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].

证券代码：300627 证券简称：华测导航 公告编号：2024-111 上海华测导航技术股份有限公司 关于举办投资者接待日活动的公告 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。 为更好与投资者沟通交流，便于广大投资者深入全面地了解上海华测导航技 术股份有限公司（以下简称"公司"）情况，公司拟举办投资者接待日活动，现 将有关事项公告如下： 1、接待时间：2024年10月25日（星期五）下午15:00-17:00 2、接待地点：上海市青浦区崧盈路577号华测时空智能产业园C座二楼会议 室 3、公司主要参与人员：公司董事、总经理朴东国先生，公司副总经理杨云 女士（如有特殊情况，参会人员会有所调整） 4、预约方式：为更好的安排本次活动，请有意参与此次活动的投资者通过 扫描下方二维码进行预约报名或将附件一预约登记表及身份证明文件发送至下 述指定邮箱，以便公司做好接待登记和安排。预约时间：2024年10月24日17:00前。 如有疑问，可拨打电话进行沟通确认。 联系人：付争妍 电话：021-64950939 电子邮箱：huace@huace.cn 1 证券代码：300 ...

Q3 符合预期，稳健成长 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-23 | | 收盘价 ( 元 ) | 36.64 | | 流通股本 ( 亿股 ) | 4.53 | | 每股净资产 ( 元 ) | 6.13 | | 总股本 ( 亿股 ) | 5.48 | | 最近 12 月市场表现 | | -17% -3% 10% 23% 37% 50% 华测导航 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《高精定位龙头企业，低空打开新空 间》 2024-09-11 ❖ 事件：华测导航 10 月 23 日晚间发布三季度业绩公告称，2024 年前三季度营 收约 22.68 亿元，同比增加 24.22%；归属于上市公司股东的净利润约 3.90 亿 元，同比增加 37.84%；基本每股收益 0.7159 元，同比 ...