证券代码：300627 证券简称：华测导航 公告编号：2024-117 近日，公司收到尚坤投资《关于股份减持计划完成的告知函》，尚坤投资通 过集中竞价交易方式（含盘后定价）共减持公司股份1,250,000股，其减持计划已 完成，现将具体情况公告如下： 一、股东减持股份情况 1 本公告所指"总股本"如未说明时间，均指 2024 年 11 月 7 日的股份数量 548,060,549 股。 | 股东 | 减持方式 | 股份来源 | 减持期间 | 减持均价 | 减持股数 | 减持股数占 | | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | | （元/股） | （股） | 总股本1比例 | | 尚坤 | 集中竞价 交易（含 | 公司首次公开发行股票之 前持有的股份（包含首次 | 2024年9月10日 至2024年11月8 | 32.62 | 1,250,000 | 0.2281% | | 投资 | 盘后定 | 公开发行股票后资本公积 | 日 | | | | | | 价） | 金转增股本的部分） | | | | | 1 上海华测导航技术股份有限公司 关于持股5 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Insights - The company reported a significant increase in net profit for the first three quarters, with revenue reaching 2.268 billion yuan, up 24.22%, and net profit at 390 million yuan, up 37.84% [6]. - The third quarter showed steady growth in both revenue and net profit, with Q3 revenue at 783 million yuan, up 26.9%, and net profit at 138 million yuan, up 29.42% [6]. - The company leads in sales within the agricultural machinery autonomous driving sector, with notable products enhancing risk prevention capabilities [6][7]. - The international market continues to grow, with the company expanding its global market share in construction and infrastructure [7]. - The company is developing a global star-ground integrated enhancement network service platform, aiming to provide differential information services for high-precision mobile intelligent equipment [7]. - The company expects revenue growth from 3.317 billion yuan in 2024 to 5.525 billion yuan in 2026, with net profit projected to rise from 554 million yuan to 952 million yuan during the same period [8][9]. Financial Summary - For 2023, the company expects total revenue of 2.678 billion yuan, with a year-on-year growth of 19.8%, and a net profit of 449 million yuan, reflecting a growth of 24.3% [9][12]. - The gross profit margin is projected to be 57.8% in 2023, slightly decreasing to 57.2% in 2024 [12]. - The company anticipates an EPS of 1.01 yuan in 2024, increasing to 1.74 yuan by 2026 [8][12]. Segment Performance - The construction and infrastructure segment is expected to generate revenue of 994.19 million yuan in 2024, with a growth rate of 5% [11]. - The geographical information segment is projected to see revenue of 447.60 million yuan in 2024, with a growth rate of 9% [11]. - The resources and public utilities segment is forecasted to achieve significant growth, with revenue expected to reach 1.661 billion yuan in 2024, up 50% [11].

Investment Rating - The report maintains a "Buy" rating for the company [1][2][5] Core Insights - The company has achieved revenue and profit growth exceeding expectations, with a significant expansion in application markets. The revenue for the first three quarters of 2024 reached 2.268 billion yuan, a year-on-year increase of 24.22%, while the net profit attributable to shareholders was 390 million yuan, up 37.84% year-on-year [1][2] - The company is positioned as a leader in high-precision navigation and positioning, providing hardware and solutions across various scenarios. It is gradually expanding into new business models such as SaaS subscription services, which are expected to enhance profitability [2][4] - The report projects net profits for 2024, 2025, and 2026 to be 596 million yuan, 774 million yuan, and 988 million yuan respectively, with corresponding EPS of 1.09 yuan, 1.41 yuan, and 1.80 yuan [2][4] Financial Summary - Revenue (in million yuan): - 2022: 2,236 - 2023: 2,678 - 2024E: 3,358 - 2025E: 4,419 - 2026E: 5,741 - Year-on-year growth rates: - 2023: 20% - 2024E: 25% - 2025E: 32% - 2026E: 30% [1][4] - Net Profit (in million yuan): - 2022: 361 - 2023: 449 - 2024E: 596 - 2025E: 774 - 2026E: 988 - Year-on-year growth rates: - 2023: 24% - 2024E: 33% - 2025E: 30% - 2026E: 28% [1][4] - Key Financial Ratios: - P/E ratios are projected to decrease from 44.3 in 2023 to 20.1 in 2026 - P/B ratios are expected to decline from 6.6 in 2023 to 3.9 in 2026 [1][4] Market Position and Growth Drivers - The company benefits from the continuous expansion of its products and solutions in various industries, including resources and public utilities, and geographic information. The overseas revenue is also experiencing rapid growth, with a 34.98% year-on-year increase in the first half of 2024 [1][2] - The company maintains a strong growth momentum in emerging business areas, particularly in agricultural machinery automation and deformation monitoring, which are supported by significant government investments [1][2] - The report highlights the company's focus on enhancing its core technology capabilities and self-sufficiency in high-precision components, which is expected to further strengthen its competitive position in the market [2][4]

