伴随NOA市场的高速增长，车载高精度定位系统装配量同步增长。 高工智能汽车研究院监测数据显示，2025年1-10月，中国市场乘用车（不含进出口）搭载高精度定位车型交付量达到422万辆，同比增长181%，渗透率上 升至22%。 过去，车规级IMU芯片市场主要由ST、博世、TDK、村田等厂商垄断，市场呈现了高度集中的特征。但近几年，伴随着本土厂商的加速布局，中国车规 级MEMS IMU已成功实现了关键突破。导远科技自研的6轴车规级GST80 MEMS IMU惯性传感器芯片，已获得工信部电子五所颁发的自主可控评测报告， 确认其符合自主可控要求。 这填补了国内车规级MEMS惯性测量芯片自主可控的市场空缺，引领产业迈入国产化进程；同时，该芯片已通过AEC-Q100可靠性测试，在可靠性、环境 适应性和使用寿命上达到了国际权威车规级标准，已具备大规模量产的技术与供应能力。当前，GST80惯性传感器芯片已进入商业化落地阶段。 GNSS方面，支持双频多星座系统和多频多星座系统的GNSS模组是主流应用，移远通信、北斗星通、导远科技等本土方案也在加快上车规模化落地，例 如移远通信的LG69T、导远科技的NAV3120系列。 在高精 ...

证券日报网讯 12月10日，中海达（300177）在互动平台回答投资者提问时表示，公司作为国内少数能 够为客户提供全产品线高精度定位产品和解决方案的企业之一，在核心技术研发、行业技术积累、产品 体系、销售服务能力、品牌影响力等方面具备较强的竞争力。关于公司核心竞争力情况，请详见公司定 期报告相关章节内容。 ...

Core Viewpoint - The company, Zhonghaidah (300177), is one of the few domestic enterprises capable of providing a full range of high-precision positioning products and solutions, showcasing strong competitiveness in various aspects [1] Group 1 - The company has strong capabilities in core technology research and development [1] - The company possesses significant industry technology accumulation [1] - The company has a comprehensive product system [1] Group 2 - The company demonstrates robust sales service capabilities [1] - The company has a notable brand influence [1]

Core Viewpoint - The company focuses on the research, manufacturing, and sales of high-precision positioning technology-related hardware and software products and services, emphasizing the application of BeiDou precision positioning in various industries [2] Group 1 - The company is dedicated to providing solutions for spatiotemporal information [2] - The company aims to deepen the application of BeiDou precision positioning in industry [2] - Detailed business information can be found in the company's periodic reports [2]

Core Insights - Zhonghaidah has achieved a significant milestone by delivering over 1 million sets of high-precision positioning products for intelligent driving by November 10, 2023, marking a new phase of industrialization and scale in the smart driving and navigation control application business [1][2] - The global automotive industry is undergoing a transformation centered around "intelligence," with advancements in smart driving technology progressing from advanced driver assistance systems to higher levels of automation [1] - High-precision positioning capabilities are essential for the successful implementation of intelligent driving, as challenges in urban environments can hinder GNSS signal reliability [1] Company Developments - Zhonghaidah has made key technological breakthroughs in the Beidou high-precision positioning field over the past two decades, with the latest delivery specifically designed for L4-level Robotaxi applications [2] - The company is increasing its R&D investment to integrate AI large models into vehicle scene perception and decision-making, enhancing the system's ability to handle complex scenarios [2] - Zhonghaidah has established strategic partnerships with several domestic Robotaxi clients for mass production models, advancing the commercialization of high-level autonomous driving [2] Industry Trends - The intelligent driving industry is experiencing a boom across the entire value chain, including upstream core hardware, midstream algorithm development, and downstream vehicle manufacturing and mobility services [1] - The delivery of 1 million vehicle-mounted products by Zhonghaidah reflects the maturity of China's intelligent driving industry chain, with ongoing innovations accelerating the pace of smart driving adoption [3] - The company aims to expand its capabilities in high-precision spatiotemporal perception technology, focusing on platformization of positioning algorithms and modularization of products [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's profit growth rate for Q3 2025 is 20%, exceeding the previous forecast median of 17%. The slowdown in revenue growth is primarily due to the strain in the deformation monitoring business and adjustments in customer demand, while other business segments remain stable [2][11] - For Q4, it is anticipated that the impact of the monitoring business on overall growth will diminish, as the confirmation weight of the deformation monitoring business is relatively high in Q4, and the overall revenue and profit scale in Q4 is larger, thus reducing the drag from a single business segment compared to Q3 [2][11] - The company achieved operating revenue of 2.618 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 15.47%, and a net profit attributable to the parent company of 493 million yuan, up 26.41% year-on-year [5][11] Summary by Sections Business Performance - In Q3 2024, the company reported operating revenue of 785 million yuan, a slight increase of 0.19% year-on-year, and a net profit of 166 million yuan, reflecting a year-on-year growth of 20% [5] - The company has seen a decline in revenue growth primarily due to the deformation monitoring business, while other segments are performing well [11] Future Outlook - The company is expected to focus on emerging businesses and traditional business iterations, with a positive operating environment. Key growth areas include overseas expansion, three-dimensional intelligence, precision agriculture, and intelligent driving [11] - The company aims for a net profit target of 730 million yuan in 2025, representing a year-on-year increase of 25%. Projections for net profit from 2025 to 2027 are 733 million, 930 million, and 1.207 billion yuan, with growth rates of 26%, 27%, and 30% respectively [11]

