Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - The company, Huace Navigation, reported steady growth in its 2025 H1 performance, with total revenue reaching 1.83 billion yuan, a year-on-year increase of 23.5%, and a net profit attributable to shareholders of 330 million yuan, up 29.9% [2]. - The company is positioned as a leader in high-precision satellite navigation and positioning services, benefiting from the expansion of both domestic and international markets [2]. Financial Performance Summary - **2025 H1 Financial Highlights**: - Total revenue: 1.83 billion yuan, up 23.5% year-on-year - Net profit attributable to shareholders: 330 million yuan, up 29.9% - Non-recurring net profit: 300 million yuan, up 41.8% [2] - **Future Financial Projections**: - Revenue projections for 2025-2027 are 4.23 billion yuan, 5.49 billion yuan, and 7.07 billion yuan, with corresponding growth rates of 30.1%, 29.7%, and 29.0% [2][8]. - Net profit projections for the same period are 760 million yuan, 990 million yuan, and 1.29 billion yuan, with growth rates of 30.4%, 30.7%, and 29.3% [2][8]. Business Segment Performance - **Geographical and Business Segment Growth**: - Resource and Public Utility: Revenue of 700 million yuan, up 3.1% - Construction and Infrastructure: Revenue of 660 million yuan, up 23.7% - Geospatial Information: Revenue of 360 million yuan, up 87.6% - Robotics and Autonomous Driving: Revenue of 110 million yuan, up 43.8% [2]. Market Position and Strategy - The company has a robust marketing system with both direct sales and a strong network of distributors, including branches in 12 countries/regions [2]. - As of 2025 H1, overseas revenue accounted for 32.8% of total revenue, reaching 600 million yuan, a year-on-year increase of 35.1% [2]. Investment Recommendation - The report suggests that the company is well-positioned to benefit from the increasing trend of high-precision satellite navigation services, with a target price of 43.8 yuan based on a 45x PE ratio for 2025 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company is a leader in China's high-precision spatiotemporal information industry, focusing on the research, manufacturing, integration, and industrial application of core technologies and solutions related to high-precision navigation and positioning [6][13] - The demand for high-precision positioning is growing, with the global GNSS downstream market expected to grow at a compound annual growth rate (CAGR) of over 8% from 2023 to 2033, driven mainly by enhanced services and other GNSS-related services [6][56] - The company's revenue is projected to increase, with expected EPS of 1.05 and 1.26 yuan for 2025 and 2026, corresponding to PE ratios of 34 times and 29 times, respectively [6][31] Summary by Sections 1. Deepening the High-Precision Navigation and Positioning Industry - The company has established itself as a leader in the high-precision satellite navigation positioning industry in China, with a focus on core technologies and solutions [6][13] - The company has continuously invested in R&D, accumulating several leading technologies and forming a core algorithm capability with technical barriers [6][14] 2. Rapid Development of the Satellite Navigation Industry - The global GNSS downstream market revenue is expected to grow significantly, with a projected market size of approximately 460 billion euros by 2033, accounting for 80% of the global GNSS downstream market [6][56] - The company has expanded its business into various sectors, including public resources, construction, geographic information, and robotics, continuously broadening its application [6][67] 3. Continuous Expansion of High-Precision Positioning Applications - The company provides high-precision navigation positioning services for agriculture, forestry, and public utilities, and offers solutions for construction and engineering projects [6][67] - The company has developed intelligent measurement and sensing devices that integrate multiple sensor technologies for spatial information acquisition, widely applied in smart city construction and emergency monitoring [6][67] 4. Investment Strategy - The report suggests maintaining a "Buy" rating based on the company's leading position in the high-precision satellite navigation industry and the expected growth in the satellite navigation market [6][31]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Viewpoints - The company is a leader in China's high-precision space-time information industry, focusing on the research, manufacturing, integration, and industrial application of core technologies and solutions related to high-precision navigation and positioning [6][13]. - The demand for high-precision positioning is growing, with the global GNSS downstream market expected to grow at a compound annual growth rate (CAGR) of over 8% from 2023 to 2033, driven mainly by enhanced services and other GNSS-related services [6][56]. - The company's revenue is projected to increase, with expected earnings per share (EPS) of 1.05 and 1.26 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 34 times and 29 times [6][31]. Summary by Sections Company Overview - The company was established in 2003 and listed on the Shenzhen Stock Exchange in 2015, focusing on high-precision satellite navigation and positioning technology [6][13]. - It has developed a range of leading technologies and has established a strong technical barrier in core algorithm capabilities, providing high-precision positioning equipment and system applications across various industries [6][13][14]. Market Development - The satellite navigation market is expanding, with the global GNSS downstream market revenue expected to reach approximately 460 billion euros by 2033, accounting for 80% of the market [6][56]. - The company has diversified its applications across four major sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving [6][67]. Financial Performance - The company's revenue grew from 1.903 billion yuan in 2021 to 3.251 billion yuan in 2024, with a CAGR of 19.54% [29]. - In Q1 2025, the company reported revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit of 143 million yuan, up 38.50% year-on-year [31][34]. - The gross profit margin increased from 54.64% in 2021 to 58.13% in 2024, indicating improved profitability [37]. Research and Development - The company has consistently increased its R&D spending, with expenditures rising from 333 million yuan in 2021 to 469 million yuan in 2024, and the number of R&D personnel growing from 329 to 681 during the same period [41][44]. - The focus on R&D includes advancements in high-precision positioning chips, autonomous driving technologies, and AI-related software and algorithms [41][44]. Industry Trends - The GNSS industry is experiencing rapid growth, with increasing demand for high-precision positioning solutions across various sectors, including agriculture, urban development, and infrastructure [56][64]. - The global satellite market value is projected to grow from 283 billion USD in 2021 to 357 billion USD by 2025, with a CAGR of 2.6% [51][56].

