Investment Rating and Target Price - The report initiates coverage on Huace Navigation with a **Buy** rating and a target price of **RMB 44.22** [1] - The company is a leader in China's high-precision satellite navigation and positioning application industry, with a revenue and net profit CAGR of 23% and 34% respectively from 2019 to 2023 [1] Core Investment Thesis - **Horizontal Expansion**: The company is expanding from traditional applications like construction and geographic information to emerging fields such as precision agriculture, autonomous driving, and low-altitude economy, accelerating global expansion [1] - **Vertical Integration**: Huace Navigation is strengthening its upstream chip and algorithm development, as well as downstream operational services, to enhance profitability [1] - **Industry Tailwinds**: The satellite navigation industry in China is benefiting from policy support, strong demand, and technological advancements, with the high-precision market size reaching RMB 21.5 billion in 2023, growing at a CAGR of over 25% from 2011 to 2023 [2] Competitive Advantages - **Technological Edge**: The company has mastered core technologies in GNSS chips, algorithms, autonomous driving perception, and 3D point cloud aerial surveying, creating significant barriers to entry [3] - **Product Strength**: Huace Navigation maintains leading market shares in surveying, agricultural machinery autonomous driving, and displacement monitoring, with overseas revenue growing at a CAGR of 54% from 2021 to 2023 [3] - **Channel Power**: The company has established a robust domestic and international sales network, laying a solid foundation for global market expansion [3] Business Expansion and Profitability - **Horizontal Expansion**: The company has secured new clients in autonomous driving, including Xiaomi and RoboTaxi, and is actively exploring low-altitude economy and international markets [4] - **Vertical Integration**: By integrating upstream and downstream operations, Huace Navigation provides comprehensive solutions, enhancing profitability and transitioning from a device manufacturer to a platform-based company [4] Market Differentiation - The report highlights that while the market is concerned about the growth potential of the BeiDou industry, Huace Navigation is well-positioned to benefit from the industry's rapid development due to policy support, technological maturity, and increasing demand for high-precision applications [5] Financial Projections and Valuation - The company is expected to achieve net profits of RMB 596 million, RMB 757 million, and RMB 958 million in 2024, 2025, and 2026, respectively, with a target PE of 32x for 2025 [6] - Revenue is projected to grow at a CAGR of 25.86% from 2024 to 2026, with net profit margins improving steadily [7] Industry Overview - **Policy Support**: The Chinese government is actively promoting the application of BeiDou, with initiatives like the establishment of the China Time Information Group and the issuance of trillion-yuan special bonds expected to boost industry penetration [2] - **Demand Growth**: High-precision navigation and positioning are in high demand across sectors such as autonomous driving, precision agriculture, and smart cities, driving market expansion [2] - **Technological Advancements**: China's BeiDou system has achieved technological breakthroughs, with some indicators surpassing those of international leaders, enhancing its global competitiveness [2] Company Overview - **Technological Leadership**: Huace Navigation has developed a strong technological foundation in GNSS algorithms, signal processing, and autonomous driving perception, supported by its high-precision positioning chip technology platform and global satellite-ground integrated enhancement network service platform [25] - **Product Portfolio**: The company offers a wide range of products and solutions across multiple industries, maintaining a leading position in domestic markets and achieving rapid growth in exports [25] - **Global Expansion**: With a well-established sales network and a focus on international markets, Huace Navigation is poised to become a global leader in navigation and positioning [25] Financial Performance - **Revenue Growth**: The company's revenue has grown from RMB 2.95 billion in 2014 to RMB 26.78 billion in 2023, with a 10-year CAGR of 28.12% [45] - **Profitability**: Net profit margins have improved steadily, with the company achieving a net profit of RMB 449 million in 2023, up from RMB 31 million in 2014 [45] - **R&D Investment**: Huace Navigation has consistently invested in R&D, with R&D expenses reaching RMB 462 million in 2023, reflecting its commitment to technological innovation [57]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the coming months [7][113][126]. Core Insights - The company is a leading player in the domestic high-precision satellite navigation industry, focusing on core technologies and solutions since its establishment in 2003 [4][18]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 