Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company is expected to achieve a net profit of RMB 6.7-6.9 billion for 2025, representing a year-on-year growth of 14.84%-18.27%. The non-recurring profit impact is estimated at RMB 72 million [5][8]. - The company has a strong focus on satellite navigation and has established significant technological barriers in this field, with overseas business showing high gross margins [8]. - The company is actively expanding into emerging sectors such as robotics, autonomous driving, and AI applications, with notable partnerships and collaborations [8]. Financial Summary - The projected net profits for 2025-2027 are RMB 6.85 billion, RMB 8.71 billion, and RMB 10.67 billion, with year-on-year growth rates of 17.49%, 27.13%, and 22.47% respectively [6][8]. - Earnings per share (EPS) for the same period are expected to be RMB 0.87, RMB 1.11, and RMB 1.36, with corresponding price-to-earnings (P/E) ratios of 45, 36, and 29 times [6][8]. - The company’s revenue is projected to grow from RMB 3.84 billion in 2025 to RMB 5.72 billion in 2027, reflecting a robust growth trajectory [11].
华测导航（300627）：全年业绩维持较高增速，新兴领域持续取得突破