Core Viewpoint - The company reported a decline in gross profit margin and net profit, with significant fluctuations in revenue and profitability across different quarters in 2024, indicating challenges in maintaining profitability amidst rising costs and competitive pressures [1][2][3]. Financial Performance - In 2024, the company achieved a gross profit margin of 48.18%, down 3.98 percentage points from 2023. Revenue in Q3 increased by 68.55% year-on-year, while net profit decreased by 19.65%. In Q4, revenue decreased by 13.24%, and net profit turned negative, decreasing by 158.81% [1][2]. - The first quarter of 2025 showed a 13.32% increase in revenue year-on-year, but net profit fell by 46.24% to -10.38 million yuan [1]. Revenue Breakdown - The company’s revenue sources include modules and data applications, geographic information applications, and intelligent driving and digital construction. The main products include high-precision GNSS boards/modules, data collection equipment, and agricultural automatic navigation systems [2][3]. - The revenue from high-precision GNSS boards/modules was 5,965.13 million yuan, down 6.08%, with a gross margin of 48.36%, down 15.62%. Data collection equipment revenue was 7,608.87 million yuan, up 17.71%, with a gross margin of 31.19%, down 6.09% [2][3]. Customer and Supplier Dynamics - The company’s major customers include various entities in emerging markets, with significant sales to Unit B, which accounted for 4.53% of total revenue in 2024. Despite lower margins, the collaboration is deemed commercially reasonable due to the large order scale [5][6]. - Sales to high-margin customers like Unit C decreased significantly, impacting the overall gross margin of high-precision GNSS boards/modules [6]. Cost Structure and Material Costs - The company faced increased material costs, particularly for high-precision GNSS boards/modules sold to Unit B, which included additional patent fees. The average material cost for these boards was 21,430.87 yuan per unit [8][9]. - The overall direct material costs for data collection equipment decreased by 5.19% in 2024, attributed to lower procurement prices for components [10][12]. Industry Comparison - The company’s gross margin of 48.18% is compared with industry peers, showing a consistent trend in margin fluctuations. The gross margin for high-precision GNSS boards/modules was 48.36%, while data collection equipment was 56.80% [14][15]. - The competitive landscape in the satellite navigation industry is intensifying, with a high degree of domestic product availability leading to price pressures [16][17]. Sales Model Adjustments - The company has adjusted its sales model, increasing the proportion of domestic distributors, which has slightly lowered the overall gross margin due to the lower margins associated with domestic sales [6][7]. - The sales of high-margin products are critical, and any decline in their sales proportion could further impact the gross margin negatively [17].

股票简称：司南导航 股票代码：688592 上海司南卫星导航技术股份有限公司 ComNav Technology Ltd. （上海市嘉定区马陆镇澄浏中路 618 号 2 幢 3 楼） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二零二三年八月十五日 特别提示 上海司南卫星导航技术股份有限公司（以下简称"司南导航"、"本公司" 或"发行人"、"公司"）股票将于 2023 年 8 月 16 日在上海证券交易所科创板 上市。本公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素， 在新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 海 证 券 交 易 所 网 站 （http://ww ...

声明：本次发行股票拟在科创板上市，科创板公司具有研发投入大、经 营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 投资者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 上海司南卫星导航技术股份有限公司 ComNav Technology Ltd. （上海市嘉定区马陆镇澄浏中路 618 号 2 幢 3 楼） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 上海司南卫星导航技术股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体董事、监事、高级管理人员承诺招股说明 ...

声明：本次发行股票拟在科创板上市，科创板公司具有研发投入大、经 营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 投资者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 上海司南卫星导航技术股份有限公司 ComNav Technology Ltd. （上海市嘉定区马陆镇澄浏中路 618 号 2 幢 3 楼） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 上海司南卫星导航技术股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体董事、监事、高级管理人员承诺招股意向 ...

上海司南卫星导航技术股份有限公司 ComNav Technology Ltd. （上海市嘉定区马陆镇澄浏中路 618 号 2 幢 3 楼） 首次公开发行股票并在科创板上市 招股说明书 （上会稿） 声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告 的招股说明书作为投资决定的依据。 保荐机构（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 上海司南卫星导航技术股份有限公司 招股说明书（上会稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体董事、监事、高级管理人员承诺招股说明书 ...