27.78% in revenue and 34.58% in net profit from 2014 to 2023 [4][33]. - The overseas business has been growing significantly, with a revenue increase of 34.98% in the first half of 2024, contributing over 30% to total revenue [4][92]. - The high-precision navigation market in China is expected to reach a scale of 126.34 billion yuan by 2028, indicating substantial growth potential [4][66]. Summary by Sections Company Overview - The company focuses on high-precision navigation positioning technology and has developed a comprehensive range of products and solutions across four main sectors: construction and infrastructure, geographic spatial information, resources and public utilities, and robotics and autonomous driving [4][18][24]. Financial Performance - In the first half of 2024, the company achieved revenue of 1.484 billion yuan and a net profit of 251 million yuan, representing year-on-year growth rates of 22.86% and 42.96%, respectively [4][33]. - The resource and public utility sector is the largest revenue contributor, accounting for 45.89% of total revenue in the first half of 2024, with a growth rate of 48.06% [4][36][104]. Market Trends - The overall market for satellite navigation and positioning services in China reached 536.2 billion yuan in 2023, with a growth rate of 7.09% compared to 2022 [58]. - The high-precision satellite navigation market has seen significant growth, with the market value increasing from 2.3 billion yuan in 2012 to 21.4 billion yuan in 2023 [66]. Growth Drivers - The agricultural machinery autonomous driving system market is expected to grow rapidly, with projected sales of 164,300 units and 190,600 units in 2024 and 2025, respectively [4][77]. - The company has a strong position in the domestic agricultural machinery autonomous driving market, ranking second with a market share of 13.98% in 2023 [6][96]. Technological Leadership - The company maintains a high research and development expense ratio, consistently above 16% over the past three years, which has led to the development of proprietary technologies and algorithms [4][87]. - The company has developed a new generation of GNSS chips, which are expected to significantly enhance its self-sufficiency and potentially create new business models [4][86]. Future Outlook - The company is expected to benefit from the growth of the high-precision navigation industry and its expansion into overseas markets, with projected net profits of 585 million yuan, 740 million yuan, and 935 million yuan for 2024, 2025, and 2026, respectively [7][113].

证券代码：300627 证券简称：华测导航 公告编号：2024-117 近日，公司收到尚坤投资《关于股份减持计划完成的告知函》，尚坤投资通 过集中竞价交易方式（含盘后定价）共减持公司股份1,250,000股，其减持计划已 完成，现将具体情况公告如下： 一、股东减持股份情况 1 本公告所指"总股本"如未说明时间，均指 2024 年 11 月 7 日的股份数量 548,060,549 股。 | 股东 | 减持方式 | 股份来源 | 减持期间 | 减持均价 | 减持股数 | 减持股数占 | | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | | （元/股） | （股） | 总股本1比例 | | 尚坤 | 集中竞价 交易（含 | 公司首次公开发行股票之 前持有的股份（包含首次 | 2024年9月10日 至2024年11月8 | 32.62 | 1,250,000 | 0.2281% | | 投资 | 盘后定 | 公开发行股票后资本公积 | 日 | | | | | | 价） | 金转增股本的部分） | | | | | 1 上海华测导航技术股份有限公司 关于持股5 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Insights - The company reported a significant increase in net profit for the first three quarters, with revenue reaching 2.268 billion yuan, up 24.22%, and net profit at 390 million yuan, up 37.84% [6]. - The third quarter showed steady growth in both revenue and net profit, with Q3 revenue at 783 million yuan, up 26.9%, and net profit at 138 million yuan, up 29.42% [6]. - The company leads in sales within the agricultural machinery autonomous driving sector, with notable products enhancing risk prevention capabilities [6][7]. - The international market continues to grow, with the company expanding its global market share in construction and infrastructure [7]. - The company is developing a global star-ground integrated enhancement network service platform, aiming to provide differential information services for high-precision mobile intelligent equipment [7]. - The company expects revenue growth from 3.317 billion yuan in 2024 to 5.525 billion yuan in 2026, with net profit projected to rise from 554 million yuan to 952 million yuan during the same period [8][9]. Financial Summary - For 2023, the company expects total revenue of 2.678 billion yuan, with a year-on-year growth of 19.8%, and a net profit of 449 million yuan, reflecting a growth of 24.3% [9][12]. - The gross profit margin is projected to be 57.8% in 2023, slightly decreasing to 57.2% in 2024 [12]. - The company anticipates an EPS of 1.01 yuan in 2024, increasing to 1.74 yuan by 2026 [8][12]. Segment Performance - The construction and infrastructure segment is expected to generate revenue of 994.19 million yuan in 2024, with a growth rate of 5% [11]. - The geographical information segment is projected to see revenue of 447.60 million yuan in 2024, with a growth rate of 9% [11]. - The resources and public utilities segment is forecasted to achieve significant growth, with revenue expected to reach 1.661 billion yuan in 2024, up 50% [11].

