我国卫星导航产业发展不及预期的风险;公司产品所处市场竞争激烈, 盈利能力或出现进一步下滑的风险;汇率波动造成的产品出口与汇兑损失 风险；公司募投项目未及预期的风险。 4 中航证券研究所发布 [证券研究报告] 资料来源：iFinD，中航证券研究所 0 资料来源：iFinD，中航证券研究所 图2 公司归母净利润及增速(单位:百万元;%) 图4 公司三费情况 (单位: 百万元) 资料来源:iFinD,中航证券研究所 [证券研究报告] 现金流量净额 393.21 证券研究报告 , liyuq@avicsec.com, S0640119010012 曾佳辉, 买入：未来六个月的投资收益相对沪深 300指数涨幅 10%以上。 持有:未来六个月的投资收益相对沪深 300 指数涨幅-10%~10%之间。 卖出：未来六个月的投资收益相对沪深 300指数跌幅 10%以上。 研究团队介绍汇总: 分析师承诺: 本报告由中航证券有限公司（已具备中国证券监督管理委员会批准的证券投资咨询业务资格）制作。本报告并非针对意图送发或为任何就送发、发布、 可得到或使用本报告而使中航证券有限公司及其关联公司违反当地的法律或法规或可致使中航证券受制于 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 36.00 yuan, indicating a positive outlook for the next six months [16]. Core Insights - The company reported a revenue of 2.678 billion yuan in 2023, representing a year-on-year increase of 19.77%, and a net profit attributable to shareholders of 449 million yuan, up 24.32% [16]. - The gross margin reached 57.77%, an increase of 1.12 percentage points, while the net margin was 16.57%, up 0.45 percentage points, indicating strong operational performance [16]. - The company is actively expanding its market presence, particularly in overseas markets, which saw a significant revenue increase of 47.51% to 719 million yuan [19]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a net cash flow from operating activities of 445 million yuan, a growth of 25.92% [7]. - The accounts receivable increased to 796 million yuan, up 7.41%, but the proportion of accounts receivable to revenue decreased to 29.70%, down 3.42 percentage points, indicating improved operational stability [7]. - The company’s inventory rose to 486 million yuan, a 14.33% increase, with a notable 49.97% growth in finished goods, reflecting confidence in demand [7]. Business Segments - The company focuses on high-precision positioning technology across four main sectors: construction and infrastructure, geographic information, resources and public utilities, and robotics and autonomous driving [14]. - Revenue from the resources and public utilities segment grew by 41.29% to 1.127 billion yuan, while the construction and infrastructure segment saw a 5.29% increase to 966 million yuan [16]. - The robotics and autonomous driving segment experienced significant growth, with revenue increasing by 61.64% to 160 million yuan [16]. Market Outlook - The high-precision navigation application market is expected to grow at a compound annual growth rate (CAGR) exceeding 20% over the next few years, providing a strong growth driver for the company [57]. - The company is well-positioned to benefit from emerging markets such as autonomous driving and low-altitude economy, which are anticipated to reshape the industry landscape [3][15]. Research and Development - The company’s R&D investment totaled 462 million yuan, a 14.66% increase, maintaining a high ratio of 17.25% of revenue [19]. - Upcoming projects, including the construction of a high-precision basic device and terminal equipment production capacity, are expected to enhance the company's competitive edge by mid-2024 [20].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report highlights that the company's revenue and profit growth are strongly correlated with GDP growth since 2022, and as overseas revenue increases, this correlation is expected to decrease, indicating significant future growth potential [7][58]. - The company has a relatively low market share in the global market, suggesting substantial room for growth, particularly in overseas markets where the gross margin is approximately 20 percentage points higher than in the domestic market [7][49][87]. - The report emphasizes three main growth drivers: expansion into overseas markets, the development of the low-altitude economy, and the increasing demand for intelligent products [7][76]. Revenue Growth - The company has identified significant growth opportunities in mature products like RTK and agricultural driving assistance devices, particularly in overseas markets where market penetration is currently low [4]. - The domestic market for agricultural driving assistance devices is still in a low penetration phase, suggesting that growth rates are expected to remain high [4]. - The company aims for a net profit target of 560 million yuan for 2024, representing a year-on-year increase of 25%, which is higher than the target growth rate for 2023 [4][9]. Emerging and Traditional Business - The company has successfully integrated high-precision positioning technology into various applications since its inception, with significant breakthroughs in RTK technology in 2010 and subsequent expansions into fields like precision agriculture and digital construction [7][61]. - Traditional products have been continuously iterated upon, with innovations such as the introduction of AR visual RTK and video measurement RTK, enhancing user experience and operational efficiency [7][70]. Market Expansion - The company has made significant strides in expanding its overseas market presence, with overseas revenue accounting for 27% of total revenue in 2023, and this segment is expected to grow rapidly [7][76]. - The report notes that the company has established a strong distribution network overseas, which is a key factor in its recent growth in international markets [7][76]. Profitability and Valuation - The report indicates that the company's current price-to-earnings (PE) ratio is at a historical relative bottom, providing a high margin of safety for investors [7][54]. - The company has consistently met its profit targets, achieving a minimum completion rate of 98% from 2020 to 2023, which reflects a high level of reliability in its financial guidance [9][54].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [11][8]. Core Insights - The company reported a revenue of 2.678 billion yuan in 2023, representing a year-on-year growth of 19.77%, and a net profit of 449 million yuan, up 24.32% year-on-year. For Q1 2024, revenue reached 617 million yuan, a 20.53% increase year-on-year, with a net profit of 103 million yuan, growing 30.35% year-on-year [3][6]. - The company is increasing its R&D investment, which amounted to 460 million yuan in 2023, a 14.66% increase year-on-year, accounting for 17.25% of revenue. This investment focuses on high-precision positioning chips and autonomous driving products [4][5]. - The company is expanding its overseas business rapidly, with foreign revenue reaching 720 million yuan in 2023, a 47.51% increase year-on-year, contributing to 26.85% of total revenue [23]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.678 billion yuan and a net profit of 449 million yuan, with projections for 2024-2026 showing net profits of 576 million yuan, 763 million yuan, and 941 million yuan respectively [6][31]. - The gross margin for 2023 was 57.8%, with a net margin of 16.57%, indicating improved profitability [14]. R&D and Competitive Position - The company has established five R&D bases in China and the UK, employing 615 R&D personnel, which is 33.35% of its total workforce. The focus is on developing core technologies in high-precision GNSS algorithms and enhancing its product offerings [5][6]. Market Expansion - The company is actively pursuing new business models, including SaaS subscription services, and is well-positioned to benefit from the growing demand for high-precision navigation in traditional industries and emerging markets like low-altitude economy [6][23].

