Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, indicating robust business operations and a positive outlook for future growth [3]. Financial Performance - The company achieved operating revenue of 3.251 billion yuan in 2024, a year-on-year increase of 21.38% - The net profit attributable to shareholders reached 583 million yuan, up 29.89% year-on-year - The net profit after deducting non-recurring gains and losses was 504 million yuan, reflecting a growth of 35.31% year-on-year - The company set a target for 2025, aiming for a net profit of 730 million yuan, which represents a growth of approximately 25% compared to the previous year - For Q1 2025, the company forecasts a net profit of 135 to 143 million yuan, indicating a year-on-year growth of 30.99% to 38.75% [3][4]. Business Segments Performance - The company operates in four major sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving, all of which are part of trillion-yuan global markets - In 2024, the resources and public utilities segment generated revenue of 1.425 billion yuan, a year-on-year increase of 26.41% - The construction and infrastructure segment reported revenue of 1.053 billion yuan, up 8.97% year-on-year - The geographic information segment achieved revenue of 589 million yuan, reflecting a growth of 38.44% year-on-year - The robotics and autonomous driving segment earned 185 million yuan, with a year-on-year increase of 15.53% [4]. International Market Growth - The company's revenue from international markets reached 938 million yuan in 2024, marking a significant year-on-year growth of 30.39% - The company has established a strong overseas distributor network and an international product development and marketing team, leveraging its domestic market success and cost advantages to expand its international market share [5]. R&D and Technological Advancements - The company continues to invest in R&D centered around high-precision positioning technology, establishing effective technological barriers - It possesses comprehensive algorithmic capabilities in high-precision GNSS, 3D point cloud and aerial surveying, GNSS signal processing and chip integration, and autonomous driving perception and decision-making - The company has focused on core components such as GNSS chips, OEM boards, and antennas, enhancing its core technology advantages in high-precision GNSS algorithms, integrated navigation, SWAS wide-area enhancement, and precise orbit determination [6].

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the coming months [7]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 3.251 billion yuan in 2024, representing a year-over-year increase of 21.38%, and a net profit of 583 million yuan, up 29.89% year-over-year [1]. - The company is positioned as a leading high-precision navigation service provider with accelerated global expansion plans, expecting net profits of 777 million yuan, 1.006 billion yuan, and 1.273 billion yuan for 2025, 2026, and 2027, respectively [7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.251 billion yuan (yoy +21.38%) and a net profit of 583 million yuan (yoy +29.89%), with a basic earnings per share of 1.07 yuan (yoy +28.02%) [1]. - The fourth quarter of 2024 saw a revenue of 983 million yuan (yoy +15.30%) and a net profit of 194 million yuan (yoy +16.39%) [1]. Industry Segmentation - The resource and public utilities sector reported a revenue of 1.425 billion yuan (yoy +26.41%), driven by strong sales of agricultural machinery automation systems [2]. - The geographic information sector achieved a revenue of 589 million yuan (yoy +38.44%), benefiting from successful overseas market expansion [2]. - The construction and infrastructure sector generated 1.053 billion yuan (yoy +8.97%), with global sales of RTK products exceeding 100,000 units [2]. - The robotics and autonomous driving sector reported a revenue of 185 million yuan (yoy +15.53%), with cumulative deliveries of passenger vehicle-grade products surpassing 300,000 sets [2]. Cost and Efficiency - The company's expense ratio for 2024 was 41.12% (yoy -3.19pct), with a sales expense ratio of 18.45% (yoy -1.29pct) and a management expense ratio of 7.92% (yoy +0.56pct) [3]. - Research and development expenses for 2024 were 469 million yuan (yoy +1.49%), maintaining a high level of investment in strategic projects [3]. Cash Flow and Profitability - The operating cash flow for 2024 reached 659 million yuan (yoy +47.99%), reflecting improved internal management of receivables, inventory, and payables [3]. - The company achieved a gross margin of 58.13% (yoy +0.36pct) and a net margin of 17.94% (yoy +1.37pct) in 2024, driven by cost reduction strategies and optimized product design [6]. Market Performance - The company’s stock price is currently at 40.85 yuan, with a market capitalization of 22.4 billion yuan [3]. - The report indicates a strong performance relative to the market, with a 12-month absolute performance of 59% [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] 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 [1] - The company aims for a net profit of 730 million yuan in 2025, a growth of approximately 25% compared to the previous year [1] - The first quarter of 2025 is projected to yield a net profit of 135 to 143 million yuan, reflecting a year-on-year increase of 30.99% to 38.75% [1] - The company operates in four major sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving, all of which are part of trillion-yuan global markets [2] - The international market revenue reached 938 million yuan in 2024, marking a significant year-on-year growth of 30.39% [2] - The company has established a strong overseas dealer network and an international product development and marketing team to expand its market share [2] - Continuous R&D investment has created effective technological barriers, enhancing the company's core competencies in high-precision GNSS algorithms and related technologies [3] - The profit forecast for 2025-2026 has been adjusted upwards, with net profit estimates of 740 million yuan and 925 million yuan respectively, reflecting increases of 5% and 9% [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.251 billion yuan, with a growth rate of 21.38% [4] - The net profit attributable to shareholders was 583 million yuan, with a growth rate of 29.89% [4] - The company expects to achieve a net profit of 740 million yuan in 2025, with a growth rate of 26.87% [4] Revenue Breakdown - The resources and public utilities sector generated 1.425 billion yuan in revenue, up 26.41% year-on-year [2] - The construction and infrastructure sector