证券代码：300627 证券简称：华测导航 公告编号：2024-056 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 增持公司股份计划的公告 宁波垚达投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、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"）的通知，基于对公司未来发展前景及战略规划的信心及 对公司价值的认可，为促进公司持续稳定、健康发展，宁波垚达投资拟自本公告日起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，拟增持总金额不低于12,000万元人 民币，且不超过20,000万元人民币。现将相关情况公告如下： 一、计划增持主体的基本情况 1、增持主体：宁波垚达投资合伙企业（有限合伙） 宁波垚达投资合伙企业（有限合伙）系公司控股股东、实际 ...

业绩成长性凸显，长期受益于低空+自动驾驶 | --- | --- | |----------------------------|--------------------------------------------| | | 证券研究报告 2024 年 05 月 07 日 | | 投资评级 | | | 行业 通信 | / 通信设备 | | 6 | 个月评级 增持（维持评级） | | 当前价格 | 29.97 元 | | | 目标价格 元 | | 基本数据 | | | A 股总股本 ( 百万股 | 544.98 | | 流通 A 股股本 ( 百万股 | ) 447.13 | | A 股总市值 ( 百万元 | 16,333.07 | | 流通 A 股市值 ( 百万元 | ) 13,400.42 | | 每股净资产 ( 元 ) | 5.77 | | 资产负债率 (%) | 25.86 | | 一年内最高 / 最低 ( | ) 34.95/21.45 | 货币资金 1,087.99 1,232.72 1,859.12 1,877.47 2,687.51 营业收入 2,236.25 2,678.34 3,292.8 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 29.97 CNY, indicating a potential upside in the stock price [13][14]. Core Insights - The company reported a revenue of 2.678 billion CNY in 2023, reflecting a year-on-year growth of 19.77%. The net profit attributable to shareholders was 449 million CNY, up 24.32% year-on-year, with a non-GAAP net profit of 372 million CNY, increasing by 31.05% [1][2]. - The company has demonstrated strong growth potential, with a compound annual growth rate (CAGR) of 22.98% in revenue and 33.70% in net profit from 2018 to 2023 [2]. - The net profit margin for 2023 was 16.77%, an increase of 0.62 percentage points compared to the previous year [2]. Revenue Breakdown - The revenue from the Resources and Public Utilities segment was 1.127 billion CNY, growing by 41.29%, driven by rapid growth in agricultural machinery automation [2]. - The Construction and Infrastructure segment generated 966 million CNY, with a growth of 5.29%, focusing on promoting construction automation products in international markets [2]. - The Geospatial Information segment reported 425 million CNY in revenue, a slight increase of 0.73%, leveraging high-precision GNSS and INS technologies [2]. - The Robotics and Autonomous Driving segment achieved 160 million CNY, marking a significant growth of 61.64%, with the company becoming a designated supplier for several automotive manufacturers [2]. Cost Management and R&D - The company is actively implementing comprehensive cost-reduction strategies through procurement and R&D, maintaining a long-term commitment to R&D investment [3]. - The gross profit margin for 2023 was 57.77%, an increase of 1.13 percentage points year-on-year, with a reduction in the expense ratio by 1.27 percentage points [11]. Future Outlook - The company is expected to benefit from the low-altitude economy and autonomous driving sectors, with a forecasted net profit of 563 million CNY in 2024, 669 million CNY in 2025, and 785 million CNY in 2026 [13][27]. - The report highlights the company's strong positioning in the autonomous driving market, having established partnerships with multiple automotive manufacturers [4].

Investment Rating - The report maintains a "Buy" rating for the company [29]. Core Insights - The company achieved a revenue of 617 million yuan in Q1 2024, representing a year-on-year increase of 21%, and a net profit attributable to shareholders of 103 million yuan, up 30% year-on-year [6]. - The company is focusing on three growth lines: overseas expansion, low-altitude economy, and intelligentization [8]. - The company aims for a net profit target of 560 million yuan for 2024, which is a 25% increase compared to 2023, indicating a strong confidence in achieving its profit goals [9]. Summary by Sections Financial Performance - In Q1 2024, the company reported a net profit that aligned with forecasts, while the non-recurring net profit slightly exceeded expectations [6]. - The company’s revenue from overseas markets reached 27% of total revenue in 2023, with a gross margin approximately 20 percentage points higher than the domestic market [8]. Business Development - The company has made significant advancements in emerging businesses, including high-precision positioning technology and various applications since 2010 [7]. - Traditional business lines continue to evolve, with new product launches enhancing the company's competitive edge in sectors like construction and disaster monitoring [7]. Investment Strategy - The report suggests focusing on overseas markets, agricultural machinery, and low-altitude economy as key investment areas [9]. - The company is expected to invest heavily in core components like chips and intelligent robotics systems, which are crucial for future growth [9].

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：2024-002 投资者关系活 动类别 □特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 ☑业绩说明会 □路演活动 □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： 1、董事长：赵延平； 2、董事、总经理：朴东国； 3、财务总监：高占武； 4、副总经理、董事会秘书：孙梦婷； 5、独立董事：黄娟； 6、保荐代表人：曹方义。 外部参会人员：通过全景网"投资者关系互动平台"（https://ir.p5w.net） 网络远程参与 2023 年度业绩网上说明会的投资者 时间 2024 年 4 月 29 日下午 15:00-17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网 络远程的方式召开业绩说明会 形式 网络远程 交流内容及具 体问答记录 公司就投资者在本次业绩说明会中提出的问题进行了回复，主要 交流内容如下： 1、贵司有低空业务吗？ 您好，感谢您的关注！2023 年 12 月，中央经济工作会议提出， 要打造低空经济等战略性新兴产业。2024 年 3 月，《政府工作报告》 提出，要 ...

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 ...