证券代码：300627 证券简称：华测导航 公告编号：2024-051 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、董事长赵延平先生 增持公司股份计划时间过半的进展公告 公司控股股东、实际控制人、董事长赵延平先生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。 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： 1、增持计划的基本情况：上海华测导航技术股份有限公司（以下简称"公司"） 控股股东、实际控制人、董事长赵延平先生基于对公司未来发展前景及战略规划的 信心及对公司价值的充分认可，自2024年1月25日起6个月内，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，拟增持总金额不低于3,000万元人民币，且不超过5,000万元人民币。具体 内容详见于公司在巨潮资讯网（www.cninfo.com.cn）上披露的《关于控股股东、实 际控制人、董事长赵延平先生增持公司股份计划的公告》（公告编号：2024-015） 证券代码：300627 证券简称：华测导航 公告编号：2024-051 15,25 ...

2024 年一季报业绩点评：业绩符合预期，多 举措助力稳步成长 2024 年 04 月 25 日 证券研究报告·公司点评报告·电子 华测导航（300627） 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） | 2,236 | 2,678 | 3,457 | 4,427 | 5,687 | | 同比（ % ） | 17.50 | 19.77 | 29.09 | 28.05 | 28.44 | | 归母净利润（百万元） | 361.29 | 449.14 | 585.14 | 735.54 | 922.75 | | 同比（ % ） | 22.75 | 24.32 | 30.28 | 25.70 | 25.45 | | EPS- 最新摊薄（元 / 股） | 0.66 | ...

华测导航（ [Table_StockNameRptType] 300627） 公司研究/公司点评 低空新机遇，出海正当时 敬请参阅末页重要声明及评级说明 证券研究报告 力，向下游具备了行业应用能力，接着将算法能力延伸到自动驾驶领 域完成又一次能力跃升，最后公司布局无人机飞控技术，算法能力从 导航定位延展到控制领域。潜在的增长，除了低空和出海，在 SWAS 增强系统赋能下的新型测绘、自动驾驶等业务也是潜在的收入增长 点；万亿国债带来应急、水利领域的位移监测业务机会；设备更新以 及新一轮农机补贴政策有望进一步夯实农机自动驾驶增长动能。 我们调整公司 2024-2025 年归母净利润预测值 5.84、7.59 亿元（前值 6.40、8.47 亿元），新增 2026 年归母净利润预测值 9.90 亿元，对应 EPS 分别为 1.07、1.39、1.82 元。当前股价对应 2024-2026 年 PE 分 别为 27.41X/21.07X/16.17X，维持"买入"评级。 低空经济发展不及预期，海外市场拓展不及预期、乘用车自动驾驶渗 透率提升不及预期。 敬请参阅末页重要声明及评级说明 2 / 4 证券研究报告 [Tab ...