reported revenue of 1.053 billion yuan, an increase of 8.97% [2] - The geographic information sector saw revenue of 589 million yuan, growing by 38.44% [2] - The robotics and autonomous driving sector achieved revenue of 185 million yuan, up 15.53% [2] Profitability and Valuation - The company’s projected P/E ratios for 2025-2027 are 30, 24, and 20 respectively [3] - The estimated EPS for 2025 is 1.35 yuan, with a projected ROE of 18.59% [4][11]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company reported 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 [1] - The company's geographical information, resources, and public utilities sectors showed strong growth, with overseas markets expanding significantly [1] - The high-precision positioning market is thriving, with the domestic satellite navigation and positioning service industry reaching a total output value of 536.2 billion yuan in 2023, growing by 7.09% compared to 2022 [2] - The company has made breakthroughs in the autonomous driving and robotics sectors, establishing partnerships with major companies and achieving significant production milestones [3] Summary by Sections Financial Performance - In 2024, the resources and public utilities sector generated 1.425 billion yuan in revenue, up 26.41% year-on-year, while the geographical information sector achieved 589 million yuan, up 38.44% year-on-year [1] - The company's gross margin improved from 57.77% in 2023 to 58.13% in 2024, reflecting enhanced profitability [1] Market Outlook - The report forecasts that the company's net profit attributable to shareholders will reach 734 million yuan in 2025, 928 million yuan in 2026, and 1.183 billion yuan in 2027, with corresponding PE multiples of 31x, 24x, and 19x [4] - The overseas market is expected to continue providing growth opportunities, while the autonomous driving sector is anticipated to contribute to higher growth rates [3] Industry Trends - The sales revenue of high-precision related products has grown from 1.1 billion yuan in 2010 to approximately 21.4 billion yuan in 2023, with a compound annual growth rate exceeding 25% [2] - The integration of Beidou's spatial data is expected to enhance digital applications across various industries, promoting the transformation and upgrading of traditional sectors [2]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company reported 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 [1] - The company's overseas market revenue reached 938 million yuan, growing by 30.39% year-on-year, while domestic revenue was 2.313 billion yuan, an increase of 18.07% [1] - The gross margin improved from 57.77% in 2023 to 58.13% in 2024, indicating enhanced profitability [1] - The high-precision positioning market is experiencing robust growth, with the overall output value of China's satellite navigation and positioning service industry reaching 536.2 billion yuan in 2023, a 7.09% increase from 2022 [2] - The company has established partnerships in the autonomous driving and robotics sectors, becoming a designated supplier for several automotive manufacturers, with cumulative deliveries exceeding 300,000 units [3] - Future profit forecasts for the company suggest net profits of 734 million yuan, 928 million yuan, and 1.183 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE multiples of 31x, 24x, and 19x [4] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 3.251 billion yuan, with a projected revenue growth rate of 21.4% for 2025 [4] - The net profit attributable to shareholders is expected to grow to 734 million yuan in 2025, reflecting a growth rate of 25.8% [4] Market Trends - The high-precision application terminal sales in China reached nearly 2.8 million units in 2023, with over 80% utilizing domestic high-precision chips or modules [2] - The sales revenue of high-precision related products has grown from 1.1 billion yuan in 2010 to approximately 21.4 billion yuan in 2023, with a compound annual growth rate exceeding 25% [2] Strategic Developments - The company is leveraging its core technology in navigation algorithms to meet the demands of high-precision navigation in various applications, including autonomous driving and intelligent logistics [3] - Collaborations with major companies such as JD.com and Huawei in the autonomous driving sector are expected to drive future growth [3]

Core Viewpoint - The company focuses on high-precision navigation and positioning technology, aiming to enhance its competitive edge through continuous innovation and development in various industry applications [2][4][21]. Company Overview - The company has been dedicated to high-precision navigation and positioning technology since its establishment in 2003, providing solutions across multiple industries [2]. - It has developed a robust technical platform for high-precision positioning chips and a global satellite-based augmentation service platform [5]. Key Products and Services - The company has established a comprehensive algorithm capability in high-precision GNSS, 3D point cloud, and autonomous driving perception [4]. - It has received multiple national awards for its technological advancements and holds over 900 authorized intellectual property rights [4]. Industry Applications - The company's high-precision positioning technology is applied in four main sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving [6][12]. - In the agricultural sector, the company has developed automated navigation systems for agricultural machinery, enhancing operational efficiency and reducing costs [7][9]. Technological Advancements - The company has developed a global satellite-based augmentation service platform to improve positioning accuracy for various applications, including autonomous driving and robotics [5][22]. - It has successfully integrated multiple technologies, such as AI and IoT, into its products to enhance functionality and user experience [8][19]. Financial Highlights - The company has a profit distribution plan approved by the board, proposing a cash dividend of 5 yuan per 10 shares and a capital reserve conversion of 4 shares for every 10 shares held [1]. - The company has seen stable growth in its high-precision receiver business, with over 100,000 units shipped in the reporting period [15]. Future Outlook - The company plans to continue exploring new applications for high-precision navigation technology and expand its market presence both domestically and internationally [21]. - It aims to leverage advancements in digitalization and automation to enhance its product offerings and maintain a competitive edge in the industry [21].

