuan global markets [2] - The international market revenue reached 938 million yuan in 2024, marking a significant year-on-year growth of 30.39% [2] - The company has established a strong overseas dealer network and an international product development and marketing team to expand its market share [2] - Continuous R&D investment has created effective technological barriers, enhancing the company's core competencies in high-precision GNSS algorithms and related technologies [3] - The profit forecast for 2025-2026 has been adjusted upwards, with net profit estimates of 740 million yuan and 925 million yuan respectively, reflecting increases of 5% and 9% [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.251 billion yuan, with a growth rate of 21.38% [4] - The net profit attributable to shareholders was 583 million yuan, with a growth rate of 29.89% [4] - The company expects to achieve a net profit of 740 million yuan in 2025, with a growth rate of 26.87% [4] Revenue Breakdown - The resources and public utilities sector generated 1.425 billion yuan in revenue, up 26.41% year-on-year [2] - The construction and infrastructure sector reported revenue of 1.053 billion yuan, an increase of 8.97% [2] - The geographic information sector saw revenue of 589 million yuan, growing by 38.44% [2] - The robotics and autonomous driving sector achieved revenue of 185 million yuan, up 15.53% [2] Profitability and Valuation - The company’s projected P/E ratios for 2025-2027 are 30, 24, and 20 respectively [3] - The estimated EPS for 2025 is 1.35 yuan, with a projected ROE of 18.59% [4][11]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company reported a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [1] - The company's geographical information, resources, and public utilities sectors showed strong growth, with overseas markets expanding significantly [1] - The high-precision positioning market is thriving, with the domestic satellite navigation and positioning service industry reaching a total output value of 536.2 billion yuan in 2023, growing by 7.09% compared to 2022 [2] - The company has made breakthroughs in the autonomous driving and robotics sectors, establishing partnerships with major companies and achieving significant production milestones [3] Summary by Sections Financial Performance - In 2024, the resources and public utilities sector generated 1.425 billion yuan in revenue, up 26.41% year-on-year, while the geographical information sector achieved 589 million yuan, up 38.44% year-on-year [1] - The company's gross margin improved from 57.77% in 2023 to 58.13% in 2024, reflecting enhanced profitability [1] Market Outlook - The report forecasts that the company's net profit attributable to shareholders will reach 734 million yuan in 2025, 928 million yuan in 2026, and 1.183 billion yuan in 2027, with corresponding PE multiples of 31x, 24x, and 19x [4] - The overseas market is expected to continue providing growth opportunities, while the autonomous driving sector is anticipated to contribute to higher growth rates [3] Industry Trends - The sales revenue of high-precision related products has grown from 1.1 billion yuan in 2010 to approximately 21.4 billion yuan in 2023, with a compound annual growth rate exceeding 25% [2] - The integration of Beidou's spatial data is expected to enhance digital applications across various industries, promoting the transformation and upgrading of traditional sectors [2]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company reported a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [1] - The company's overseas market revenue reached 938 million yuan, growing by 30.39% year-on-year, while domestic revenue was 2.313 billion yuan, an increase of 18.07% [1] - The gross margin improved from 57.77% in 2023 to 58.13% in 2024, indicating enhanced profitability [1] - The high-precision positioning market is experiencing robust growth, with the overall output value of China's satellite navigation and positioning service industry reaching 536.2 billion yuan in 2023, a 7.09% increase from 2022 [2] - The company has established partnerships in the autonomous driving and robotics sectors, becoming a designated supplier for several automotive manufacturers, with cumulative deliveries exceeding 300,000 units [3] - Future profit forecasts for the company suggest net profits of 734 million yuan, 928 million yuan, and 1.183 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE multiples of 31x, 24x, and 19x [4] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 3.251 billion yuan, with a projected revenue growth rate of 21.4% for 2025 [4] - The net profit attributable to shareholders is expected to grow to 734 million yuan in 2025, reflecting a growth rate of 25.8% [4] Market Trends - The high-precision application terminal sales in China reached nearly 2.8 million units in 2023, with over 80% utilizing domestic high-precision chips or modules [2] - The sales revenue of high-precision related products has grown from 1.1 billion yuan in 2010 to approximately 21.4 billion yuan in 2023, with a compound annual growth rate exceeding 25% [2] Strategic Developments - The company is leveraging its core technology in navigation algorithms to meet the demands of high-precision navigation in various applications, including autonomous driving and intelligent logistics [3] - Collaborations with major companies such as JD.com and Huawei in the autonomous driving sector are expected to drive future growth [3]