Group 1 - The report highlights that public fund holdings in the TMT sector have reached a historical high of approximately 40%, suggesting a need for more balanced industry allocation [1][5][6] - The report indicates that the TMT sector has seen a significant increase in fund allocation, with a rise of 11.20 percentage points to 39.85%, marking a historical peak [5][6] - The report recommends focusing on sectors with better cost-performance ratios, particularly in TMT and other high-performing industries [7] Group 2 - The "14th Five-Year Plan" emphasizes strategic stability, risk response, and efficiency improvement, indicating a focus on maintaining competitive advantages in international markets [9][10] - The report outlines that the North Exchange is entering a strategic opportunity period, with a focus on product innovation and market vitality enhancement [14][16] - The North Exchange aims to support innovative small and medium enterprises and enhance market openness through various reforms [14][16] Group 3 - The report on Huace Navigation indicates that the company has shown robust performance in its core business, with a projected net profit of 7.3 billion, 9.5 billion, and 12.1 billion yuan for 2025-2027 [3][20] - The company has experienced significant growth in overseas markets, contributing to its overall revenue and profit increase [18][20] - The report notes that Huace Navigation's gross profit margin has improved, reaching 60.4% in the first three quarters of 2025 [19] Group 4 - The report on Jucheng Co. highlights a significant increase in revenue and net profit, with a 21.29% year-on-year growth in revenue for the first three quarters of 2025 [22][24] - The company has successfully expanded its high-value product offerings, leading to improved profitability [23][24] - The report emphasizes the importance of R&D investment, which reached a historical high of 1.46 billion yuan in the first three quarters of 2025 [23] Group 5 - The report on Tianhe Pharmaceutical indicates a gradual improvement in its fundamentals, with a notable increase in net profit for the third quarter of 2025 [41][43] - The company is focusing on international expansion and enhancing its service capabilities through strategic acquisitions [42][43] - The report projects significant revenue growth for Tianhe Pharmaceutical, with expected revenues of 71.93 billion, 79.78 billion, and 90.86 billion yuan for 2025-2027 [43]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [3][7][11]. Core Insights - The company's core business remains stable and shows positive growth, while the monitoring business experiences short-term fluctuations. In Q3, the company achieved a revenue of 780 million yuan, a year-on-year increase of 0.2%, and a net profit of 170 million yuan, up 20% year-on-year. For the first three quarters, total revenue reached 2.62 billion yuan, a 15.5% increase year-on-year, with a net profit of 490 million yuan, reflecting a 26.4% growth [1][2][3]. - The overseas market continues to grow rapidly, with products sold in over 100 countries and regions. The demand for displacement products in domestic disaster monitoring, water conservancy monitoring, and emergency scenarios is expected to recover, contributing to future growth [1][2]. - The company has implemented a third stock incentive plan, demonstrating confidence in its development. The plan includes performance assessment requirements based on net profit growth rates for the years 2026, 2027, and 2028 [2][3]. Financial Performance Summary - The company's gross margin for the first three quarters was 60.4%, an increase of 1.2 percentage points year-on-year, while the net margin was 19.6%, up 2.6 percentage points year-on-year. In Q3 alone, the gross margin and net margin reached 65.7% and 21.8%, respectively, marking the highest levels in five years [2][3]. - Revenue projections for the company are as follows: 2.678 billion yuan in 2023, 3.251 billion yuan in 2024, and 3.751 billion yuan in 2025, with growth rates of 19.8%, 21.4%, and 15.4% respectively. The net profit is expected to be 449 million yuan in 2023, growing to 583 million yuan in 2024, and 733 million yuan in 2025, with growth rates of 24.4%, 29.9%, and 25.7% respectively [5][10].

Core Insights - The company reported a significant decline in revenue and incurred a net loss for the third quarter of 2025, indicating financial challenges [1] Financial Performance - For Q3 2025, the company achieved revenue of 190 million yuan, a year-on-year decrease of 38.86% [1] - In the first three quarters of 2025, the company generated revenue of 683 million yuan, reflecting a year-on-year decline of 7.48% [1] - The net loss for Q3 2025 was 22.29 million yuan, and the total net loss for the first three quarters reached 45.98 million yuan [1] Company Overview - The company, established in 1999, specializes in the research, development, manufacturing, and sales of high-precision positioning technology-related hardware and software products and services [1] - It focuses on enhancing the application of Beidou precision positioning in various industries and aims to provide spatiotemporal information solutions [1]

Core Viewpoint - The company has outlined its key investment projects and their development prospects in response to investor inquiries on an interactive platform [1] Group 1: Investment Projects - The company has invested in subsidiaries such as Youjia Innovation, Liufen Technology, and Siwei Zhilian, which cover various fields including intelligent driving and high-precision positioning [1]