Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][3]. Core Insights - The company is a leading player in high-precision positioning, focusing on satellite navigation and related solutions since its establishment in 2003. Its main products include high-precision GNSS receivers, measurement systems, GIS, drone navigation, and autonomous driving applications, serving industries such as surveying, agriculture, construction, transportation, and defense [2][19]. - In 2023, the company reported revenues and net profits of 2.678 billion yuan and 449 million yuan, respectively, representing year-on-year growth of 19.77% and 24.32%. For the first half of 2024, revenues and net profits reached 1.484 billion yuan and 251 million yuan, with year-on-year growth of 22.86% and 42.96% [2][20]. - The global GNSS market is projected to grow from 260 billion euros in 2023 to approximately 580 billion euros by 2033, with a CAGR of 8.35%. The company is well-positioned in the Beidou industry chain, providing comprehensive smart solutions and equipment to downstream customers [2][29]. Summary by Sections High-Precision Positioning Equipment and Solutions - The company has been deeply engaged in satellite positioning for 20 years, providing GNSS technology and related application solutions. Its products are widely used across various sectors [19][20]. "Beidou+" Steady Growth and Exploration of New Businesses - The "Beidou+" initiative is driving steady growth in the company's business, with significant contributions from agricultural and infrastructure sectors. The company is also actively exploring autonomous driving, achieving a 61% year-on-year growth in this segment in 2023 [2][3][29]. Low Altitude Economy Opens Second Growth Curve - The low-altitude economy in China is expected to grow significantly, with a projected scale of over 1 trillion yuan by 2026. The company’s expertise in high-precision positioning and spatial information collection positions it well to capitalize on this emerging market [2][3][29]. Financial Projections - The company is expected to achieve revenues of 3.316 billion yuan, 4.211 billion yuan, and 5.344 billion yuan from 2024 to 2026, with corresponding net profits of 574 million yuan, 739 million yuan, and 958 million yuan. The projected PE ratios are 28x, 21x, and 17x for the same period [3][4]. Competitive Advantages - The company maintains a competitive edge in the industry, with strong performance in gross and net profit margins compared to peers. Its continuous investment in R&D supports its technological advantages and product leadership [2][31][32].

关于持股5%以上股东 捐赠部分公司股份的进展暨签署补充协议的公告 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。 一、捐赠股份情况概述 证券代码：300627 证券简称：华测导航 公告编号：2024-103 上海华测导航技术股份有限公司 （价值1000万元），2025年8月31日前办理第三次股份变更过户（价值1000万元）。 鉴于太禾行系公司控股股东、实际控制人赵延平先生之一致行动人，赵延平 先生于2024年1月25日至2024年4月29日实施了增持计划，赵延平先生之一致行动 人宁波垚达投资合伙企业（有限合伙）于2024年5月10日至2024年8月29日实施了 增持计划，为满足相关法律法规要求，避免造成短线交易，在宁波垚达投资合伙 企业（有限合伙）增持结束日后6个月内，太禾行暂缓办理股份捐赠的过户手续 为宜。 为支持浙江大学光电科学与工程学院办学空间基本建设和高水平师资队伍 的建设和发展，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"）持股5%以上股东上海太禾行企业发展合伙企业（有限合伙）（以下简称"太 禾行"）向浙江大学教育基金会（以下简称" ...

证券代码：300627 证券简称：华测导航 公告编号：2024-100 上海华测导航技术股份有限公司 关于持股5%以上股东及部分董事、高级管理人员 减持公司股份的预披露公告 持股5%以上的股东宁波尚坤投资管理合伙企业（有限合伙）、董事及高级管理 人员袁本银先生、高级管理人员高占武先生和孙梦婷女士保证向公司提供的内容真 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： 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"）于近日接到 公司股东宁波尚坤投资管理合伙企业（有限合伙）（以下简称"尚坤投资"）、董事及 高级管理人员袁本银先生、高级管理人员高占武先生和孙梦婷女士《关于股份减持计划 的告知函》。持有公司股份27,811,181股（占公司总股本1的5.0981%）的股东尚坤投资计 划在本公告发布之日起15个交易日后的3个月内（2024年9月5日至2024年12月4日，但窗 口期不减持）以大宗交易或集中竞价方式减持公司股份不超过1,250,000股（占公司总股 本比例0.2291%）；持有公司股份558,628股的董事及 ...

证券代码：300627 证券简称：华测导航 公告编号：2024-099 上海华测导航技术股份有限公司 关于部分限制性股票回购注销完成的公告 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： 1、本次回购注销的限制性股票数量为 6,552 股，占回购前公司总股本1的 0.0012%。本次注销完成后，公司总股本由 545,523,833 股减至 545,517,281 股。 2、本次回购注销涉及人数 1 人，回购价格为 13.59 元/股，回购资金总金额 89,041.68 元。 3、公司于 2024 年 8 月 14 日在中国证券登记结算有限责任公司深圳分公司 完成回购、注销手续。 一、2020 年限制性股票激励计划实施简述 1、2020 年 11 月 27 日，公司召开第二届董事会第二十三次会议，会议审议 通过了关于《公司<2020 年限制性股票激励计划（草案）>及其摘要》的议案、关 于《公司<2020 年限制性股票激励计划实施考核管理办法>》的议案、关于《提 请股东大会授权董事会办理股权激励相关事宜》的议案，公司独立董事发表了同 意的独立意见。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 1.484 billion yuan for H1 2024, representing a year-on-year increase of 22.86%, and a net profit attributable to shareholders of 251 million yuan, up 42.96% year-on-year, exceeding the forecast [4][5] - The company is focusing on overseas markets, which have shown a compound annual growth rate of over 50% in revenue over the past three years, and is expected to drive future growth [5][6] - The report highlights the company's strong performance in the resource and public utility sector, which generated 681 million yuan in revenue, a year-on-year increase of 48.06% [5] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 58.44%, slightly up by 0.36 percentage points year-on-year [4] - The company’s R&D investment reached 242 million yuan, an increase of 31.28% year-on-year, indicating a commitment to innovation [5] - The forecast for revenue from 2024 to 2026 is 3.405 billion yuan, 4.356 billion yuan, and 5.555 billion yuan respectively, with net profits projected at 583 million yuan, 747 million yuan, and 957 million yuan [6][8] Business Segment Analysis - The resource and public utility segment reported revenue of 681 million yuan, with a gross margin of 57.96% [5] - The geographic information segment generated 191 million yuan in revenue, with a gross margin of 48.48%, reflecting a slowdown in growth [5] - The robotics and autonomous driving segment saw revenue of 79 million yuan, up 29.80% year-on-year, although its gross margin decreased to 37.25% [5] Regional Performance - Revenue from overseas markets was 445 million yuan, a year-on-year increase of 34.98%, with a gross margin of 67.29% [5] - Domestic market revenue reached 1.039 billion yuan, up 18.3% year-on-year, with a gross margin of 54.64% [5] Profitability Forecast - The company expects to maintain a gross margin around 57.6% to 57.2% from 2024 to 2026 [8] - The net profit margin is projected to be around 17.1% for the next few years, indicating stable profitability [8]

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]