行业定义 以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 卫星导航（ Satellite Navigation ，简称 SatNav ）是一种利用人造地球卫星为用户提供定位、导 航和授时服务的系统。它通过卫星发送的信号，结合接收终端的解算能力，实现对位置、速度和时间 的高精度测量。 卫星导航不同于传统的地图导航 。 传统导航更多依赖路网数据与人工规划，而卫星导航的核心在于 空间信号与时间同步。通过卫星信号，用户能够在全球范围内实现实时定位和轨迹追踪，这也是现代 交通、通信和国防等领域不可或缺的基础技术。 来源： Electronics desk 卫星导航是智能出行与精密定位的核心支撑。目前全球已有多个成熟的卫星导航系统，如美国 GPS 、俄罗斯 GLONASS 、欧洲伽利略以及中国北斗。随着技术发展，卫星导航正不断提高精度和可靠 性，同时也需要地面基站、增强系统与多源信息融合的支持，才能在复杂环境下保持稳定运行。 从使用场景来看，卫星导航已经渗透到各类终端与行业。日常生活中，智能手机与汽 ...

Core Viewpoint - The company has successfully secured contracts for IMU products with two domestic intelligent robot companies, with initial small-scale deliveries already made [2] Group 1: Company Developments - The company announced on September 18 that it has obtained contracts for IMU products from two intelligent robot enterprises in China [2] - The company plans to continue monitoring the demand and development changes in industries related to intelligent driving, intelligent networking, and artificial intelligence [2] Group 2: Industry Outlook - The company is exploring the integration of high-precision positioning technology in low-altitude fields and industrial robotics [2]

Group 1 - Cao Cao Mobility is partnering with Geely's company Space-Time Daoyu to launch the "Cao Cao Zhixinghao" satellite, expanding its presence in the smart mobility sector into aerospace [2] - The strategic cooperation was established on July 22, focusing on the application of satellite IoT communication and high-precision positioning technology for the management and operation of autonomous vehicle fleets [2] - Geely Holding Group's chairman, Li Shufu, stated that Cao Cao Mobility will serve as the most important commercial vehicle for Robotaxi, aiming to create a globally leading technology mobility platform [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to see significant growth in overseas business gross margin due to self-research of core components and an increase in the proportion of high-end products. The precision agriculture products have expanded their application scenarios, and the passenger vehicle business has progressed smoothly with a delivery volume of 300,000 units. The company aims for a net profit of 730 million yuan in 2025, representing a year-on-year increase of 25% [2][6]. Financial Performance - In the first half of 2025, the company reported revenue of 1.833 billion yuan, a year-on-year increase of 23.54%, and a net profit attributable to the parent company of 326 million yuan, up 29.94%. The non-recurring net profit was 299 million yuan, reflecting a 41.80% increase [6]. Business Segmentation - Revenue from the resource and public utilities segment was 702 million yuan, up 3.09% year-on-year; the construction and infrastructure segment generated 659 million yuan, up 23.67% due to increased RTK market share; the geographic information segment saw revenue of 359 million yuan, up 87.61% driven by significant growth in 3D intelligent products; the robotics and autonomous driving segment earned 114 million yuan, up 43.80% due to substantial volume from a specific automotive client [12]. Geographic Performance - Domestic revenue reached 1.232 billion yuan, a year-on-year increase of 18.58%, while overseas revenue was 602 million yuan, up 35.09%, indicating a recovery to over 40% growth for the full year [12]. Growth Drivers - The company is focusing on four main growth areas: overseas expansion, 3D intelligence, precision agriculture, and intelligent driving. The overseas market is expected to provide high margins and rapid growth, with overseas revenue accounting for 29% of total revenue and a gross margin of 77.6%, which is 27 percentage points higher than the domestic market [12]. Profit Forecast - The company aims for a net profit of 730 million yuan in 2025, with projections of 756 million yuan, 995 million yuan, and 1.326 billion yuan for 2026 and 2027, respectively, reflecting year-on-year growth rates of 30%, 32%, and 33% [12].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a revenue of 1.833 billion yuan for the first half of 2025, representing a year-on-year growth of 23.54%, and a net profit attributable to shareholders of 326 million yuan, up 29.94% year-on-year [6]. - The company aims for a net profit target of 730 million yuan for 2025, which aligns with its current growth trajectory [6]. - The report highlights the company's continuous investment in R&D, with R&D expenses accounting for 14.6% of revenue in the first half of 2025, focusing on high-precision GNSS technology and its applications in various emerging fields [6]. - The geographic information segment showed significant growth, with a revenue increase of 87.6% year-on-year, while the robotics and autonomous driving segment also expanded by 43.8% [6]. - The company has established a strong presence in overseas markets, with international business accounting for 32.8% of total revenue in the first half of 2025, reflecting a year-on-year increase of 35.1% [6]. - The report maintains profit forecasts for 2025-2027, projecting net profits of 750 million, 949 million, and 1.146 billion yuan respectively, with corresponding P/E ratios of 39, 31, and 25 [6]. Financial Data and Profit Forecast - Total revenue is projected to reach 4.044 billion yuan in 2025, with a year-on-year growth rate of 24.4% [5]. - The net profit attributable to shareholders is expected to be 750 million yuan in 2025, reflecting a growth rate of 28.5% [5]. - The gross margin is anticipated to improve to 60.1% in 2025, with a return on equity (ROE) of 19.2% [5].

