格隆汇12月17日｜东兴证券研报指出，华测导航高精度导航应用龙头迎接十五五北斗红利，芯片自研与 新品创新巩固国内外先发优势。考虑公司海外市场拓展顺利，测量RTK新品以及激光雷达产品市场反响 良好，预计公司2025-2027年营收增速分别为22.6%/20.2%/18.4%，实现归母净利润分别为7.42亿元、 9.33亿元和11.58亿元。考虑华测导航所处赛道具有长期成长性，以及公司良好科学管理机制带来的成长 确定性。参考中证500指数以及通信设备行业指数估值，给予公司2026年30X-35XPE，对应目标价35.7- 41.7元，对应当前市值有16%-36%的上涨空间。首次覆盖，给予"推荐"评级。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6] Core Views - The company's Q2 revenue and profit decreased by 10.4% and 36.3% year-on-year, respectively, due to weak demand, intensified competition, and product adjustments, leading to a challenging operational performance [6] - For H2, the company aims to innovate new products in dried fish and bean products, accelerate the offline promotion of its egg brand "Seven Doctors," and enhance the promotion of anchovy products across multiple channels, with expectations for improved revenue and profit margins [6] - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 260 million, 300 million, and 350 million, respectively, with corresponding EPS of 0.57, 0.67, and 0.78 yuan, maintaining a 20x PE for 2026 [6] Financial Performance - In H1 2025, the company achieved revenue of 1.124 billion yuan, a slight decrease of 0.5% year-on-year, and a net profit of 112 million yuan, down 21.86% year-on-year [6][7] - The Q2 revenue breakdown shows that fish products, poultry products, bean products, and vegetable products generated revenues of 757 million, 196 million, 115 million, and 34 million yuan, respectively, with year-on-year changes of +7.61%, -24.00%, +3.61%, and -10.69% [6] - The company's gross margin for Q2 was 28.93%, down 1.83 percentage points year-on-year, primarily due to rising raw material prices and low capacity utilization [6] Market Position and Shareholder Information - The total market capitalization of the company is 6 billion yuan, with a circulating market value of 4 billion yuan [2] - The major shareholder, Zhou Jinsong, holds a 38.22% stake in the company [2]