公司报告 | 半年报点评 中报快速增长基本面优异，业务边界不断拓展 事件：公司发布 2024 年半年报，收入 14.84 亿元（YoY +22.86%），归母净 利润 2.51 亿元（YoY +42.96%），扣非归母净利润 2.11 亿元（YoY +34.55%）， 公司业绩接近预告上限。 公司上半年收入利润稳健增长。考虑 24 年上半年股份支付费用 2785 万元 较上年同期 1736 万元有较大提升，信用减值损失较去年同期有较大增量， 剔除相关影响后公司实际盈利能力更优。单季度看，Q2 收入 8.67 亿元， 同增 24.6%环增 40.6%，归母净利润 1.48 亿元，同增 53.28%环增 43.77%。 业务分类来看：（1）资源与公共事业收入 6.81 亿元（YoY +48.06%）,农机 自动化市场快速增长，公司凭借技术领先&成本优势巩固市场地位并有望 实现份额提升；（2）建筑与基建收入 5.33 亿元（YoY +4.62%），公司主要针 对国际市场加强施工自动化产品推广，高精度接收机智能装备全球市占率 保持提升；（3）地理空间信息 1.91 亿元（YoY +7.48%）公司基于高精度 GNSS ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][3]. Core Views - The company aims to focus on key investments in areas such as chips, industry-specific intelligent robots, SWAS systems, and unmanned flight control technology in 2024. The target for net profit attributable to shareholders is set at 560 million yuan, representing a year-on-year increase of 25%, which is higher than the profit growth target for 2023 [1][3]. - In the first half of 2024, the company achieved operating revenue of 1.484 billion yuan, a year-on-year increase of 22.86%, and a net profit of 251 million yuan, a year-on-year increase of 42.96% [2][3]. - The company has identified three main growth lines: overseas expansion, low-altitude economy, and intelligentization, with a significant focus on agricultural machinery, deformation monitoring, and core component self-research [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported operating revenue of 867 million yuan, a year-on-year increase of 24.57%, and a net profit of 148 million yuan, a year-on-year increase of 53.28% [2]. - The revenue from the resource and public utilities sector reached 681 million yuan, up 48.06% year-on-year, driven by strong demand for agricultural machinery products [2][3]. - The overall gross margin remained stable, while the net profit margin increased by 2.29 percentage points [2]. Growth Drivers - The overseas market accounted for 27% of the company's revenue in 2023, with a gross margin approximately 20 percentage points higher than the domestic market, indicating significant growth potential [3]. - The development of the low-altitude economy is expected to significantly increase the demand for three-dimensional intelligent devices, which will drive growth in the company's three-dimensional mapping equipment business [3]. - The company is enhancing its capabilities in high-precision positioning, core algorithms, SWAS networks, and cloud services, which are expected to improve user experience and cost control [3]. Profit Forecast - The company is projected to achieve net profits of 610 million yuan, 817 million yuan, and 1.095 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 36%, 34%, and 34% [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company has demonstrated rapid growth in performance, with a 22.86% year-on-year increase in revenue to 1.484 billion yuan in the first half of 2024, and a 42.96% increase in net profit attributable to shareholders to 251 million yuan [3]. - The company is expected to maintain its growth trajectory, with projected net profits of 595 million yuan, 759 million yuan, and 950 million yuan for 2024, 2025, and 2026 respectively, corresponding to EPS of 1.09, 1.39, and 1.74 yuan per share [3]. - The company is focusing on expanding its overseas market presence, achieving a 34.98% year-on-year growth in overseas revenue, indicating a successful market expansion strategy [5]. Financial Performance - In the first half of 2024, the company achieved a revenue of 1.484 billion yuan, with a quarterly revenue of 867 million yuan in Q2, reflecting a 24.57% year-on-year growth [3]. - The company’s four major business segments showed steady growth, with revenues of 681 million yuan, 533 million yuan, 191 million yuan, and 79 million yuan, representing year-on-year growth rates of 48.06%, 4.62%, 7.48%, and 29.80% respectively [4]. - The company’s gross margin and net margin improved to 58.44% and 16.50%, respectively, indicating enhanced profitability [4]. Market Expansion - The company has successfully penetrated the overseas market, with domestic and international revenues of 1.039 billion yuan and 445 million yuan, respectively, marking an 18.30% and 34.98% year-on-year increase [5]. - The company’s agricultural machinery autonomous driving products have been sold to 68 countries, showcasing its strong international market presence [5]. - Collaborations with companies in various sectors, including low-speed robotics and logistics automation, further enhance the company’s growth potential in emerging markets [5].