关于变更签字注册会计师的公告 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"）于2024年4月17日召开 了第四届董事会第四次会议及第四届监事会第四次会议，于2024年5月13日召开 2023年年度股东大会，审议通过了关于《续聘公司2024年度审计机构》的议案，同 意续聘立信会计师事务所（特殊普通合伙）（以下简称"立信会计师事务所"）为 公司2024年度的审计机构，负责公司财务及内控审计工作。具体内容详见于公司在 巨潮资讯网（www.cninfo.com.cn）上披露的《关于续聘公司2024年度审计机构的公 告》（公告编号：2024-037）。 证券代码：300627 证券简称：华测导航 公告编号：2024-116 上海华测导航技术股份有限公司 公司于近日收到立信会计师事务所出具的《关于变更上海华测导航技术股份 有限公司2024年度财务报表审计与内控审计签字会计师的函》，立信会计师事务所 因内部工作调整，变更了签字注册会计师，现将具体情况公告如下： 一、本次签字注册会计师变更情况 立信会计师事务所作为公司2024 ...

Investment Rating - The report maintains a "Buy" rating for Huace Navigation (300627) [4][6] Core Views - Huace Navigation's performance in the first three quarters of 2024 met expectations, with a 37.8% YoY increase in net profit attributable to the parent company [1] - The company's revenue reached 2.27 billion yuan, a 24.2% YoY increase, driven by strong growth in the resource and public utilities sector and overseas markets [1] - The company's gross profit margin was 59.18%, up 0.81 percentage points YoY, and the net profit margin was 16.96%, up 1.83 percentage points YoY [1] - In Q3 2024, the company achieved a revenue of 780 million yuan, a 26.9% YoY increase, with a gross profit margin of 60.59%, up 1.95 percentage points YoY [1] Growth Drivers - The resource and public utilities sector, along with overseas business, are key growth drivers for the company [2] - The company's agricultural machinery autonomous driving products have gained market recognition due to their performance, price, and technological advantages [2] - The company's geospatial information sector has developed advanced equipment integrating GNSS, INS, LiDAR, and unmanned flight control technology, supporting the expansion of low-altitude economy business [2] - The company's overseas business is growing rapidly, with products such as RTK, agricultural machinery autonomous driving, 3D intelligence, marine surveying, and digital construction showing strong development momentum [2] Policy Impact - The company is expected to benefit from the government's large-scale equipment renewal policy, which includes subsidies for agricultural machinery updates [3] Financial Forecast - The report forecasts the company's net profit attributable to the parent company to be 590 million yuan in 2024, 760 million yuan in 2025, and 970 million yuan in 2026 [4] - The corresponding PE ratios for 2024-2026 are 35x, 27x, and 21x, respectively [4] Financial Performance - The company's revenue is expected to grow at a CAGR of 26.21% from 2024 to 2026, reaching 5.39 billion yuan by 2026 [8] - The net profit margin is projected to increase from 16.57% in 2023 to 17.89% in 2026 [9] - The company's ROE is expected to rise from 15.97% in 2023 to 21.90% in 2026 [9]

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company continues to demonstrate high-quality growth, with total revenue for Q3 2024 reaching 7.83 billion yuan, a year-on-year increase of 26.90%, and a net profit attributable to shareholders of 1.38 billion yuan, up 29.42% from the previous year [1]. - The gross profit margin for Q3 2024 is reported at 60.59%, reflecting a year-on-year increase of 1.95 percentage points [1]. - The company has significantly expanded its overseas market presence, with overseas revenue reaching 7.19 billion yuan in 2023, accounting for 26.85% of total revenue, and over 30% in the first half of 2024 [1]. - The company is actively developing products for the autonomous driving and low-altitude economy sectors, which are expected to contribute to new revenue streams [1]. - Future profit forecasts for the company indicate net profits of 5.50 billion yuan, 6.62 billion yuan, and 8.86 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 37x, 31x, and 23x [1][2]. Financial Summary - Total revenue is projected to grow from 2,678 million yuan in 2023 to 5,790 million yuan in 2026, with growth rates of 19.8%, 29.0%, 28.7%, and 30.2% for the respective years [2][4]. - Net profit attributable to shareholders is expected to increase from 449 million yuan in 2023 to 886 million yuan in 2026, with growth rates of 24.3%, 22.4%, 20.4%, and 33.9% [2][4]. - The company's gross margin is forecasted to decline slightly from 57.77% in 2023 to 49.15% in 2026, while the net profit margin is expected to stabilize around 15% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company has demonstrated steady growth in its performance, with a year-on-year revenue increase of 24.22% and a net profit growth of 37.84% for the first three quarters of 2024. The projected net profits for 2024-2026 are 5.95 billion, 7.59 billion, and 9.51 billion yuan respectively, with corresponding EPS of 1.09, 1.39, and 1.74 yuan per share [3][4]. - The company is a leading player in high-precision satellite navigation and positioning, with expectations for continued robust growth [3][4]. - The company has successfully expanded its downstream application scenarios, particularly in automation, geological disaster monitoring, and autonomous driving, which are expected to drive future growth [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved quarterly revenues of 6.17 billion, 8.67 billion, and 7.83 billion yuan, reflecting year-on-year growth rates of 20.53%, 24.57%, and 26.90% respectively [4]. - The net profit for the same quarters was 1.03 billion, 1.48 billion, and 1.38 billion yuan, with year-on-year growth rates of 30.35%, 53.28%, and 29.42% [4]. - The gross margin and net margin for the first three quarters of 2024 were 59.18% and 16.96%, showing improvements of 0.81 percentage points and 1.83 percentage points year-on-year [4]. - The company has effectively controlled its expenses, with a total expense ratio decrease of 2.05 percentage points year-on-year [4]. Market Expansion and Opportunities - The company has made significant progress in expanding its overseas market, achieving revenue of 4.45 billion yuan in the first half of 2024, a year-on-year increase of 34.98% [5]. - The gross margin for overseas business stands at 67.29%, indicating strong profitability in this segment [5]. - The company has secured contracts for its automotive-grade navigation products with several car manufacturers, contributing to advancements in autonomous driving capabilities [5]. - The development of low-altitude economy services is also underway, providing comprehensive solutions for navigation and positioning in this emerging market [5].