编制单位：上海华测导航技术股份有限公司 2024 年 03 月 31 日 | | | 单位：元 | | --- | --- | --- | | 项目 | 期末余额 | 期初余额 | | 流动资产： | | | | 货币资金 | 978,946,711.22 | 1,232,719,102.64 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 257,801,831.51 | 336,479,334.08 | | 衍生金融资产 | | | | 应收票据 | 45,416,612.94 | 41,364,398.54 | | 应收账款 | 937,215,237.23 | 795,514,976.41 | | 应收款项融资 | 11,093,783.88 | 14,398,510.20 | | 预付款项 | 40,672,489.39 | 41,053,874.28 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 57,794,976.29 | 68,051,582.06 | | 其中：应收利息 | | | | ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 616,910,878.96, representing a 20.53% increase compared to CNY 511,847,531.56 in the same period last year[22]. - Net profit attributable to shareholders for Q1 2024 was CNY 103,064,182.42, up 30.35% from CNY 79,066,810.39 year-on-year[22]. - The net profit after deducting non-recurring gains and losses was CNY 86,805,497.34, reflecting a 40.42% increase from CNY 61,818,930.77 in the previous year[22]. - Basic earnings per share for Q1 2024 were CNY 0.1899, an increase of 28.05% from CNY 0.1483 in the previous year[22]. - Total comprehensive income for the period reached ¥98,656,862.68, an increase from ¥76,796,873.21 in the previous period[62]. - Net profit for the current period was ¥100,511,207.57, representing a significant increase of 27.7% from ¥78,642,370.35 in the previous period[79]. - Total equity increased to ¥3,184,019,489.66, up from ¥3,043,601,936.04, reflecting a growth of about 4.6%[78]. Cash Flow and Assets - The company's cash flow from operating activities showed a net outflow of CNY 227,476,446.44, worsening by 50.74% compared to a net outflow of CNY 150,902,002.24 in the same period last year[22]. - The company's cash and cash equivalents decreased from 1,232,719,102.64 to 978,946,711.22, representing a decline of approximately 20.6%[32]. - The total current assets decreased from CNY 3,370,885,434.34 to CNY 3,201,443,002.27, a decline of approximately 5%[60]. - The company's total liabilities decreased to ¥1,110,784,066.49 from ¥1,368,448,079.77, a reduction of approximately 18.8%[78]. - The company reported a decrease in cash and cash equivalents by ¥236,222,686.15, ending the period with ¥955,066,083.57[64]. Investments and Expenses - Investment income for Q1 2024 was CNY 3,597,715.05, a significant increase of 109.33% from CNY 1,718,713.51 in the same period last year[6]. - The company reported a significant increase in investment income, which rose to ¥3,597,715.05 from ¥1,718,713.51, marking an increase of 109.5%[79]. - The company experienced a 90.46% decrease in employee compensation payable, which was CNY 11,876,592.60, primarily due to the payment of last year's year-end bonuses[6]. - Total operating costs amounted to ¥529,968,653.01, up 15.6% from ¥458,028,505.23 in the previous period[79]. - Research and development expenses for the current period were ¥107,475,787.65, compared to ¥89,146,751.75 in the previous period, indicating a rise of 20.5%[79]. Shareholder Information - The total number of common stock shareholders at the end of the reporting period is 21,765, with the largest shareholder holding 20.33% of shares[46]. - The company has not reported any changes in the top 10 shareholders due to margin trading activities[25]. - The company holds a total of 63,924,409 shares, including 42,924,409 shares in its securities account and 21,000,000 shares through margin trading[25]. Stock Incentive Plans - The company has completed the initial and reserved grant registration of the 2019 stock option incentive plan, including the first and second exercise periods[27]. - The company has also completed the relevant work for the 2021 restricted stock incentive plan, including the first vesting period[28]. - The company plans to grant 15 million restricted stocks at a price of CNY 25 per share to 870 incentive targets[58]. - The first vesting period of the 2022 restricted stock incentive plan involved 1.036 million shares, with the listing date set for February 1, 2024[57]. - The company plans to cancel 97,608 stock options as part of its incentive program, reflecting a strategic adjustment in employee compensation[72]. Financial Reporting and Compliance - The company guarantees the authenticity, accuracy, and completeness of the financial information in the quarterly report[34]. - The cash flow statement for the first quarter has not been audited, indicating a need for further financial scrutiny[83]. - The company has not indicated any need for retrospective adjustments or restatements of previous years' accounting data[49]. - The company has not classified any non-recurring gains and losses as recurring gains and losses[38].

证券代码：300627 证券简称：华测导航 公告编号：2024-047 上海华测导航技术股份有限公司 第四届监事会第五次会议决议公告 本公司及监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。 一、监事会会议召开情况 上海华测导航技术股份有限公司（以下简称"公司"）第四届监事会第五次 会议的通知于 2024 年 4 月 19 日以书面或电子邮件的形式发出，会议于 2024 年 4 月 24 日在上海市青浦区崧盈路 577 号华测时空智能产业园 C 座二楼会议室以 现场结合通讯方式召开。本次会议应出席监事 3 名，实际出席监事 3 名。本次会 议由沈礼伟先生主持，公司部分高级管理人员列席了本次会议。 本次会议的召开和表决程序符合《中华人民共和国公司法》等有关法律、行 政法规、部门规章、规范性文件和《上海华测导航技术股份有限公司章程》（以 下简称"《公司章程》"）的规定。 二、监事会会议审议情况 经与会监事审议，以记名投票表决方式通过如下议案： 1、以 3 票同意，0 票反对，0 票弃权，审议通过关于《公司 2024 年第一季 度报告》的议案。 经公司第四届监事会全体监事审议 ...