上海华测导航技术股份有限公司投资者关系活动记录表 编号：2024-004 ☑特定对象调研 □分析师会议 □媒体采访 投资者关系活 □业绩说明会 □新闻发布会 动类别 □路演活动 □现场参观 □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：董事长 赵延平 副总经理、董事会秘书 孙梦婷 外部参会人员：见附件名单 时间 2024 年 8 月 9 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、公司副总经理、董事会秘书孙梦婷女士介绍公司 2024 年上半年经营情况 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、集成和产业化应用，不断拓展 至多行业领域，为各行业客户提供高精度定位装备和系统应用及解决 方案，是国内高精度卫星导航定位产业的领先企业之一。 公司秉承"用精准时空信息构建智能世界"的愿景，围绕高精度 交流内容及具 导航定位技术核心，逐步构建起高精度定位芯片技术平台、全球星地 体问答记录 一体增强网络服务平台两大核心技术护城河，并逐步打造公司各类高 精度定位导航智能装备和系统应用及解决方案在资源与公共事业、 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company achieved a revenue of 1.48 billion yuan in the first half of 2024, representing a year-on-year growth of 22.9%, and a net profit of 250 million yuan, up 43% year-on-year [1][5] - The company has shown strong growth in both domestic and overseas markets, with overseas business revenue reaching 445 million yuan, accounting for 30% of total revenue [1][8] - The company maintains a robust gross margin of 58.4% and a net margin of 16.5%, benefiting from effective cost control [1][5] Financial Performance - The company’s revenue is projected to grow from 3.33 billion yuan in 2024 to 4.82 billion yuan in 2026, with a compound annual growth rate (CAGR) of 24.2% [2][9] - Net profit is expected to increase from 566 million yuan in 2024 to 846 million yuan in 2026, reflecting a CAGR of 26.1% [2][9] - The earnings per share (EPS) is forecasted to rise from 1.04 yuan in 2024 to 1.55 yuan in 2026 [2][9] Market Expansion - The company is actively expanding its overseas market presence, establishing a strong dealer network in eight countries/regions, including Hungary and Singapore [1][8] - The overseas business has a gross margin of 67%, contributing significantly to profit growth [1][8] - The company is well-positioned to leverage opportunities in satellite navigation for automotive and low-altitude economy sectors [1][8]

证券代码：300627 证券简称：华测导航 公告编号：2024-098 上海华测导航技术股份有限公司 关于控股股东、实际控制人之一致行动人 2、增持主体已持有股份的数量、持股比例：截至本公告披露日，宁波垚达投资未持 有公司股份。 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"）控股股东、 实际控制人赵延平先生的一致行动人宁波垚达投资合伙企业（有限合伙）（以下简称"宁 波垚达投资"）的增持计划于2024年5月10日披露于巨潮资讯网（www.cninfo.com.cn）， 具体情况详见于《关于控股股东、实际控制人之一致行动人增持公司股份计划的公告》 （公告编号：2024-056）。宁波垚达投资计划自本次增持计划公告日起6个月内（但窗口 期不增持），以自有资金或自筹资金通过深圳证券交易所允许的方式（包括但不限于集 中竞价和大宗交易等）增持公司股份，增持总金额不低于12,000万元人民币，且不超过 20,000万元人民币。 近日，公司收到宁波垚达投资出具的《关于增持公司股份计划实施情况的告知函》， 截至本公告披露日，本次增持 ...

