——中小盘信息更新 +19.77%；实现归母净利润 4.49 亿元， 2023Q4 实现营收 8.53 亿元，同比 +18.36%。2024 年全球宏观环境不确 定性加大，或将对公司国际业务开拓产生一定影响，基于此，我们小幅下调公司 年业绩预测，预计 2024-2026 年归母净利润 6.15/8.04 亿元），对应 EPS 分别为 1.03/1.29/1.56 元/股，对应当前股价 PE 分别为 27.1/21.7/17.9 倍，鉴于公司核心 技术领先，下游市场持续开拓，仍维持"买入"评级。 | --- | --- | --- | --- | |-------------------------------|-------------|---------------------------------------------------------------|------------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/4/19 | 任浪（分析师） renlang@kysec.cn ...

2024 年 4 月 19 日 市场数据 收益表现 % 1M 3M 1Y 相对 2.58 -10.46 9.55 绝对 1.52 -1.58 -3.87 资料来源：Wind 公司研究 23 年业绩稳健增长，低空经济打开成长空间 ——华测导航（300627.SZ）跟踪报告之三 买入（维持） 当前价：26.09 元 作者 -23% -10% 3% 17% 30% 04/23 07/23 10/23 01/24 华测导航 沪深300 相关研报 数字中国之空间信息底座，海外市场高速增 长——华测导航（300627.SZ）跟踪报告之 二（2023-04-26） 事件： 公司发布 2023 年年报，实现营业收入 26.78 亿元，同比增长 19.77%；实现归母净 利润 4.49 亿元，同比增长 24.32%；实现扣非后归母净利润 3.72 亿元，同比增长 31.05%。公司制定 2024 年整体经营目标为归母净利润达到 5.6 亿元，较上年同期 增长约 25%。 点评： 要点 （1）建筑和基建领域：公司主要提供 RTK 高精度接收机智能装备，以及针对建筑、 工程、施工等行业客户在勘测、设计、施工、运维环节工作的系统化解 ...

北京西城区金融大街兴盛街 6 号国信证券 9 层 邮编：100032 |营业收入(百万元) YoY (%) 900 160% 800 140% 120% 700 600 100% 500 80% 400 60% 300 40% 200 20% 100 0% 0 -20% 210121022103210422012202220322042301230223032304 图3: 华测导航归母净利润(百万元)及增速 YoY (%) 归母净利润(百万元) 180 180% 160 160% 140 140% 120 120% 100 100% 80% 80 60 60% 40% 40 20 20% 0% 0 2101 2103 2201 2203 2301 2303 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------|---------------------------|-------------------------|-------|---------- ...

证券研究报告·公司点评报告·电子 买入（维持） 证券分析师 马天翼 执业证书：S0600522090001 maty@dwzq.com.cn 证券分析师 金晶 执业证书：S0600523050003 jinj@dwzq.com.cn 股价走势 市场数据 | --- | --- | |--------------------------|-------------| | | | | 收盘价 ( 元 ) | 26.74 | | 一年最低 / 最高价 | 21.45/34.95 | | 市净率 ( 倍 ) | 4.84 | | 流通 A 股市值 ( 百万元 ) | 11,956.08 | | 总市值 ( 百万元 ) | 14,572.67 | | --- | --- | |--------------------------|--------| | | | | | | | 每股净资产 ( 元 ,LF) | 5.52 | | 资产负债率 (%,LF) | 31.02 | | 总股本 ( 百万股 ) | 544.98 | | 流通 A 股 ( 百万股 ) | 447.12 | 相关研究 | --- | --- | -- ...

2024 年 04 月 19 日 华测导航 (300627) | --- | --- | |----------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | | | | 每股净资产（元） | 5.52 | | 资产负债率 % | 31.02 | | 总股本 / 流通 A 股（百万） | 545/447 | | 流通 B 股/H 股（百万） | -/- | 证券分析师 刘菁菁 A0230522080003 liujj@swsresearch.com 联系人 刘菁菁 (8621)23297818× liujj@swsresearch.com 业绩符合预期，四大板块增速分化。根据公司年报（下同），公司四大业务板块 2023 年 收入和 增速 分别 为： 建筑 与基 建 9.66 亿（ yoy+5.3%） ；地 理空间 信息 4.25 亿 （yoy+0.73%）；资源与公共事业 11.3 亿（yoy+41.3%）；机器人与自动驾驶 1.6 亿 （yoy+61.6%）。其中资 ...

