部分已授予尚未归属的限制性股票的公告 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"华测导航"或"公司"）于2025年 4月24日召开的第四届董事会第十五次会议、第四届监事会第十五次会议审议通过了 关于《作废2023年限制性股票激励计划部分已授予尚未归属的限制性股票》的议案， 现将相关事项公告如下： 一、本次限制性股票授予已履行的决策程序和信息披露情况 1、2023年12月7日，公司召开第三届董事会第三十次会议，审议通过关于《公 司<2023年限制性股票激励计划（草案）>及其摘要》的议案、关于《公司<2023年限 制性股票激励计划实施考核管理办法>》的议案、关于《提请股东大会授权董事会办 理公司2023年限制性股票激励计划相关事项》的议案。公司独立董事就本激励计划 相关议案发表了同意的独立意见。 同日，公司召开第三届监事会第三十次会议，审议通过关于《公司<2023年限制 性股票激励计划（草案）>及其摘要》的议案、关于《公司<2023年限制性股票激励 计划实施考核管理办法>》的议案、关于《核实公司<2023年限制性股票激 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-043 上海华测导航技术股份有限公司 关于公司2023年限制性股票激励计划首次授予部分 第一个归属期符合归属条件的公告 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。 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4月24日召开了 第四届董事会第十五次会议和第四届监事会第十五次会议，审议通过关于《公司2023 年限制性股票激励计划首次授予部分第一个归属期符合归属条件》的议案，董事会认 为公司2023年限制性股票激励计划（以下简称"本激励计划"）首次授予部分第一个 归属期归属条件已经成就，同意按规定为符合条件的802名激励对象办理589.8760万 股第二类限制性股票归属相关事宜，现将有关事项说明如下： 一、2023 年限制性股票激励计划实施情况概要 （一）2023 年限制性股票激励计划简介 限制性股票拟归属数量：589.8760 万股，占目前公司总股本1的 1.0736%。 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 公司分别于 2023 年 12 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-042 上海华测导航技术股份有限公司 监事会关于2023年限制性股票激励计划 首次授予部分第一个归属期归属名单的核查意见 本公司及监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。 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2023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，上海华测导航技术股份有限公司（以下简称"公司"）监事 会对公司2023年限制性股票激励计划（以下简称"本激励计划"）首次授予部分第一 个归属期归属名单进行审核，发表核查意见如下： 公司2023年限制性股票激励计划首次授予部分第一个归属期的802名激励对象 作为 ...

国浩律师（杭州）事务所 关 于 上海华测导航技术股份有限公司 2023 年限制性股票激励计划 首次授予部分第一个归属期归属条件成就 及部分限制性股票作废事项 之 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 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年四月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 上海华测导航技术股份有限公司 2023 年限制性股票激励计划 首次授予部分第一个归属期归属条件成就 及部分限制性股票作废事项 之 法律意见书 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 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥789,117,634.13, representing a 27.91% increase compared to ¥616,910,878.96 in the same period last year[5] - Net profit attributable to shareholders was ¥142,744,778.78, up 38.50% from ¥103,064,182.42 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥123,345,037.52, reflecting a 42.09% increase from ¥86,805,497.34 in the previous year[5] - The basic earnings per share increased to ¥0.2600, a rise of 36.91% compared to ¥0.1899 in the same period last year[5] - Total operating revenue for the current period reached ¥789.12 million, a 27.8% increase from ¥616.91 million in the previous period[23] - Net profit for the current period was ¥147.28 million, representing a 46.5% increase compared to ¥100.51 million in the previous period[24] - Basic earnings per share rose to ¥0.2600, up from ¥0.1899 in the previous period, reflecting a 37.0% increase[25] - The company reported a total comprehensive income of ¥162.74 million, up from ¥98.66 million in the previous period, marking a 64.9% increase[25] Cash Flow and Assets - The net cash flow from operating activities improved by 44.25%, reaching -¥126,808,172.24, compared to -¥227,476,446.44 in the previous year[5] - The company reported a cash balance of 1,141,380,097.44 RMB, down from 1,246,153,212.94 RMB at the beginning of the period[19] - Cash flow from operating activities showed a net outflow of ¥126.81 million, an improvement from a net outflow of ¥227.48 million in the previous period[26] - The cash and cash equivalents at the end of the period totaled ¥1,110.94 million, compared to ¥955.07 million at the end of the previous period[28] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 23,658[11] - The largest shareholder, Zhao Yanping, holds 20.16% of the shares, amounting to 110,787,524 shares, with 27,240,000 shares pledged[11] - The top 10 unrestricted shareholders hold a total of 63,411,709 shares, with Shanghai Taihexing Enterprise Development Partnership (Limited Partnership) being the largest shareholder[12] - Ningbo Shangyu Venture Capital Partnership (Limited Partnership) holds 29,353,831 shares, accounting for 5.34% of total shares[12] - Zhao Yanping, a significant shareholder, holds 27,696,881 shares, representing 4.46% of total shares[12] - The total number of shares held by the top 10 unrestricted shareholders amounts to 96,009,864 shares[14] - The company has a total of 83,090,643 restricted shares held by Zhao Yanping, which are subject to a lock-up period[13] - The company has released 152,310 restricted shares during the reporting period, reducing the total restricted shares to 95,857,554[14] - The company’s major shareholders include financial institutions such as China Industrial Bank and various investment funds[12] - The company has not reported any changes in the lending or borrowing of shares among the top shareholders during the reporting period[13] Liabilities and Equity - Total assets at the end of the reporting