高精度定位导航

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华测导航(300627):多板块齐头并进,海外保持高增速
ZHESHANG SECURITIES· 2025-09-16 07:26
Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 1.833 billion yuan, a year-on-year increase of 23.54%, and a net profit attributable to shareholders of 326 million yuan, up 29.94% year-on-year [1][2] - The company is experiencing growth across multiple segments, with significant contributions from emerging businesses and a strong focus on product innovation [2][3][4] - The company maintains high research and development investment, with R&D expenses of 267 million yuan in the first half of 2025, a year-on-year increase of 10.13% [5] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 58.13%, with a net profit margin of 18.71%, reflecting a year-on-year increase of 2.21 percentage points [1] - The second quarter of 2025 saw revenue of 1.044 billion yuan, a year-on-year increase of 20.42%, and a net profit of 184 million yuan, up 23.99% year-on-year [1] Business Segments - The Resources and Public Utilities segment generated revenue of 702 million yuan, up 3.09% year-on-year, with a gross margin of 61.69% [2] - The Construction and Infrastructure segment reported revenue of 659 million yuan, a year-on-year increase of 23.67%, with a gross margin of 61.07% [2] - The Geospatial Information segment experienced significant growth, with revenue of 359 million yuan, up 87.61% year-on-year, and a gross margin of 50.57% [2] - The Robotics and Autonomous Driving segment generated revenue of 114 million yuan, a year-on-year increase of 43.8%, with a gross margin of 43.08% [2] Research and Development - The company emphasizes R&D, focusing on high-precision positioning technology, and has established multiple R&D bases domestically and internationally [5] - The company has developed core algorithm capabilities in high-precision GNSS, 3D point cloud, and autonomous driving perception [5] International Expansion - The company's overseas business revenue reached 602 million yuan in the first half of 2025, a year-on-year increase of 35%, accounting for 32.82% of total revenue [11] - The overseas business has a gross margin of 71%, significantly higher than the company's average [11] Profit Forecast and Valuation - The company is projected to achieve net profits of 733 million yuan, 942 million yuan, and 1.223 billion yuan for the years 2025, 2026, and 2027, respectively [12]