Investment Rating - The report maintains a "Recommend" rating for the company [21] Core Views - The company achieved significant growth in its resources and public utilities sector, with revenue reaching 1.127 billion yuan in 2023, a year-on-year increase of 41.29% [3] - The company's overseas business has shown remarkable results, with overseas market revenue reaching 719 million yuan in 2023, a year-on-year increase of 47.57%, accounting for 26.85% of total revenue [3] - The company aims for a 25% year-on-year growth in net profit attributable to the parent company in 2024, targeting 560 million yuan [3] - The company's robot and autonomous driving sector achieved revenue of 160 million yuan in 2023, a year-on-year increase of 61.64% [3] - The company has been designated as a supplier for autonomous driving positioning units by several automakers, with some models already in mass production, which is expected to bring new performance increments [3] Financial Performance - The company's revenue in 2023 was 2.678 billion yuan, a year-on-year increase of 19.77%, with net profit attributable to the parent company reaching 449 million yuan, a year-on-year increase of 24.32% [11] - The company's gross profit margin in 2023 was 57.77%, an increase of 1.13 percentage points compared to the previous year [11] - The company's sales expense ratio in 2023 was 19.74%, a decrease of 0.23 percentage points compared to the previous year, and the management expense ratio was 7.36%, a decrease of 0.89 percentage points [11] - The company's net profit attributable to the parent company is expected to reach 562 million yuan in 2024, 681 million yuan in 2025, and 827 million yuan in 2026, with corresponding PE multiples of 26x, 21x, and 18x [3] Business Development - The company's agricultural machinery autonomous driving products have been rapidly promoted in the market, and its universal geological disaster equipment has been applied on a large scale in key geological disaster prevention provinces [3] - The company's global satellite-ground integrated enhancement network service platform will provide differential information services for various high-precision mobile intelligent equipment [3] - The company is actively promoting the integration of high-precision navigation technology with autonomous driving, smart cities, and low-altitude economy in the domestic market [3] Overseas Expansion - The company has established a strong dealer network overseas, with overseas market revenue accounting for 26.85% of total revenue in 2023, up from 14.04% in 2020 [3] - The company's continuous deep layout in overseas markets is expected to extend its growth curve [3]

证券代码：300627 证券简称：华测导航 公告编号：2024-043 上海华测导航技术股份有限公司 关于举办2023年度业绩网上说明会的公告 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"）2023 年年度报告全文 及摘要由公司第四届董事会第四次会议及第四届监事会第四次会议审议，于 2024 年 4 月 18 日在中国证券监督管理委员会指定的创业板上市公司信息披露网 站巨潮资讯网（http://www.cninfo.com.cn）上披露。 出席本次年度业绩网上说明会的人员有：公司董事长赵延平先生，董事、总 经理朴东国先生，独立董事黄娟女士，保荐代表人曹方义先生，副总经理、董事 会秘书孙梦婷女士及财务总监高占武先生。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 4 月 28 日（星期日）17:00 前访问 https://ir.p5w.net/zj/，或扫描下方二维码，进入 问题征集专题页面。公司将在 20 ...

在上述期限和额度内发生的具体担保事项，公司董事会同意提请股东大会授 权公司董事长或董事长授权的代表负责签订相关担保协议或者类似文件，不再另 被担保人：公司（含子公司，下同）非关联下游客户 本次审议担保额度总计为6亿元 对外担保逾期的累计数量：3起，其中两笔担保债务逾期的担保对象为友 谊县豪飞农机经销处，公司合计代其偿还1,900,947.67元，截至本公告披 露日，该担保对象已完成全部代偿款还款；第三笔担保债务逾期的担保 对象为广西天正测绘有限公司，公司代其偿还1,213,678.33元，截至本公 告披露日，该担保对象已完成400,000.00元代偿款还款，剩余813,678.33 元将于2024年6月30日前归还完毕。 证券代码：300627 证券简称：华测导航 公告编号：2024-040 上海华测导航技术股份有限公司 关于开展供应链融资业务合作暨对外担保的公告 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： 一、担保情况概述 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 开的第四届董事会第四次会议和第四届监事会第 ...

方正证券承销保荐有限责任公司 1、组织架构 关于上海华测导航技术股份有限公司 2023 年度内部控制自我评价报告的核查意见 方正证券承销保荐有限责任公司（以下简称"保荐机构"）作为上海华测导 航技术股份有限公司（以下简称"华测导航"或"公司"）2020 年度向特定对象 发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易 所创业板股票上市规则》《企业内部控制基本规范》等文件的要求，对《上海华 测导航技术股份有限公司 2023 年度内部控制自我评价报告》进行了核查，并出 具本核查意见如下： 一、内部控制评价工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风 险领域。纳入评价范围的主要单位包括公司及其合并范围内的子公司。纳入评价 范围单位占公司合并财务报表资产总额的 100%，营业收入合计占公司合并财务 报表营业收入总额的 100%。 纳入评价范围的主要业务和事项：组织架构、人力资源、资金活动、采购业 务、资产管理、销售业务、财务报告、全面预算、募集资金管理、信息披露、担 保管理、关联交易。 重点关注的高风险领域主要包括资金活动、采购业务、销售业 ...