Investment Rating - The report maintains a "Buy" rating for the company [1][2][5] Core Insights - The company has achieved revenue and profit growth exceeding expectations, with a significant expansion in application markets. The revenue for the first three quarters of 2024 reached 2.268 billion yuan, a year-on-year increase of 24.22%, while the net profit attributable to shareholders was 390 million yuan, up 37.84% year-on-year [1][2] - The company is positioned as a leader in high-precision navigation and positioning, providing hardware and solutions across various scenarios. It is gradually expanding into new business models such as SaaS subscription services, which are expected to enhance profitability [2][4] - The report projects net profits for 2024, 2025, and 2026 to be 596 million yuan, 774 million yuan, and 988 million yuan respectively, with corresponding EPS of 1.09 yuan, 1.41 yuan, and 1.80 yuan [2][4] Financial Summary - Revenue (in million yuan): - 2022: 2,236 - 2023: 2,678 - 2024E: 3,358 - 2025E: 4,419 - 2026E: 5,741 - Year-on-year growth rates: - 2023: 20% - 2024E: 25% - 2025E: 32% - 2026E: 30% [1][4] - Net Profit (in million yuan): - 2022: 361 - 2023: 449 - 2024E: 596 - 2025E: 774 - 2026E: 988 - Year-on-year growth rates: - 2023: 24% - 2024E: 33% - 2025E: 30% - 2026E: 28% [1][4] - Key Financial Ratios: - P/E ratios are projected to decrease from 44.3 in 2023 to 20.1 in 2026 - P/B ratios are expected to decline from 6.6 in 2023 to 3.9 in 2026 [1][4] Market Position and Growth Drivers - The company benefits from the continuous expansion of its products and solutions in various industries, including resources and public utilities, and geographic information. The overseas revenue is also experiencing rapid growth, with a 34.98% year-on-year increase in the first half of 2024 [1][2] - The company maintains a strong growth momentum in emerging business areas, particularly in agricultural machinery automation and deformation monitoring, which are supported by significant government investments [1][2] - The report highlights the company's focus on enhancing its core technology capabilities and self-sufficiency in high-precision components, which is expected to further strengthen its competitive position in the market [2][4]

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2024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2024年5月13日召开 2023年年度股东大会，审议通过了关于《续聘公司2024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2024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2024年度审计机构的公 告》（公告编号：2024-037）。 证券代码：300627 证券简称：华测导航 公告编号：2024-116 上海华测导航技术股份有限公司 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2024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2024 ...

Investment Rating - The report maintains a "Buy" rating for Huace Navigation (300627) [4][6] Core Views - Huace Navigation's performance in the first three quarters of 2024 met expectations, with a 37.8% YoY increase in net profit attributable to the parent company [1] - The company's revenue reached 2.27 billion yuan, a 24.2% YoY increase, driven by strong growth in the resource and public utilities sector and overseas markets [1] - The company's gross profit margin was 59.18%, up 0.81 percentage points YoY, and the net profit margin was 16.96%, up 1.83 percentage points YoY [1] - In Q3 2024, the company achieved a revenue of 780 million yuan, a 26.9% YoY increase, with a gross profit margin of 60.59%, up 1.95 percentage points YoY [1] Growth Drivers - The resource and public utilities sector, along with overseas business, are key growth drivers for the company [2] - The company's agricultural machinery autonomous driving products have gained market recognition due to their performance, price, and technological advantages [2] - The company's geospatial information sector has developed advanced equipment integrating GNSS, INS, LiDAR, and unmanned flight control technology, supporting the expansion of low-altitude economy business [2] - The company's overseas business is growing rapidly, with products such as RTK, agricultural machinery autonomous driving, 3D intelligence, marine surveying, and digital construction showing strong development momentum [2] Policy Impact - The company is expected to benefit from the government's large-scale equipment renewal policy, which includes subsidies for agricultural machinery updates [3] Financial Forecast - The report forecasts the company's net profit attributable to the parent company to be 590 million yuan in 2024, 760 million yuan in 2025, and 970 million yuan in 2026 [4] - The corresponding PE ratios for 2024-2026 are 35x, 27x, and 21x, respectively [4] Financial Performance - The company's revenue is expected to grow at a CAGR of 26.21% from 2024 to 2026, reaching 5.39 billion yuan by 2026 [8] - The net profit margin is projected to increase from 16.57% in 2023 to 17.89% in 2026 [9] - The company's ROE is expected to rise from 15.97% in 2023 to 21.90% in 2026 [9]

