证券研究报告·公司点评报告·电子 华测导航（300627） 2024 年三季报业绩点评：业绩稳步增长，成 长动力充足 2024 年 10 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1592 | 2678 | 3457 | 4427 | 5687 | | 同比（ % ） | 27.62 | 19.77 | 29.09 | 28.05 | 28.44 | | 归母净利润（百万元） | 193.43 | 449.14 | 585.14 | 736.76 | 923.98 | | 同比（ % ） | 46.90 | 24.32 | 30.28 | 25.91 | 25.41 | | EPS- 最新摊薄（元 / 股） | 0.65 | 0.82 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 2.268 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 24%, and a net profit attributable to the parent company of 390 million yuan, up 38% year-on-year [4][5]. - The company has set a target for net profit attributable to the parent company of 560 million yuan for 2024, which is a 25% increase compared to 2023, indicating a positive long-term operational outlook [6]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 783 million yuan, a 27% increase year-on-year, and a net profit of 138 million yuan, up 29% year-on-year [4][5]. - The company has consistently met its profit targets, achieving a minimum completion rate of 98% from 2020 to 2023, indicating high confidence in its financial goals [6]. Business Strategy - The company is focusing on key investments in areas such as chips, industry-specific intelligent robots, SWAS systems, and unmanned flight control technology for 2024 [6]. - The company is actively expanding its product applications in various industries, particularly in overseas markets, which have shown significant revenue growth [5]. Growth Drivers - The company identifies three main growth lines: overseas market expansion, low-altitude economy, and intelligentization [5]. - The overseas revenue contribution reached 27% in 2023, with a gross margin approximately 20 percentage points higher than the domestic market, indicating substantial growth potential [5]. Future Projections - The company forecasts net profits of 610 million yuan, 817 million yuan, and 1.095 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 36%, 34%, and 34% [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][5]. Core Insights - The company reported Q3 2024 results that were close to the upper limit of its previous earnings forecast, with a year-to-date revenue of 2.27 billion yuan, a 24.2% year-on-year increase, and a net profit attributable to shareholders of 390 million yuan, reflecting a 37.8% growth [4][5]. - The Q3 revenue reached 783 million yuan, marking a 26.9% increase year-on-year, with a net profit of 138 million yuan, up 29.4% year-on-year [4][5]. - The company's gross margin for Q3 exceeded 60%, the highest in two years, demonstrating strong profitability despite some non-recurring expenses [4][5]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 2.27 billion yuan, with a net profit of 390 million yuan [6]. - The projected revenue for 2024 is estimated at 3.31 billion yuan, with a net profit forecast of 583 million yuan, indicating a growth rate of 29.8% [6][8]. - The company’s earnings per share (EPS) for 2024 is expected to be 1.06 yuan, with a price-to-earnings (PE) ratio of 34 [6][8]. Growth Drivers - The report highlights the importance of the company's overseas business expansion, which is expected to become a significant growth driver, with overseas revenue accounting for approximately 30% of total revenue in the first half of 2024 [5]. - The company is also focusing on the development of agricultural machinery automation and 3D laser radar technologies, which are anticipated to further boost growth [5]. - Future opportunities in software subscription services are noted, leveraging the company's domestic high-density reference station network [5].

证券代码：300627 证券简称：华测导航 公告编号：2024-111 上海华测导航技术股份有限公司 关于举办投资者接待日活动的公告 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。 为更好与投资者沟通交流，便于广大投资者深入全面地了解上海华测导航技 术股份有限公司（以下简称"公司"）情况，公司拟举办投资者接待日活动，现 将有关事项公告如下： 1、接待时间：2024年10月25日（星期五）下午15:00-17:00 2、接待地点：上海市青浦区崧盈路577号华测时空智能产业园C座二楼会议 室 3、公司主要参与人员：公司董事、总经理朴东国先生，公司副总经理杨云 女士（如有特殊情况，参会人员会有所调整） 4、预约方式：为更好的安排本次活动，请有意参与此次活动的投资者通过 扫描下方二维码进行预约报名或将附件一预约登记表及身份证明文件发送至下 述指定邮箱，以便公司做好接待登记和安排。预约时间：2024年10月24日17:00前。 如有疑问，可拨打电话进行沟通确认。 联系人：付争妍 电话：021-64950939 电子邮箱：huace@huace.cn 1 证券代码：300 ...