Corporate Governance - The company has established a robust internal management structure, ensuring independence from its controlling shareholder in operations, finance, and assets [8]. - The company has implemented a comprehensive governance structure that complies with relevant laws and regulations, enhancing operational transparency and accountability [7]. - The company has a history of strict adherence to corporate governance standards, with no significant discrepancies noted in its governance practices [11]. - The company strictly adheres to legal regulations and has improved its corporate governance structure to protect the interests of all shareholders [132]. - The company has committed to ensuring the accuracy and completeness of the fundraising prospectus, taking legal responsibility for any misleading statements [154]. Financial Performance - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15% [174]. - The net profit attributable to the parent company for 2023 is RMB 449,140,842.06, with the parent company's net profit at RMB 442,564,267.00 [72]. - The company reported a total compensation of 718.14 million for its board members and senior management during the reporting period [28]. - The company has a structured salary system based on job positions and market wages, ensuring competitive compensation for employees [60]. - The company’s financial performance has been positively impacted by a 5% reduction in operational costs due to efficiency improvements [176]. Profit Distribution - The profit distribution policy allows for cash, stock, or a combination of both, with a preference for cash dividends when conditions permit [41]. - The company reported a net profit for the year, with a cash dividend policy stating that at least 15% of the distributable profit should be distributed in cash if the net profit is positive and accumulated undistributed profits are also positive [64]. - The company aims for a minimum cash dividend proportion of 20% in profit distributions when in a growth stage with significant capital expenditure plans [65]. - The company will ensure that cash dividends account for at least 20% of the total profit distribution, with a minimum of 15% of the distributable profit allocated for cash distribution annually [68]. - The cash dividend amount for the year was ¥190,741,695.55, representing 100% of the total profit distribution [95]. Risk Management - The company faces risks related to investment and mergers due to increasing global economic pressures, which may negatively impact demand for high-precision navigation products [2]. - The company is preparing for potential economic downturns that could affect its future performance and market demand [2]. - The company has established a comprehensive internal control system to manage risks and ensure compliance with regulations [112]. - The audit committee supervises the internal audit department to ensure effective oversight of the company's economic activities [113]. - The company has not experienced any bankruptcy restructuring matters during the reporting period [160]. Shareholder Relations - The company reported a 48.72% investor participation rate in the 2022 Annual General Meeting held on May 9, 2023 [16]. - The company actively engages with investors through various communication methods, including an investor hotline and on-site research [132]. - The company has made a commitment to not reduce its shareholdings for a period of six months from October 16, 2023, to April 15, 2024, to promote stable development and protect investor interests [154]. - The company plans to share undistributed profits with new and existing shareholders based on their shareholding ratios after the IPO [141]. - The company aims to protect the legitimate rights and interests of shareholders and other stakeholders through these commitments [138]. Employee Development - The company emphasizes talent development and aims to establish a learning organization to enhance employee capabilities and support rapid business growth [39]. - The company has a comprehensive training plan to enhance employee skills and professional development [61]. - The company has established a comprehensive employee care system, including annual health check-ups and various interest groups, to enhance employee welfare [143]. - The company is committed to maintaining a competitive salary structure while aligning with local average wages and industry standards [60]. - The company’s management team is evaluated based on their performance and responsibilities, with compensation linked to their assessment results [110]. Strategic Initiatives - The company has a strategic focus on capacity expansion and new technology development, although potential risks include project delays and cost overruns [4]. - The company is actively engaged in research and development of new products and technologies to enhance its market position [4]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024 [178]. - New product launches are expected to contribute an additional 300 million RMB in revenue in 2024, driven by advancements in technology [177]. - The company is applying for an initial public offering on the ChiNext board, indicating a strategic move for capital raising [138]. Compliance and Regulations - The company has maintained compliance with all relevant laws and regulations throughout the reporting period [157]. - The company has not engaged in any related party transactions that are not related to daily operations [161]. - The company has not engaged in any significant asset or equity acquisitions during the reporting period [185]. - The company has confirmed that there were no related party transactions involving debts during the reporting period [163]. - The company has not been classified as a key pollutant discharge unit by environmental protection authorities, indicating compliance with environmental regulations [119].