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company continues to demonstrate high-quality growth, with total revenue for Q3 2024 reaching 7.83 billion yuan, a year-on-year increase of 26.90%, and a net profit attributable to shareholders of 1.38 billion yuan, up 29.42% from the previous year [1]. - The gross profit margin for Q3 2024 is reported at 60.59%, reflecting a year-on-year increase of 1.95 percentage points [1]. - The company has significantly expanded its overseas market presence, with overseas revenue reaching 7.19 billion yuan in 2023, accounting for 26.85% of total revenue, and over 30% in the first half of 2024 [1]. - The company is actively developing products for the autonomous driving and low-altitude economy sectors, which are expected to contribute to new revenue streams [1]. - Future profit forecasts for the company indicate net profits of 5.50 billion yuan, 6.62 billion yuan, and 8.86 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 37x, 31x, and 23x [1][2]. Financial Summary - Total revenue is projected to grow from 2,678 million yuan in 2023 to 5,790 million yuan in 2026, with growth rates of 19.8%, 29.0%, 28.7%, and 30.2% for the respective years [2][4]. - Net profit attributable to shareholders is expected to increase from 449 million yuan in 2023 to 886 million yuan in 2026, with growth rates of 24.3%, 22.4%, 20.4%, and 33.9% [2][4]. - The company's gross margin is forecasted to decline slightly from 57.77% in 2023 to 49.15% in 2026, while the net profit margin is expected to stabilize around 15% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company has demonstrated steady growth in its performance, with a year-on-year revenue increase of 24.22% and a net profit growth of 37.84% for the first three quarters of 2024. The projected net profits for 2024-2026 are 5.95 billion, 7.59 billion, and 9.51 billion yuan respectively, with corresponding EPS of 1.09, 1.39, and 1.74 yuan per share [3][4]. - The company is a leading player in high-precision satellite navigation and positioning, with expectations for continued robust growth [3][4]. - The company has successfully expanded its downstream application scenarios, particularly in automation, geological disaster monitoring, and autonomous driving, which are expected to drive future growth [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved quarterly revenues of 6.17 billion, 8.67 billion, and 7.83 billion yuan, reflecting year-on-year growth rates of 20.53%, 24.57%, and 26.90% respectively [4]. - The net profit for the same quarters was 1.03 billion, 1.48 billion, and 1.38 billion yuan, with year-on-year growth rates of 30.35%, 53.28%, and 29.42% [4]. - The gross margin and net margin for the first three quarters of 2024 were 59.18% and 16.96%, showing improvements of 0.81 percentage points and 1.83 percentage points year-on-year [4]. - The company has effectively controlled its expenses, with a total expense ratio decrease of 2.05 percentage points year-on-year [4]. Market Expansion and Opportunities - The company has made significant progress in expanding its overseas market, achieving revenue of 4.45 billion yuan in the first half of 2024, a year-on-year increase of 34.98% [5]. - The gross margin for overseas business stands at 67.29%, indicating strong profitability in this segment [5]. - The company has secured contracts for its automotive-grade navigation products with several car manufacturers, contributing to advancements in autonomous driving capabilities [5]. - The development of low-altitude economy services is also underway, providing comprehensive solutions for navigation and positioning in this emerging market [5].

编号：2024-005 | --- | --- | --- | |----------------|-------------------------------------------------|------------------------------------------------------------| | | | | | | ☑ 特定对象调研 | | | | □媒体采访 | □分析师会议 | | 投资者关系活 | □新闻发布会 | □业绩说明会 | | 动类别 | □现场参观 | □路演活动 | | | □其他 ( 请文字说明其他活动内容 | ) | | 活动参与人员 | 公司参会人员：副总经理 外部参会人员：见附件名单 | 杨云 | | 时间 | 2024 年 10 月 25 日 | | | 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 | | 形式 | 现场会议 | | | | 一、介绍公司 2024 | 年前三季度经营情况 | | | 自 2003 | 年成立以来，公司始终聚焦高精度导航定位相关的核心 | | | | 技术及其产品与解决方案的研发、制造、 ...