Q3 符合预期，稳健成长 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-23 | | 收盘价 ( 元 ) | 36.64 | | 流通股本 ( 亿股 ) | 4.53 | | 每股净资产 ( 元 ) | 6.13 | | 总股本 ( 亿股 ) | 5.48 | | 最近 12 月市场表现 | | -17% -3% 10% 23% 37% 50% 华测导航 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《高精定位龙头企业，低空打开新空 间》 2024-09-11 ❖ 事件：华测导航 10 月 23 日晚间发布三季度业绩公告称，2024 年前三季度营 收约 22.68 亿元，同比增加 24.22%；归属于上市公司股东的净利润约 3.90 亿 元，同比增加 37.84%；基本每股收益 0.7159 元，同比 ...

华测导航：第三季度净利润同比增长29.42% 财联社10月23日电，华测导航发布2024年第三季度报告， 报告期内，公司实现营业收入7.83亿元，同比增长26.90%；归属于上市公司股东的净利润1.38亿元，同 比增长29.42%。 查看公告原文 ...

第四届监事会第十次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 证券代码：300627 证券简称：华测导航 公告编号：2024-115 上海华测导航技术股份有限公司 上海华测导航技术股份有限公司（以下简称"公司"）第四届监事会第十次 会议的通知于 2024 年 10 月 18 日以书面或电子邮件的形式发出，会议于 2024 年 10 月 23 日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 以现场结合通讯方式召开。本次会议应出席监事 3 名，实际出席监事 3 名。本次 会议由沈礼伟先生主持，公司部分高级管理人员列席了本次会议。 本次会议的召开和表决程序符合《中华人民共和国公司法》等有关法律、行 政法规、部门规章、规范性文件和《上海华测导航技术股份有限公司章程》的规 定。 二、监事会会议审议情况 经与会监事审议，以记名投票表决方式通过如下议案： 1、以 3 票同意，0 票反对，0 票弃权，审议通过关于《公司 2024 年第三 季度报告》的议案。 经公司第四届监事会全体监事审议，一致认为公司 2024 年第 ...