Group 1: Company Overview and Performance - The company has focused on high-precision navigation and positioning technologies since its establishment in 2003, becoming a leading player in the domestic high-precision satellite navigation industry [1] - In the first three quarters of 2024, the company achieved a revenue of CNY 226,752.69 million, representing a year-on-year growth of 24.22% [1] - The net profit attributable to shareholders reached CNY 38,969.29 million, with a year-on-year increase of 37.84% [1] - The net profit excluding non-recurring gains and losses was CNY 34,158.32 million, up by 35.31% year-on-year [1] Group 2: Business Growth and Market Expansion - The company actively expanded its product applications in various industries, maintaining rapid growth in sectors such as public utilities, geographic information, and robotics [3] - The overseas business showed rapid growth, with revenue growth in the first three quarters outpacing that of the first half of the year [3] - The company has established a strong dealer network overseas, with products sold in over 100 countries and regions [4] Group 3: Product Development and R&D Strategy - The company emphasizes continuous research and development in core technologies and new technologies, ensuring the launch of competitive products [5] - Investment in R&D focuses on basic components like chips and modules, as well as advancements in high-precision positioning and automation control technologies [5] - The company aims to accelerate the application of various products and solutions in emerging markets such as autonomous driving and smart cities [5] Group 4: Financial Management and Outlook - The company maintains a positive outlook for achieving its annual business goals, driven by growth in public utilities and geographic information sectors [3] - Accounts receivable are expected to improve by year-end, with management strategies in place to enhance collection efficiency [5] - The company is committed to managing gross margins effectively while pursuing healthy and reasonable profit levels [3]

证券研究报告·公司点评报告·电子 华测导航（300627） 2024 年三季报业绩点评：业绩稳步增长，成 长动力充足 2024 年 10 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1592 | 2678 | 3457 | 4427 | 5687 | | 同比（ % ） | 27.62 | 19.77 | 29.09 | 28.05 | 28.44 | | 归母净利润（百万元） | 193.43 | 449.14 | 585.14 | 736.76 | 923.98 | | 同比（ % ） | 46.90 | 24.32 | 30.28 | 25.91 | 25.41 | | EPS- 最新摊薄（元 / 股） | 0.65 | 0.82 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][5]. Core Insights - The company reported Q3 2024 results that were close to the upper limit of its previous earnings forecast, with a year-to-date revenue of 2.27 billion yuan, a 24.2% year-on-year increase, and a net profit attributable to shareholders of 390 million yuan, reflecting a 37.8% growth [4][5]. - The Q3 revenue reached 783 million yuan, marking a 26.9% increase year-on-year, with a net profit of 138 million yuan, up 29.4% year-on-year [4][5]. - The company's gross margin for Q3 exceeded 60%, the highest in two years, demonstrating strong profitability despite some non-recurring expenses [4][5]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 2.27 billion yuan, with a net profit of 390 million yuan [6]. - The projected revenue for 2024 is estimated at 3.31 billion yuan, with a net profit forecast of 583 million yuan, indicating a growth rate of 29.8% [6][8]. - The company’s earnings per share (EPS) for 2024 is expected to be 1.06 yuan, with a price-to-earnings (PE) ratio of 34 [6][8]. Growth Drivers - The report highlights the importance of the company's overseas business expansion, which is expected to become a significant growth driver, with overseas revenue accounting for approximately 30% of total revenue in the first half of 2024 [5]. - The company is also focusing on the development of agricultural machinery automation and 3D laser radar technologies, which are anticipated to further boost growth [5]. - Future opportunities in software subscription services are noted, leveraging the company's domestic high-density reference station network [5].