Core Viewpoint - The company reported steady growth in Q1 2025, with revenue of 790 million yuan, a year-on-year increase of 27.9% but a quarter-on-quarter decrease of 19.8% [1] Financial Performance - Q1 2025 net profit attributable to shareholders was 140 million yuan, up 38.5% year-on-year and down 26.3% quarter-on-quarter [1] - The net profit after deducting non-recurring items was 120 million yuan, reflecting a year-on-year increase of 42.1% and a quarter-on-quarter decrease of 24.0% [1] - The comprehensive gross margin for Q1 2025 was 58.3%, a decrease of 0.5 percentage points year-on-year [2] - Total expense ratio was 24.4%, down 2.5 percentage points year-on-year, with management expense ratio at 6.6% (down 1.3 percentage points) and sales expense ratio at 19.9% (up 1.4 percentage points) [2] Business Strategy and Development - The company is actively expanding its industry applications and international markets, focusing on global strategies and rapid development in geospatial information, robotics, and autonomous driving [2] - R&D investment in Q1 2025 was 130 million yuan, a year-on-year increase of 22.1%, accounting for 16.6% of revenue [2] - The company has implemented an employee stock incentive plan, with 802 individuals meeting the conditions for the first vesting period, amounting to approximately 589.88 million shares, or 1.07% of total share capital [2] Partnerships and Market Position - The company has strengthened partnerships with multiple automotive manufacturers, achieving over 500,000 units shipped and projecting to reach 1 million units in the next two years [3][4] - The company emphasizes sustainable development, with a customer satisfaction score of 74.9% in 2024, an increase of 3.7% from 2023 [4] - The company is leveraging technology for green transformation, contributing to smart transportation and precision agriculture [4] Investment Outlook - The trend towards ubiquitous high-precision satellite navigation services is expected to benefit the company as an industry leader, with projected net profits of 760 million, 1 billion, and 1.29 billion yuan for 2025-2027, corresponding to growth rates of 30.4%, 30.8%, and 29.4% [4] - The company is assigned a target price of 55.39 yuan based on a 40 times PE ratio for 2025, maintaining a "strong buy" rating [4]

Core Insights - The company reported a revenue of 789 million yuan for Q1 2025, representing a year-over-year increase of 27.91%, and a net profit attributable to shareholders of 143 million yuan, up 38.50% year-over-year [1] - The profit growth rate outpaced revenue growth, driven by the expansion of overseas markets and effective cost management [1][2] Revenue Performance - In Q1 2025, the company achieved a revenue of 789 million yuan, with significant growth in geospatial information, robotics, and autonomous driving sectors [1] - Domestic and overseas development in agricultural machinery contributed to overall revenue growth [1] Profitability Metrics - The company recorded a gross margin of 58.34% and a net margin of 18.66% in Q1 2025, indicating stable profitability despite a slight decrease in gross margin year-over-year [2] - The increase in net profit was supported by a foreign exchange gain of approximately 20 million yuan and a reduction in share-based payment expenses [1][3] Cash Flow and Investment - Operating cash flow improved significantly, with a net cash flow of -127 million yuan, reflecting a 44.25% year-over-year increase due to higher cash receipts from sales [3] - The company increased its sales and R&D expenditures, with sales expenses reaching 157 million yuan and R&D expenses at 131 million yuan, indicating a commitment to enhancing core competitiveness [3] Strategic Initiatives - The company launched a stock incentive plan for key technical personnel, demonstrating confidence in long-term growth, with performance targets set for net profit growth over the next three years [3] - The focus on expanding overseas marketing and investing in high-precision positioning chips and autonomous driving products is expected to bolster growth in international markets [3] Future Outlook - The company is projected to achieve net profits of 777 million yuan, 1.006 billion yuan, and 1.273 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 29.9, 23.1, and 18.2 [4]

Group 1 - BYD has made a strategic investment in Pashini, marking its largest single investment in the field of embodied intelligence, exceeding 100 million RMB [1] - BYD now holds a 13.3738% stake in Pashini, which has completed multiple rounds of financing, including a record-setting A and A+ round totaling several hundred million RMB [1][2] - Pashini's 6D Hall array tactile sensing technology has been recognized for its significant advantages in tactile perception dimensions, performance, cost, and reliability, positioning it well for the industrialization of embodied intelligence [2] Group 2 - Pashini has developed a full-stack embodied intelligence technology system, integrating hardware packaging, data collection, algorithm integration, and the first VTLA embodied intelligence model [3] - The company's DexH13 dexterous hand is the world's first dual-modal robot end effector featuring multi-dimensional tactile and AI vision capabilities, with 1,140 tactile sensing units [3] - Pashini's humanoid robot TORA-ONE is equipped with over 2,000 tactile sensing units and is designed for complex operations in various scenarios, showcasing its versatility [3]