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 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, indicating robust business operations and a positive outlook for future growth [3]. Financial Performance - The company achieved operating revenue of 3.251 billion yuan in 2024, a year-on-year increase of 21.38% - The net profit attributable to shareholders reached 583 million yuan, up 29.89% year-on-year - The net profit after deducting non-recurring gains and losses was 504 million yuan, reflecting a growth of 35.31% year-on-year - The company set a target for 2025, aiming for a net profit of 730 million yuan, which represents a growth of approximately 25% compared to the previous year - For Q1 2025, the company forecasts a net profit of 135 to 143 million yuan, indicating a year-on-year growth of 30.99% to 38.75% [3][4]. Business Segments Performance - The company operates in four major sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving, all of which are part of trillion-yuan global markets - In 2024, the resources and public utilities segment generated revenue of 1.425 billion yuan, a year-on-year increase of 26.41% - The construction and infrastructure segment reported revenue of 1.053 billion yuan, up 8.97% year-on-year - The geographic information segment achieved revenue of 589 million yuan, reflecting a growth of 38.44% year-on-year - The robotics and autonomous driving segment earned 185 million yuan, with a year-on-year increase of 15.53% [4]. International Market Growth - The company's revenue from international markets reached 938 million yuan in 2024, marking a significant year-on-year growth of 30.39% - The company has established a strong overseas distributor network and an international product development and marketing team, leveraging its domestic market success and cost advantages to expand its international market share [5]. R&D and Technological Advancements - The company continues to invest in R&D centered around high-precision positioning technology, establishing effective technological barriers - It possesses comprehensive algorithmic capabilities in high-precision GNSS, 3D point cloud and aerial surveying, GNSS signal processing and chip integration, and autonomous driving perception and decision-making - The company has focused on core components such as GNSS chips, OEM boards, and antennas, enhancing its core technology advantages in high-precision GNSS algorithms, integrated navigation, SWAS wide-area enhancement, and precise orbit determination [6].

Core Insights - The company reported a revenue of 3.251 billion yuan for 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [1][2] Financial Performance - R&D investment reached 469.02 million yuan, a 1.49% increase year-on-year, accounting for 14.43% of total revenue [1] - The company achieved operating income of 1.425 billion yuan in the resources and public utilities sector, a growth of 26.41% [1] - In the construction and infrastructure sector, operating income was 1.052 billion yuan, up 8.97% [1] - The geospatial information sector generated 588.5 million yuan in revenue, reflecting a 38.44% increase [1] - The robotics and autonomous driving sector reported 184.67 million yuan in revenue, growing by 15.53% [1] Market Expansion - The company established a dual-channel marketing system combining direct sales and distribution, with overseas revenue reaching 937.63 million yuan, a 30.39% increase [2] - Domestic revenue amounted to 2.313 billion yuan, growing by 18.07% [2] Operational Efficiency - The sales expense ratio decreased to 18.45%, down 0.59% year-on-year [2] - The management expense ratio increased to 7.92%, attributed to stock incentive amortization and investments in management system and information platform [2] - Operating cash flow net amount was 659.06 million yuan, a significant increase of 47.99% year-on-year [2] Industry Position - Since its establishment in 2003, the company has focused on high-precision navigation and positioning technologies, becoming a leading enterprise in China's high-precision satellite navigation and positioning industry [2]