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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] 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 [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 attributable to shareholders for 2025-2027 is 759 million, 951 million, 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 achieved a gross margin of 58.13% and a net margin of 17.94%, with improvements of 0.36 and 1.37 percentage points year-on-year respectively [5] - The company’s revenue from various application sectors includes 1.425 billion yuan from resources and public utilities, 1.053 billion yuan from construction and infrastructure, 589 million yuan from geographic information, and 185 million yuan from robotics and autonomous driving, with year-on-year growth rates of 26.41%, 8.97%, 38.44%, and 15.53% respectively [5] - The company’s R&D investment reached 469 million yuan, focusing on high-precision positioning chips and autonomous driving products [5] Market Expansion - The company has seen significant growth in overseas markets, with revenue from international operations reaching 938 million yuan, a year-on-year increase of 30.39% [5] - The company is actively expanding its applications in high-precision positioning technology, with notable achievements in agricultural machinery autonomous driving and disaster monitoring equipment [6] - The company has established partnerships in various sectors, including low-speed robotics and logistics, indicating a broad market potential [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]

Industry Overview - The Beidou receiver is a crucial component of the Beidou satellite navigation system, serving as a bridge between satellites and users, directly impacting service quality and user experience [1][17] - The global service capability of the Beidou system has been continuously enhanced, providing broader application space and higher performance requirements for Beidou receivers [1][17] - The Chinese Beidou receiver industry is experiencing rapid development opportunities, with market potential gradually being released, projected to reach approximately 30.06 billion yuan in 2024 [1][17] Market Size and Segmentation - The market size for Beidou receivers in China is estimated to be around 30.06 billion yuan in 2024, with high-precision receivers accounting for about 10 billion yuan and low-precision receivers for approximately 20.06 billion yuan [1][17] - The industry is driven by both policy support and market demand, focusing on high performance, low power consumption, and multi-scenario integration [1][17] Industry Development History - The development of the Beidou receiver industry is closely linked to the construction of the Beidou satellite navigation system, which began in the 1990s [5] - The industry has evolved from initial military applications to a broader range of civil applications, including transportation, surveying, and public safety [5] - Recent years have seen significant achievements in technological innovation, market expansion, and the improvement of the industrial chain, enhancing international competitiveness [5] Key Companies in the Industry - Major companies in the Beidou receiver industry include: - **Haige Communication**: Holds over 30% market share in military high-precision receivers [18][20] - **Zhenxin Technology**: Maintains a leading position in the satellite-based augmentation system (SBAS) receiver market [18][20] - **Beidou Xingtong**: Focuses on a comprehensive product range and is accelerating the development of integrated cloud-core business models [18][20] - **HuaCe Navigation**: Specializes in high-precision surveying and geographic information solutions [18][20] Technological Advancements - The Beidou receiver industry is moving towards higher positioning accuracy, with potential breakthroughs expected through the integration of satellite and ground-based augmentation systems [26] - Future receivers will evolve from single-function devices to integrated smart terminals, incorporating 5G communication and environmental sensing capabilities [27] - The application of third-generation semiconductor materials is anticipated to significantly reduce the size and power consumption of receivers, facilitating their use in consumer-grade wearable devices and IoT terminals [28]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved revenue of 3.251 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89%, closely aligning with the forecast range [1] - The gross margin for the year was 58.13%, reflecting a steady increase due to cost optimization strategies [1] - The company expects a net profit of 135 million to 143 million yuan for Q1 2025, representing a year-on-year growth of 30.99% to 38.75% [1] Revenue Breakdown - The Resources and Public Utilities segment generated revenue of 1.425 billion yuan, up 26.41%, with a gross margin of 54.71% [2] - The Construction and Infrastructure segment reported revenue of 1.053 billion yuan, an increase of 8.97%, with a gross margin of 68.41% [2] - The Geospatial Information segment achieved revenue of 589 million yuan, a growth of 38.44%, with a gross margin of 53.1% [2] - The Robotics and Autonomous Driving segment had revenue of 185 million yuan, up 15.53%, with a gross margin of 41.95% [2] R&D and Global Expansion - The company invested 469 million yuan in R&D, accounting for 14.43% of revenue, focusing on high-precision positioning chips and autonomous driving products [4] - The overseas business revenue reached 938 million yuan, a growth of 30%, representing 28.8% of total revenue, indicating significant growth potential in international markets [4] Profit Forecast and Valuation - The company forecasts net profits of 760 million yuan, 970 million yuan, and 1.26 billion yuan for 2025, 2026, and 2027, respectively, with a PE ratio of 29 times for 2025 [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 3.25 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [4] - The company aims for a net profit target of 730 million yuan in 2025, representing a 25% year-on-year growth [2][10] - The report highlights significant improvements in overseas business gross margins, driven by self-research of core components and an increase in the proportion of high-end products [2][10] Financial Performance - The company reported a Q4 2024 operating revenue of 983 million yuan, a year-on-year increase of 15.30%, and a net profit of 194 million yuan, up 16.39% year-on-year [4] - Revenue from the resource and public utility sector reached 1.43 billion yuan, a year-on-year increase of 26.41% [10] - The geographical revenue breakdown shows domestic revenue of 2.31 billion yuan, up 18.07% year-on-year, and overseas revenue of 940 million yuan, up 30.39% year-on-year, accounting for approximately 29% of total revenue [10] Business Segments - The company is focusing on four main growth areas: overseas expansion, three-dimensional intelligence, precision agriculture, and intelligent driving [10] - The precision agriculture segment has expanded from controlling agricultural machinery to controlling tools, further broadening application scenarios [2][10] - The passenger vehicle business has progressed smoothly, with a delivery volume reaching 300,000 units [2] Research and Development - R&D expenses for 2024 were 469 million yuan, a year-on-year increase of 1.49%, accounting for 14.43% of total revenue [10] - The company is developing a new generation of self-researched high-precision navigation components, which are expected to be launched soon [10] Future Outlook - The company is expected to achieve net profits of 747 million yuan, 938 million yuan, and 1.18 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 26% [10] - The projected valuation for the company is 30x, 24x, and 19x for the years 2025, 2026, and 2027, respectively [10]

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 ...