Group 1: Business Focus and Development - The company focuses on high-precision navigation and positioning technology, with three core business segments: precise spatial perception equipment, Beidou high-precision industry applications, and intelligent driving and navigation control [3][5]. - The company aims to expand high-precision positioning technology applications in low-altitude fields and industrial robots, continuously exploring integration opportunities [4][6]. Group 2: Market and Product Strategy - The company has achieved approximately 30% domestic substitution rate in high-precision positioning equipment, with key products like positioning terminals and industrial-grade LiDAR being fully domestically produced [5][6]. - In 2024, the proportion of government project-related business has decreased to 13.79%, with a strategic shift towards high-precision positioning equipment and solutions that have better cash flow [6][9]. Group 3: International Expansion and Collaboration - The company has established branches in 12 countries, implementing localization strategies for procurement, logistics, sales, and global technical services [7][9]. - Collaborations with Baidu Apollo and Beijing Hangji focus on high-precision differential positioning solutions, with successful deliveries of 5G+V2X smart antennas and high-precision positioning antennas [7][8]. Group 4: Technological Advancements - The company emphasizes continuous investment in core technology research and development, maintaining a leading position in key technologies such as laser radar and inertial navigation [6][8]. - The company has successfully developed disaster monitoring and early warning devices, which have been deployed in over 20 provinces and regions across the country [8][9]. Group 5: Financial Performance and Projections - The intelligent driving business is projected to grow by approximately 40% in 2024, although it currently represents a small portion of the overall revenue [9].

Financial Performance - In 2024, the company achieved a revenue of CNY 3,251.01 million, a year-on-year increase of 21.38% [3] - The net profit attributable to shareholders reached CNY 583.40 million, up 29.89% from the previous year [3] - The net profit after deducting non-recurring gains and losses was CNY 503.79 million, reflecting a growth of 35.31% [3] - In Q1 2025, the company reported a revenue of CNY 789.12 million, a 27.91% increase year-on-year [4] - The net profit attributable to shareholders for Q1 2025 was CNY 142.74 million, up 38.50% from the same period last year [5] R&D Investment - In 2024, R&D investment totaled CNY 469.02 million, a 1.49% increase year-on-year, accounting for 14.43% of total revenue [3] - The company has focused on high-precision positioning chips and autonomous driving products, among other strategic projects [3] Product Performance - The company launched several key products, including the RS series measurement systems and the Navigator NX612 autonomous driving system [3] - RTK sales exceeded 100,000 units, while the agricultural autonomous driving system sold over 60,000 units in 2024 [3] - Cumulative deliveries of automotive-grade products surpassed 300,000 units by the end of 2024 [9] Market Segmentation - The resource and public utilities segment generated CNY 1,425.25 million in revenue, a 26.41% increase [3] - The construction and infrastructure segment achieved CNY 1,052.59 million, up 8.97% [3] - The geographic information segment reported CNY 588.50 million, a growth of 38.44% [3] - The robotics and autonomous driving segment earned CNY 184.67 million, increasing by 15.53% [3] Profitability Metrics - The overall gross margin for 2024 was 58.13%, an increase of 1.07% from the previous year [4] - The sales expense ratio was 18.45%, down 0.59%, while the management expense ratio rose to 7.92%, an increase of 0.56% [4] - Operating cash flow net amount reached CNY 659.06 million, a 47.99% increase year-on-year [4] Future Outlook - The company aims for a net profit of CNY 730 million in 2025, targeting a growth of approximately 25% [5] - The three-dimensional intelligent business is expected to continue growing, driven by advancements in technology and market demand [7] - The company plans to maintain high R&D investment to enhance its product offerings and market competitiveness [12]

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 点击注册小程序 查看完整报告 特别申明： 公司发布2024年年报，实现营业收入32.51亿元，同比增长21.38%；实现归母净利润5.83亿元，同比增长 29.89%；实现扣非后归母净利润5.04亿元，同比增长35.31%。公司制定2025年整体经营目标为归母净利润 达到7.3亿元，较上年同期增长约25%。公司发布2025年第一季度业绩预告，实现归母净利润1.35亿-1.43亿 元，同比增长30.99%-38.75%。 风险提示： 海外市场开拓不及预期；新兴业务拓展低于预期。 发布日期： 2025-04-19 2024年，公司在国际市场的营业收入达到9.38亿元，同比增长30.39%。公司通过建立强大的海外经销商网 络和打造国际化产品开发与营销团队，利用国内市 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司围绕高精度定位技术核心持续研发投入，已经形成有效技术壁垒 公司具备高精度 GNSS 算法、三维点云与航测、GNSS 信号处理与芯片化、自动驾驶感知与决策控制等完 整算法技术能力，打造了物联网与云服务平台、空间信息应用软件、各类解决方案与系统集成等。公司重 点布局了 GNSS 芯片、OEM 板卡、天线等核心基础部件，进一步提升了高精度 GNSS 算法、组合导航、 SWAS 广域增强、精密定轨等核心技术优势，强化技术实力、夯实技术壁垒。 风险提示： 海外市场开拓不及预期；新兴业务拓展低于预期。 发布日期： 2025-04-19 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运 ...