证券代码：300627 证券简称：华测导航 公告编号：2024-114 上海华测导航技术股份有限公司 二、董事会会议审议情况 经与会董事审议，以记名投票表决方式通过如下议案： 1、以7票同意，0票反对，0票弃权，审议通过关于《公司2024年第三季度报 告》的议案。 第四届董事会第十次会议决议公告 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。 一、董事会会议召开情况 上海华测导航技术股份有限公司（以下简称"公司"）第四届董事会第十次 会议的通知于 2024 年 10 月 18 日以书面或电子邮件的形式发出，会议于 2024 年 10 月 23 日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 以现场结合通讯方式召开。本次会议应出席董事 7 名，实际出席董事 7 名，本次 会议由公司董事长赵延平先生主持，公司部分监事和高级管理人员列席了本次会 议。 本次会议的召开和表决程序符合《中华人民共和国公司法》等有关法律、行 政法规、部门规章、规范性文件和《上海华测导航技术股份有限公司章程》的规 定。 1、《上海华测导航技术股份有限公司第四届董事会第 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥783,441,936.22, representing a 26.90% increase year-over-year[2] - Net profit attributable to shareholders for Q3 2024 was ¥138,453,176.37, up 29.42% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was ¥130,685,876.16, reflecting a 36.55% increase year-over-year[2] - Basic earnings per share for Q3 2024 were ¥0.2534, an increase of 27.66% from the previous year[2] - Total operating revenue for the third quarter reached ¥2,267,526,865.28, an increase of 24.3% compared to ¥1,825,342,757.95 in the same period last year[18] - Operating profit for the quarter was ¥406,327,365.55, up 47.6% from ¥275,316,724.44 year-over-year[19] - Net profit attributable to shareholders of the parent company was ¥389,692,869.38, representing a 37.8% increase from ¥282,714,132.58 in the previous year[19] - The company reported a basic earnings per share of ¥0.7159, compared to ¥0.5278 in the same quarter last year, reflecting a growth of 35.6%[20] - The total comprehensive income attributable to shareholders of the parent company was ¥382,141,561.27, compared to ¥270,910,942.01 in the same quarter last year, an increase of 41.0%[20] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥4,649,903,313.59, a 5.39% increase from the end of the previous year[2] - The total current assets increased from 3,370,885,434.34 CNY to 3,494,717,234.72 CNY[15] - The total assets increased from 4,412,050,015.81 CNY to 4,649,903,313.59 CNY[16] - The total current liabilities decreased from 1,171,353,980.39 CNY to 1,051,333,693.22 CNY[16] - Total liabilities decreased to ¥1,256,067,073.12 from ¥1,368,448,079.77, marking a reduction of approximately 8.2%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 21,967[7] - Zhao Yanping holds 20.21% of shares, totaling 110,787,524 shares, with 27,240,000 shares pledged[7] - Shanghai Taihexing Enterprise Development Partnership holds 11.66% of shares, totaling 63,924,409 shares, with 3,530,000 shares pledged[7] - Ningbo Shangkun Investment holds 5.36% of shares, totaling 29,353,831 shares, with 15,900,000 shares pledged[7] - The top ten shareholders include both natural persons and non-state-owned legal entities, indicating a diverse ownership structure[8] Cash Flow - Cash flow from operating activities showed a net amount of ¥341,583,186.92, a decrease of 2.60% year-over-year[2] - Operating cash inflow for the current period reached ¥2,286,378,548.78, an increase of 30% compared to ¥1,758,900,385.59 in the previous period[21] - Cash outflow from operating activities totaled ¥2,337,325,749.82, up from ¥1,808,558,482.11, resulting in a net cash flow from operating activities of -¥50,947,201.04[21] - Investment cash inflow was ¥847,334,797.87, down from ¥980,492,549.06, while investment cash outflow was ¥1,085,352,725.85, leading to a net cash flow from investment activities of -¥238,017,927.98[22] - Financing cash inflow amounted to ¥224,978,814.49, a decrease from ¥237,647,766.63, with cash outflow for financing activities at ¥306,318,593.01, resulting in a net cash flow from financing activities of -¥81,339,778.52[22] - The ending balance of cash and cash equivalents was ¥815,403,038.98, compared to ¥698,306,915.45 in the previous period[22] Investment and Expenses - Investment income surged by 274.16% to ¥38,108,964.52, mainly due to gains from the disposal of equity investments[5] - Research and development expenses for the quarter totaled ¥382,374,890.02, an increase of 24.4% from ¥307,364,077.85 in the previous year[18] - The company received ¥101,181,680.29 in tax refunds, an increase from ¥59,856,700.95 in the previous period[21] - The company paid ¥499,749,145.54 in employee compensation, up from ¥442,195,132.96[21] - The company reported a significant increase in cash received from other operating activities, totaling ¥337,082,809.50, compared to ¥148,296,417.46 previously[21] Stock Incentive Plans - The company has a stock incentive plan with 1,177,680 restricted shares, with different lock-up periods[10] - The company plans to release 25% of the locked shares annually during the tenure of the executives[10] - The total number of restricted shares at the beginning of the period was 97,852,983, with 4,544,113 shares released and 1,923,994 shares added, resulting in 95,232,864 restricted shares at the end of the period[11] - Zhao Yanping's restricted shares decreased from 84,262,984 to 83,090,643 during the period[9] - The company repurchased and canceled 6,552 shares of restricted stock at a price of 13.94 CNY per share due to one individual no longer qualifying as an incentive object[12] - The repurchase price for the restricted stock was adjusted from 13.94 CNY to 13.59 CNY based on the 2023 profit distribution plan[12] - The company approved the adjustment of the grant price for the 2021 restricted stock incentive plan from 24.52 CNY to 24.17 CNY[13] - A total of 2,643,631 shares from the 2021 restricted stock incentive plan were eligible for vesting, with 567 individuals qualifying[13] - The grant price for the 2022 restricted stock incentive plan was also adjusted from 24.52 CNY to 24.17 CNY[13] - The grant price for the 2023 restricted stock incentive plan was adjusted from 25.00 CNY to 24.65 CNY[14]

证券代码：300627 证券简称：华测导航 公告编号：2024-111 上海华测导航技术股份有限公司 关于举办投资者接待日活动的公告 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。 为更好与投资者沟通交流，便于广大投资者深入全面地了解上海华测导航技 术股份有限公司（以下简称"公司"）情况，公司拟举办投资者接待日活动，现 将有关事项公告如下： 1、接待时间：2024年10月25日（星期五）下午15:00-17:00 2、接待地点：上海市青浦区崧盈路577号华测时空智能产业园C座二楼会议 室 3、公司主要参与人员：公司董事、总经理朴东国先生，公司副总经理杨云 女士（如有特殊情况，参会人员会有所调整） 4、预约方式：为更好的安排本次活动，请有意参与此次活动的投资者通过 扫描下方二维码进行预约报名或将附件一预约登记表及身份证明文件发送至下 述指定邮箱，以便公司做好接待登记和安排。预约时间：2024年10月24日17:00前。 如有疑问，可拨打电话进行沟通确认。 联系人：付争妍 电话：021-64950939 电子邮箱：huace@huace.cn 1 证券代码：300 ...