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 [1][2] Financial Performance - R&D investment reached 469.02 million yuan, a 1.49% increase year-on-year, accounting for 14.43% of total revenue [1] - The company achieved operating income of 1.425 billion yuan in the resources and public utilities sector, a growth of 26.41% [1] - In the construction and infrastructure sector, operating income was 1.052 billion yuan, up 8.97% [1] - The geospatial information sector generated 588.5 million yuan in revenue, reflecting a 38.44% increase [1] - The robotics and autonomous driving sector reported 184.67 million yuan in revenue, growing by 15.53% [1] Market Expansion - The company established a dual-channel marketing system combining direct sales and distribution, with overseas revenue reaching 937.63 million yuan, a 30.39% increase [2] - Domestic revenue amounted to 2.313 billion yuan, growing by 18.07% [2] Operational Efficiency - The sales expense ratio decreased to 18.45%, down 0.59% year-on-year [2] - The management expense ratio increased to 7.92%, attributed to stock incentive amortization and investments in management system and information platform [2] - Operating cash flow net amount was 659.06 million yuan, a significant increase of 47.99% year-on-year [2] Industry Position - Since its establishment in 2003, the company has focused on high-precision navigation and positioning technologies, becoming a leading enterprise in China's high-precision satellite navigation and positioning industry [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-over-year growth of 21.38%, and a net profit of 583 million yuan, up 29.89% year-over-year [2] - The company plans to distribute a cash dividend of 0.5 yuan per share and a stock bonus of 4 shares for every 10 shares held [2] - The company targets a net profit of 730 million yuan for 2025, indicating a growth rate of 25% [2] - The rapid growth in performance is driven by high-margin overseas market expansion, with the overseas market revenue reaching 938 million yuan, a year-over-year increase of 30.39% [2][3] Financial Summary - In 2024, the company reported a gross margin of 58.13%, an increase of 1.07 percentage points [2] - The revenue from the resource and public utilities sector is expected to reach 1.425 billion yuan in 2025, growing by 26.41% year-over-year [2] - The geographic information sector saw a revenue increase of 38.44% year-over-year, reaching 589 million yuan [2] - The company’s overseas market gross margin was 77.60%, up 5.64 percentage points [2] - The company’s total revenue projections for 2025-2027 are 4.149 billion yuan, 5.265 billion yuan, and 6.642 billion yuan, respectively [3] Market Position and Growth - The company is a leading player in high-precision navigation and positioning, with significant advancements in various industry applications [3] - The company has deployed over 80,000 devices in the disaster prevention sector, covering nearly 20,000 risk points [3] - The company has been designated as a key supplier for several automotive manufacturers in the autonomous driving sector, with cumulative deliveries exceeding 300,000 units [3]

证券代码：300627 证券简称：华测导航 公告编号：2025-032 上海华测导航技术股份有限公司 关于公司开展外汇衍生品交易业务的公告 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于 2025 年 4 月 17 日召开第四届董事会第 十四次会议、第四届监事会第十四次会议，审议通过了关于《公司开展外汇衍生 品交易业务》的议案，同意公司及合并报表范围内的子公司使用自有资金与银行 等金融机构开展总额不超过 7 亿元人民币或等值外币的外汇衍生品交易业务。在 此额度内，可循环滚动使用。授权期限为 2025 年 5 月 1 日至 2026 年 5 月 1 日。 本次开展外汇衍生品交易业务事项在公司董事会的审批权限内，无需提交公司股 东大会审议。具体情况如下： 一、开展外汇衍生品交易业务的目的 为有效规避外汇市场的风险，防范汇率大幅波动对公司造成不良影响，提高 外汇资金使用效率，合理降低财务费用，增加汇兑收益，公司及合并报表范围内 的子公司拟与银行等金融机构开展外汇衍生品交易业务，以减少汇率波动对公司 业绩的影响。 二、外汇衍生品交易业务 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-031 上海华测导航技术股份有限公司 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，公司合计代其偿还1,213,678.33元，截至 本公告披露日，该担保对象已完成全部代偿款还款。 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2025年4月17日召 开的第四届董事会第十四次会议和第四届监事会第十四次会议审议通过了关于 《公司为供应链客户提供信用担保》的议案，为解决公司非关联下游客户（以下 简称"客户"）融资瓶颈问题，支持客户做大做强，促进客户与公司共同成长， 推动公司业绩增长，加速资金回笼，公司对符合条件 ...