Core Viewpoint - 中海达 reported a revenue of 1.22 billion yuan for 2024, marking a year-on-year growth of 2.80%, but still recorded a net loss of 12 million yuan, although this represents a significant reduction in losses by 97.08% compared to the previous year [1] Group 1: Financial Performance - The net profit attributable to shareholders has been negative for three consecutive years, with figures of -110 million yuan in 2022, -430 million yuan in 2023, and -12 million yuan in 2024 [1] - The decrease in losses in 2024 was attributed to cost optimization and partial business recovery, despite not achieving profitability [1] - The company’s non-recurring net profit was -90 million yuan, showing an increase in losses by 81.98% year-on-year [1] Group 2: Business Segments and Market Conditions - 中海达's main business includes precision spatial perception equipment, high-precision applications of Beidou, and intelligent driving and navigation control [1] - The traditional surveying equipment business has seen a continuous decline in revenue due to macroeconomic downturns, reduced infrastructure investment, and intensified industry competition [1] - Although the company has made inroads into emerging fields such as autonomous driving and marine exploration, the revenue contribution from these areas remains limited [1] Group 3: R&D and Competitive Landscape - The company has increased its R&D investment in high-precision positioning for autonomous driving, Beidou applications, and marine sonar detection, with R&D expenses accounting for approximately 11.7% of revenue, significantly higher than the industry average [2] - Despite high R&D spending, the lack of corresponding revenue growth has continued to pressure profits [2] - Competitor 华测导航 has been squeezing 中海达's market share due to better cost control and channel advantages, exacerbating the industry's price war and further weakening the company's profitability [2] Group 4: Investor Concerns - Due to three consecutive years of losses, some investors have raised concerns about potential "ST" risks for the company [2] - 中海达 has stated that it has not reached any conditions that would trigger delisting risk warnings as per the Shenzhen Stock Exchange's rules and emphasized its commitment to focusing on its core business and improving operational efficiency [2]

Group 1: Global Electronic Circuit Copper Foil Industry Development - The global electronic circuit copper foil market shipment volume increased from 437,000 tons in 2018 to 592,000 tons in 2022, with a compound annual growth rate (CAGR) of 7.88% [3] - In 2023, the global shipment volume is projected to be 550,000 tons, a decline from 2022 due to weak demand in the PCB industry [3] - Future demand for electronic circuit copper foil is expected to rebound, reaching 823,000 tons by 2030, driven by industries such as IDC construction, consumer electronics, charging piles, and new energy vehicles [3] Group 2: China Electronic Circuit Copper Foil Industry Development - China's electronic circuit copper foil market shipment volume grew from 266,000 tons in 2018 to 395,000 tons in 2022, with a CAGR of 10.39% [5] - In 2023, the shipment volume is expected to decline to 380,000 tons due to a downturn in the PCB industry [5] - The demand for electronic circuit copper foil in China is projected to continue growing, with an estimated shipment volume of 538,000 tons by 2030, supported by advancements in 5G/6G, AI, big data, automotive electronics, and IoT [5] Group 3: Market Trends and Applications - The electronic circuit copper foil industry is diversifying its applications across emerging fields such as 5G/6G, AI, automotive electronics, and IoT [7] - Domestic production primarily focuses on conventional products, which do not meet the high-precision requirements of the market, leading to reliance on imports for high-end electronic circuit copper foil [7] - The increasing demand for high-performance electronic circuit copper foil presents significant market opportunities for domestic manufacturers as they innovate and enhance production technologies [7]

Investment Rating - The report assigns a "Hold" investment rating for the company, indicating a recommendation to monitor the stock without aggressive buying or selling actions [1][7][29]. Core Insights - The company's main business remains stable, but its performance is temporarily pressured by a high base effect from the previous year due to government subsidies. The company reported a revenue of 350.78 million yuan for 2024, a year-on-year increase of 2.07%, while the net profit attributable to the parent company decreased by 6.77% to 36.09 million yuan [7][26][29]. - The company is actively exploring the potential of existing business segments and optimizing its business structure, with a focus on expanding into the high-precision transmission components for electric vehicles and enhancing its market share in the motorcycle clutch sector [7][8][29]. Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue of 343.67 million yuan, net profit of 38.72 million yuan - 2024E: Revenue of 350.78 million yuan, net profit of 36.09 million yuan - 2025E: Revenue of 384.99 million yuan, net profit of 40.25 million yuan - 2026E: Revenue of 423.50 million yuan, net profit of 45.14 million yuan [2][27][33]. - Growth Rates: - Revenue growth rates are projected at 6.88% for 2023, 2.07% for 2024, 9.75% for 2025, and 10.00% for 2026. Net profit growth rates are expected to be 5.53% for 2023, -6.77% for 2024, 11.52% for 2025, and 12.14% for 2026 [2][27][33]. Business Segments and Market Position - The company specializes in gears and clutches, with a strong competitive position in both high-precision gears and friction materials. It has established itself as a key supplier for major international clients, including Honda and Yamaha [8][11][17]. - The company’s revenue from high-speed gear components accounted for over 55% of total revenue in the first half of 2024, with a gross margin of 21.9% [16][21]. Investment Thesis - The company is positioned to benefit from its investments in new energy vehicle components and clutch technology, which are expected to open new growth avenues. The projected PE ratios for 2024-2026 are 59, 53, and 47 respectively, indicating a relatively high valuation compared to peers [7][29][30].