华测导航（300627）：激励规模创新高，保障公司长期稳健增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's stock incentive plan is the largest in its history, covering 1,082 individuals and granting 20 million shares, reflecting confidence in future growth and a commitment to sharing development results with employees [2][8]. - The company is focusing on four main growth areas: overseas expansion, 3D intelligence, precision agriculture, and smart driving, which are expected to drive long-term growth [8]. - The projected net profit for 2025 is 730 million yuan, representing a year-on-year increase of 25%, with further growth expected in subsequent years [8]. Summary by Sections Incentive Plan - The incentive plan involves granting up to 20 million restricted stocks, accounting for 2.5471% of the total share capital, with an initial grant of 18 million shares [7]. - The grant price is set at 27.08 yuan per share, based on 80% of the average price over the previous 20 trading days [7]. Growth Areas - Overseas Expansion: The company anticipates that overseas revenue will reach 29% in 2024, with a gross margin of 77.6%, significantly higher than the domestic market [8]. - 3D Intelligence: The company has completed the domestic replacement of core components and is seeing positive growth after investing in sales resources [8]. - Precision Agriculture: The company has developed an automatic navigation control system for agricultural machinery, with plans to replicate this success in other agricultural equipment [8]. - Smart Driving: The company is a designated supplier for several automotive manufacturers, with over 300,000 units delivered [8]. Financial Projections - The company expects net profits of 733 million yuan, 930 million yuan, and 1.207 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 26%, 27%, and 30% [8].