Core Viewpoint - The company focuses on high-precision navigation and positioning technology, aiming to enhance its competitive edge through continuous innovation and development in various industry applications [2][4][21]. Company Overview - The company has been dedicated to high-precision navigation and positioning technology since its establishment in 2003, providing solutions across multiple industries [2]. - It has developed a robust technical platform for high-precision positioning chips and a global satellite-based augmentation service platform [5]. Key Products and Services - The company has established a comprehensive algorithm capability in high-precision GNSS, 3D point cloud, and autonomous driving perception [4]. - It has received multiple national awards for its technological advancements and holds over 900 authorized intellectual property rights [4]. Industry Applications - The company's high-precision positioning technology is applied in four main sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving [6][12]. - In the agricultural sector, the company has developed automated navigation systems for agricultural machinery, enhancing operational efficiency and reducing costs [7][9]. Technological Advancements - The company has developed a global satellite-based augmentation service platform to improve positioning accuracy for various applications, including autonomous driving and robotics [5][22]. - It has successfully integrated multiple technologies, such as AI and IoT, into its products to enhance functionality and user experience [8][19]. Financial Highlights - The company has a profit distribution plan approved by the board, proposing a cash dividend of 5 yuan per 10 shares and a capital reserve conversion of 4 shares for every 10 shares held [1]. - The company has seen stable growth in its high-precision receiver business, with over 100,000 units shipped in the reporting period [15]. Future Outlook - The company plans to continue exploring new applications for high-precision navigation technology and expand its market presence both domestically and internationally [21]. - It aims to leverage advancements in digitalization and automation to enhance its product offerings and maintain a competitive edge in the industry [21].

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 attributable to shareholders of 583 million yuan, up 29.89% year-on-year [1][2] Financial Performance - R&D investment reached 469.02 million yuan, a 1.49% increase year-on-year, accounting for 14.43% of total revenue [1] - The company achieved operating income of 1.425 billion yuan in the resources and public utilities sector, a growth of 26.41% [1] - In the construction and infrastructure sector, operating income was 1.052 billion yuan, up 8.97% [1] - The geospatial information sector generated 588.5 million yuan in revenue, reflecting a 38.44% increase [1] - The robotics and autonomous driving sector reported 184.67 million yuan in revenue, growing by 15.53% [1] Market Expansion - The company established a dual-channel marketing system combining direct sales and distribution, with overseas revenue reaching 937.63 million yuan, a 30.39% increase [2] - Domestic revenue amounted to 2.313 billion yuan, growing by 18.07% [2] Operational Efficiency - The sales expense ratio decreased to 18.45%, down 0.59% year-on-year [2] - The management expense ratio increased to 7.92%, attributed to stock incentive amortization and investments in management system and information platform [2] - Operating cash flow net amount was 659.06 million yuan, a significant increase of 47.99% year-on-year [2] Industry Position - Since its establishment in 2003, the company has focused on high-precision navigation and positioning technologies, becoming a leading enterprise in China's high-precision satellite navigation and positioning industry [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-over-year growth of 21.38%, and a net profit of 583 million yuan, up 29.89% year-over-year [2] - The company plans to distribute a cash dividend of 0.5 yuan per share and a stock bonus of 4 shares for every 10 shares held [2] - The company targets a net profit of 730 million yuan for 2025, indicating a growth rate of 25% [2] - The rapid growth in performance is driven by high-margin overseas market expansion, with the overseas market revenue reaching 938 million yuan, a year-over-year increase of 30.39% [2][3] Financial Summary - In 2024, the company reported a gross margin of 58.13%, an increase of 1.07 percentage points [2] - The revenue from the resource and public utilities sector is expected to reach 1.425 billion yuan in 2025, growing by 26.41% year-over-year [2] - The geographic information sector saw a revenue increase of 38.44% year-over-year, reaching 589 million yuan [2] - The company’s overseas market gross margin was 77.60%, up 5.64 percentage points [2] - The company’s total revenue projections for 2025-2027 are 4.149 billion yuan, 5.265 billion yuan, and 6.642 billion yuan, respectively [3] Market Position and Growth - The company is a leading player in high-precision navigation and positioning, with significant advancements in various industry applications [3] - The company has deployed over 80,000 devices in the disaster prevention sector, covering nearly 20,000 risk points [3] - The company has been designated as a key supplier for several automotive manufacturers in the autonomous driving sector, with cumulative deliveries exceeding 300,000 units [3]