period were ¥5,048,716,195.47, a decrease of 1.48% from ¥5,124,410,823.89 at the end of the previous year[5] - The company's total equity attributable to shareholders increased by 5.01% to ¥3,693,124,928.56 from ¥3,516,956,347.39 at the end of the previous year[5] - The company's current liabilities totaled 1,145,591,520.48 RMB, down from 1,412,810,806.03 RMB at the start of the period[21] - The company’s non-current liabilities totaled 197,049,480.94 RMB, slightly up from 188,211,694.29 RMB[21] - The company’s total liabilities decreased to 1,342,641,001.42 RMB from 1,601,022,500.32 RMB, reflecting improved financial health[21] Investment and Development - The company reported a significant increase in investment income, which rose by 121.82% to ¥7,980,527.87 from ¥3,597,715.05 in the previous year[9] - Research and development expenses increased to ¥131.27 million, up 22.1% from ¥107.48 million in the previous period[23] - The company plans to implement the 2025 First Phase Restricted Stock Incentive Plan, which was approved by the board and shareholders[16] - The company completed the vesting of 369,125 shares under the 2021 Restricted Stock Incentive Plan, with 104 participants successfully vesting their shares[15] - A total of 512,700 shares were donated by a major shareholder, valued at approximately 20 million RMB, with an average price of 39.01 RMB per share[18] Sales and Revenue - The company experienced a significant increase in sales revenue from services, with cash received from sales reaching ¥719.00 million, up from ¥433.27 million in the previous period[26] - Total operating costs increased to ¥655.41 million, up 23.6% from ¥529.97 million in the previous period[23] - Investment activities generated a net cash inflow of ¥45.74 million, compared to a net outflow of ¥4.75 million in the previous period[28] Management and Strategy - The company’s management team includes several key executives with locked shares, which will be released at a rate of 25% annually during their tenure[13] - The company has not disclosed any new product developments or market expansion strategies in the current reporting period[12]

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, closely aligning with the upper limit of its profit forecast [1] - The company aims for a net profit of 730 million yuan in 2025, indicating a target growth of approximately 25% compared to the previous year [1] - The overall gross margin for 2024 was 58.1%, showing a gradual upward trend, supported by cost reduction strategies and optimization of product design [1] Business Segment Performance - The geographic information segment showed significant growth, with sales reaching 5516 units, a year-on-year increase of 178%, driven by the integration of SLAM and RTK algorithms [2] - The four main business segments reported the following revenues: Resources and Public Utilities at 1.43 billion yuan (up 26.4% YoY), Construction and Infrastructure at 1.05 billion yuan (up 9.0% YoY), Geographic Information at 590 million yuan (up 38.4% YoY), and Robotics and Autonomous Driving at 185 million yuan (up 15.5% YoY) [2] - The company's overseas business accounted for 28.8% of total revenue in 2024, reflecting a year-on-year growth of 30.4%, with a high overseas gross margin of approximately 77.6% [2] Profit Forecast Adjustments - The profit forecasts for 2025 to 2027 have been raised, with expected net profits of 750 million yuan, 949 million yuan, and 1.146 billion yuan respectively, reflecting adjustments based on overseas market expansion and new product launches [3] - The current stock price corresponds to a price-to-earnings ratio of 30, 24, and 20 for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company achieved a total revenue of 3.25 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 [6]. - The company aims for a net profit of 730 million yuan in 2025, which is approximately a 25% increase from the previous year [6]. - The gross margin for 2024 was 58.1%, showing a gradual upward trend due to cost optimization strategies [6]. - The geographic information (Geo-information) segment showed significant growth, with a revenue increase of 38.4% year-on-year [6]. - The company is expanding its overseas business, which accounted for 28.8% of total revenue in 2024, with a high gross margin of 77.6% [6]. Financial Summary - Projected total revenue for the company is expected to reach 4.04 billion yuan in 2025, with a year-on-year growth rate of 24.4% [5]. - The net profit attributable to shareholders is forecasted to be 750 million yuan in 2025, reflecting a growth rate of 28.5% [5]. - The company's return on equity (ROE) is projected to increase to 19.2% in 2025 [5]. - The price-to-earnings (PE) ratio is expected to be 30 for 2025, indicating a favorable valuation compared to historical performance [5].