究 / 信息技术 / 证券研 华测导航（300627）2024年中报点评 农机产品性价比好获得快速推广,乘用 车自动驾驶终端量产可期 2024 年 08 月 09 日 � 资源与公共事业,主要系公司为农业、林业和公共事业的客户提供高 精度导航定位服务,公司依托机械自动控制技术、高精度组合导航算 法等核心技术,基于 GNSS 组合导航定位技术, 针对农业机械高精度 导航及自动控制专业市场领域应用环境设计，满足农机作业的通用性 要求,开发出北斗农机自动导航控制系统、卫星平地系统、农机生产 信息化管理平台、土地整平解决方案、智能喷雾控制解决方案等,公 司的农机自动驾驶产品以性能好、价格优、技术持续领先等优势获得 了大量用户好评,并在市场上实现了快速推广。 � ◆ 地理空间信息方面,公司会通过测量装备组合,为测量测绘工作的客 户提供了高效的解决方案。24H1 公司持续投入高精度激光雷达、组合 导航、SLAM、摄影测量、无人飞控等相关技术研发,掌握完全自主可 【投资要点】 建筑与基建方面,公司会基于多种高精度导航定位装备和系统应用及 解决方案,为建筑、工程、施工等行业客户的勘测、设计、施工、运 维环节的工作,提供高精度 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company has shown impressive growth in its performance, with a 22.9% year-on-year increase in revenue for H1 2024, reaching 1.48 billion yuan, and a 43.0% increase in net profit attributable to shareholders, amounting to 250 million yuan [2]. - The gross margin for H1 2024 stands at 58.4%, reflecting a slight increase of 0.2 percentage points year-on-year, while the sales net profit margin improved by 2.3 percentage points to 16.5% [2]. - The overseas business revenue reached 450 million yuan in H1 2024, marking a 35% increase, with the gross margin for overseas operations at 67.3%, significantly higher than the domestic segment's 54.6% [2]. - The company is actively promoting new products across four major segments, with notable growth in the resources and public utilities segment, which saw a 48.1% revenue increase to 680 million yuan [2]. - The company has established two foundational platforms for core technologies, enhancing its competitive edge and expanding its global service capabilities [3]. Financial Projections - The company is projected to achieve net profits attributable to shareholders of 590 million yuan, 740 million yuan, and 920 million yuan for the years 2024, 2025, and 2026, respectively [3]. - The current market capitalization corresponds to price-to-earnings ratios of 26, 21, and 17 for the years 2024, 2025, and 2026 [3].

证 券 研 究 报 告 2024 年 08 月 08 日 华测导航 (300627) ——行稳致远，24H1 利润端高增 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 08 日 | | 收盘价（元） | 28.00 | | 一年内最高 / 最低（元） | 32.94/21.45 | | 市净率 | 4.8 | | 息率（分红/股价） | 1.25 | | 流通 A 股市值（百万元） | 12,605 | | 上证指数/深证成指 | 2,869.90/8,446.21 | | | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 5.78 | | 资产负债率 % | 25.86 | | 总股本 /流通 A 股（百万） | 546/450 | | 流通 B ...

华测导航（300627.SZ）2024 年半年报点评 业绩快速增长，出海业务成果显现 2024 年 08 月 08 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：北京时间 8 月 7 日晚，华测导航发布 2024 年半年报，24 年 H1 公 司实现营业收入 14.84 亿元，同比增长 22.86%，实现归母净利 2.51 亿元，同 比增长 42.96%。 ➢ 各主营业务全面开花，自动驾驶业务迎来催化。公司建筑与基建业务实现收 入 5.33 亿元，同比增长 4.62%；资源与公共事业业务实现营收 6.81 亿元，同比 增长 48.06%；地理空间信息业务实现收入 1.91 亿元，同比增长 7.48%；机器人 与自动驾驶业务实现收入 0.79 亿元，同比增长 29.80%。农机自动驾驶业务是公 司资源与公共事业板块的主要组成部分之一，贡献了重要增量。公司产品凭借高 性价比快速拓展海外农机自动化市场，目前已销往 68 个国家。机器人与自动驾 驶方面，公司已经被指定为多家车企的自动驾驶位置单元业务定点供应商，部分 相关车型已实现量产。此外，公司已与百度达成合作，是百度萝卜快跑第六代无 人车 P- ...