格隆汇10月10日丨华测导航(300627.SZ)公布，预计前三季度归属于上市公司股东的净利润48,000万元— 49,500万元，比上年同期增长23.17%—27.02%，扣除非经常性损益后的净利润44,000万元—45,500万 元，比上年同期增长28.81%—33.20%。 1、报告期内，公司实现归属于上市公司股东的净利润和归属于上市公司股东的扣除非经常性损益的净 利润有效增长，主要原因如下：（1）公司坚持全球化、打爆品的发展战略，积极拓展产品和解决方案 的行业应用，机器人与自动驾驶、地理空间信息等相关业务领域快速发展。公司集中资源大力拓展海外 市场，海外区域营业收入持续快速增长，未来海外市场仍有较大增长空间。（2）公司继续加大研发投 入，构筑核心技术壁垒，提升公司产品竞争力，助力公司在各行业市场业务快速拓展。2、报告期内， 因实施公司股权激励计划带来股份支付费用约为3,300万元，已经计入本报告期损益。3、报告期内，预 计非经常性损益对当期净利润的影响约为4,000万元。 ...

Investment Rating - The report assigns 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 3.20-3.35 billion for the first half of 2025, representing a year-on-year growth of 27.4%-33.3%. The net profit after deducting non-recurring items is projected to be RMB 2.93-3.08 billion, with a growth of 38.9%-46.0% [6]. - The company has a strong focus on satellite navigation and robotics, which have shown significant growth, contributing to the overall performance [8]. - The report highlights the company's deep technological barriers in satellite navigation and the rapid growth of its overseas high-margin business, which is expected to account for 29% of revenue by 2024 with a gross margin of 77.6% [8]. - The company is also making strides in emerging fields such as autonomous driving and AI applications, with partnerships established with major firms [8]. - Profit forecasts for 2025-2027 indicate net profits of RMB 7.79 billion, RMB 9.62 billion, and RMB 11.95 billion, respectively, with corresponding year-on-year growth rates of 33.5%, 23.5%, and 24.2% [8]. Financial Overview - The company's projected net profit for 2023 is RMB 449 million, increasing to RMB 583 million in 2024, and reaching RMB 779 million in 2025, with a year-on-year growth of 24.38% for 2023 [7]. - The earnings per share (EPS) for 2025 is estimated at RMB 1.00, with a projected price-to-earnings (P/E) ratio of 34.34 [7]. - The company's revenue is expected to grow from RMB 2.678 billion in 2023 to RMB 3.989 billion in 2025, reflecting a strong upward trend [11].