Core Insights - The company achieved record high performance in Q4, maintaining a buy rating and showing continuous improvement in profitability while looking forward to new business developments [1][2] Financial Performance - In 2024, the company reported revenue of 3.251 billion yuan (up 21.38% year-on-year) and a net profit attributable to shareholders of 583 million yuan (up 29.89% year-on-year) [2] - Q4 revenue reached 983 million yuan (up 15.30% year-on-year, up 25.53% quarter-on-quarter) with a net profit of 194 million yuan (up 16.39% year-on-year, up 39.91% quarter-on-quarter), marking a historical high for the quarter [2] - The company aims for a net profit of 730 million yuan in 2025, representing a growth of approximately 25% [2] - Updated profit forecasts for 2025-2027 project net profits of 735 million yuan, 880 million yuan, and 1.008 billion yuan, respectively, with corresponding EPS of 1.34 yuan, 1.60 yuan, and 1.83 yuan [2] Business Segments - All business segments reported revenue growth, with an overall gross margin improvement to 58.13% (up 1.07 percentage points year-on-year) primarily due to cost reductions from self-developed core components [2] - Revenue by segment includes: - Resources and Public Utilities: 1.425 billion yuan (up 26.41% year-on-year), gross margin 54.71% (down 1.85 percentage points) - Construction and Infrastructure: 1.053 billion yuan (up 8.97% year-on-year), gross margin 68.41% (up 4.55 percentage points) - Geospatial Information: 589 million yuan (up 38.44% year-on-year), gross margin 53.10% (up 6.31 percentage points) - Robotics and Autonomous Driving: 185 million yuan (up 15.53% year-on-year), gross margin 41.95% (down 4.89 percentage points) [2] - Revenue by product includes: - High-precision positioning equipment: 1.334 billion yuan (up 15.02% year-on-year), gross margin 61.46% (up 1.57 percentage points) - System applications and solutions: 1.917 billion yuan (up 26.24% year-on-year), gross margin 55.81% (up 0.91 percentage points) [2] - Revenue by region includes: - Domestic: 2.313 billion yuan (up 18.07% year-on-year), gross margin 50.24% (down 1.36 percentage points) - International: 938 million yuan (up 30.39% year-on-year), gross margin 77.60% (up 5.64 percentage points) [2] Catalysts - Emerging business demands in autonomous driving and robotics are expected to drive future growth [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%. The net profit attributable to shareholders was 583 million yuan, with a year-on-year increase of 29.89% [5][8] - The company is a leading player in the domestic high-precision satellite navigation and positioning industry, with competitive advantages in various high-precision positioning navigation intelligent equipment and multi-application system solutions [8] Financial Performance Summary - Revenue Breakdown: - Resource and Public Utilities: 1.425 billion yuan, up 26.41% - Construction and Infrastructure: 1.053 billion yuan, up 8.97% - Geospatial Information: 589 million yuan, up 38.44% - Robotics and Autonomous Driving: 185 million yuan, up 15.53% [5][8] - Profitability Metrics: - Overall gross margin for the year was 58.13%, an increase of 1.07 percentage points year-on-year - Domestic market revenue was 2.313 billion yuan, up 18.07% - International market revenue was 938 million yuan, up 30.39%, with an international business gross margin of 77.60%, an increase of 5.64 percentage points year-on-year [8] Earnings Forecast - The projected earnings per share (EPS) for 2025 and 2026 are 1.35 yuan and 1.78 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 30 and 23 times [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a robust revenue growth of 21.38% year-on-year, reaching 3.251 billion yuan in 2024, with a net profit of 583 million yuan, reflecting a 29.89% increase [4] - The company is a leading domestic high-precision satellite navigation positioning enterprise, with core technology advantages and continuous market expansion [4] - The forecast for net profit from 2025 to 2027 is 759 million yuan, 951 million yuan, and 1.194 billion yuan respectively, with corresponding EPS of 1.38, 1.73, and 2.17 yuan per share [4] Financial Performance - In 2024, the company generated revenue of 3.251 billion yuan, with a gross margin of 58.13% and a net margin of 17.94%, showing improvements in profitability [5] - The company’s revenue from domestic and international markets was 2.313 billion yuan and 938 million yuan respectively, with year-on-year growth of 18.07% and 30.39% [5] - R&D expenses amounted to 469 million yuan, focusing on high-precision positioning chips and autonomous driving products [5] Business Expansion - The company has strengthened its market position in agricultural machinery autonomous driving and disaster monitoring equipment, with over 80,000 units deployed [6] - New business opportunities are being explored in the low-altitude economy and autonomous driving sectors, with partnerships established across various applications [6] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 4.218 billion yuan, with a year-on-year growth of 29.7% [7] - The projected P/E ratios for 2025, 2026, and 2027 are 29.5, 23.6, and 18.8 respectively [7] - The company’s return on equity (ROE) is expected to increase from 16.6% in 2024 to 19.3% in 2027 [9]