Investment Rating - The investment rating for the company is "Accumulate" with a target price set at 28.57 CNY, maintaining the current rating [4]. Core Views - The company reported a strong performance in the first half of 2024, with revenue reaching 1.484 billion CNY, a year-on-year increase of 22.86%, and net profit attributable to shareholders of 251 million CNY, up 42.96% year-on-year [1][2]. - The company has shown robust growth in various business segments, particularly in resource and public utilities, which saw a revenue increase of 48.06% year-on-year [1]. - The company is expanding its business boundaries, focusing on high-precision positioning technology and aiming to develop into a platform company [2]. Summary by Sections Financial Performance - The company achieved a revenue of 1.484 billion CNY in H1 2024, with a net profit of 251 million CNY, reflecting a year-on-year growth of 22.86% and 42.96% respectively [1]. - The second quarter alone saw a revenue of 867 million CNY, marking a 24.6% year-on-year increase and a 40.6% quarter-on-quarter increase [1]. - The gross margin slightly increased to 58.44%, while the expense ratio decreased by 2.07 percentage points [1]. Business Segments - Resource and Public Utilities: Revenue of 681 million CNY, up 48.06% YoY, driven by rapid growth in the agricultural machinery automation market [1]. - Construction and Infrastructure: Revenue of 533 million CNY, up 4.62% YoY, with a focus on promoting construction automation products in international markets [1]. - Geographic Information: Revenue of 191 million CNY, up 7.48% YoY, leveraging advanced GNSS and INS technologies [1]. - Robotics and Autonomous Driving: Revenue of 79.39 million CNY, up 29.80% YoY, with several models already in mass production [1]. Market Expansion - Domestic revenue reached 1.039 billion CNY, a growth of 18.30% YoY, while international revenue was 445 million CNY, growing 34.98% YoY [1]. - The company has demonstrated a compound annual growth rate (CAGR) of 62% in international revenue from 2020 to 2023, significantly outperforming industry leader Trimble [1]. Future Outlook - The company is expected to continue its rapid growth in overseas markets over the next 3-5 years, with domestic opportunities in agricultural machinery, 3D navigation, and low-altitude businesses [2]. - Projected net profits for 2024-2026 are estimated at 594 million CNY, 781 million CNY, and 1.013 billion CNY, respectively, with corresponding valuations of 26X, 20X, and 15X [2].

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 ...

Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Views - The company has achieved significant growth in revenue and net profit, with a year-on-year revenue increase of 22.86% to 1.484 billion yuan in the first half of 2024, and a net profit increase of 42.96% to 251 million yuan [2]. - The company is recognized as a leading enterprise in the domestic high-precision satellite navigation positioning industry, focusing on the research, manufacturing, integration, and industrial application of core technologies and products related to high-precision navigation [6]. - The company has made breakthroughs in the automatic driving sector, with several vehicle models already in mass production, which is expected to positively impact its operational performance [6][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.484 billion yuan, a 22.86% increase year-on-year, with Q2 revenue reaching 867 million yuan, up 24.57% [2]. - The net profit attributable to shareholders was 251 million yuan, reflecting a 42.96% increase, with Q2 net profit at 148 million yuan, up 53.28% [2]. - The comprehensive gross profit margin for the first half of 2024 was 58.44%, a slight increase of 0.2% year-on-year [2]. Business Segments - The company's revenue from the resources and public utilities segment grew by 48% year-on-year, while the construction and infrastructure segment saw a 4.6% increase, and the geographic information segment grew by 7.4% [2]. - The robotics and autonomous driving segment experienced a 29% increase in revenue [2]. Market Position and Strategy - The company has developed a range of high-precision navigation and control systems for agricultural machinery, which have received positive feedback and achieved rapid market penetration [1]. - The company is actively promoting its "video measurement RTK" and other high-precision receiver intelligent equipment, enhancing user experience across various industries [1]. - The company has established partnerships with major players in the autonomous driving sector, positioning itself as a designated supplier for several automotive manufacturers [6]. Future Outlook - The company is expected to achieve revenue of 3.379 billion yuan in 2024, with projected net profits of 576 million yuan, corresponding to a P/E ratio of 26.49 [7]. - The company aims to continue expanding its product offerings and enhancing its core algorithms to maintain competitiveness in the market [6].

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- ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 1.484 billion RMB in Q2 2024, a year-on-year increase of 24.57% and a quarter-on-quarter increase of 40.52% [2] - The company's net profit for H1 2024 reached 251 million RMB, reflecting a year-on-year growth of 42.96% [2] - The overseas business revenue grew by 34.98% year-on-year, with a significantly higher gross margin compared to domestic operations [2] - The company achieved a revenue of 681 million RMB in the resource and public utility sector, marking a 48.06% year-on-year increase [2] - The company holds over 900 proprietary intellectual property rights and more than 100 invention patents, establishing a solid technological foundation for long-term development [2] Summary by Sections Financial Performance - For H1 2024, the company achieved a total revenue of 1.484 billion RMB, a 22.86% increase year-on-year, and a net profit of 251 million RMB, a 42.96% increase year-on-year [2] - The projected revenues for 2024-2026 are 3.429 billion RMB, 4.391 billion RMB, and 5.593 billion RMB, respectively, with corresponding net profits of 588 million RMB, 754 million RMB, and 951 million RMB [2][5] Business Segments - The company reported a revenue of 533 million RMB from the construction and infrastructure sector, a 4.62% year-on-year increase [2] - The geographic information segment generated 191 million RMB in revenue, reflecting a 7.48% year-on-year increase [2] - The autonomous driving segment achieved a revenue of 79 million RMB, a 29.80% increase year-on-year [2] Research and Development - The company continues to increase R&D investment to enhance its core technology barriers and product competitiveness [2] - The focus on high-precision navigation and positioning technology has positioned the company as a leader in the high-precision satellite navigation industry [2]