证券代码：300177 证券简称：中海达 广州中海达卫星导航技术股份有限公司 投资者关系活动记录表 编号：2025-007 投资者关系活动 类别 特定对象调研 分析师会议 媒 体 采 访 业绩说明会 新 闻 发 布 会 路 演 活 动 现 场 参 观 其他（请文字说明其他活动内容）： 参与单位名称及 人员姓名 东兴证券石伟晶 时间 2025 年 08 月 22 日上午 10:00-12:00 地点 公司广州总部 上市公司接待人 员姓名 董事会秘书：黄宏矩 证券事务代表：张赟 投资者关系主管：俞志洁 投资者关系活动 主要内容介绍 本次特定对象调研主要内容摘要如下： 1、公司的主营业务介绍及 2025 年半年度业绩情况 答：公司专注于高精度导航定位技术产业链相关软硬 件产品和服务的研发、制造和销售，深化北斗精准位置行 业应用，全力打造高精度时空信息解决方案。多年来始终 聚焦在高精度导航定位产业，目前已发展成为国内高精度 导航定位产业的领先企业之一，是全球高精度导航定位的 主流企业。 公司以高精度卫星导航定位技术为基础，融合激光雷 达、声呐、光电、惯导等多种技术，已形成"海陆空天、 室内外"全方位、全空间的高精度定 ...

Core Viewpoint - The company, Huace Navigation, demonstrated significant growth in its financial performance for the first half of 2025, with notable increases in revenue and net profit, while also highlighting concerns regarding high accounts receivable levels [2][8]. Financial Overview - Total revenue reached 1.833 billion yuan, a year-on-year increase of 23.54% - Net profit attributable to shareholders was 326 million yuan, up 29.94% - Non-recurring net profit stood at 299 million yuan, reflecting a 41.8% increase [2]. Quarterly Performance - In the second quarter, total revenue was 1.044 billion yuan, showing a year-on-year growth of 20.42% - Net profit attributable to shareholders for the quarter was 184 million yuan, a 23.99% increase - Non-recurring net profit for the quarter was 176 million yuan, up 41.6% [3]. Key Financial Metrics - Gross margin was 58.13%, a decrease of 0.52% year-on-year - Net profit margin was 18.71%, an increase of 13.42% year-on-year - Operating cash flow per share was 0.17 yuan, a significant increase of 172.6% [9]. Accounts Receivable and Cash Flow - Accounts receivable amounted to 1.284 billion yuan, a year-on-year increase of 13.62%, representing 220.17% of the latest annual net profit - Net cash flow from operating activities increased by 204.03%, with operating cash flow per share turning positive [5]. Revenue Composition - Revenue from system applications and solutions contributed 50.42%, while high-precision positioning equipment accounted for 49.58% - The main revenue sources by industry were resources and public utilities (38.29%) and construction and infrastructure (35.92%) - International market performance was strong, with a revenue share of 32.82% and a gross margin of 71.16% [6]. Development Review and Outlook - Since its establishment in 2003, the company has focused on high-precision navigation and positioning technology, developing a robust technology platform - The company has achieved significant results across various sectors, including resources, public utilities, construction, geographic information, robotics, and autonomous driving [7]. Conclusion - Overall, Huace Navigation exhibited strong performance in the first half of 2025, with substantial growth in revenue and net profit, particularly in non-recurring net profit and operating cash flow per share - However, the high level of accounts receivable remains a potential concern that warrants ongoing attention [8].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating a robust business trajectory and effective cost management [1][2][3]. Financial Performance - In 1H25, the company achieved 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]. - For Q2 2025, the company recorded revenue of 1.044 billion yuan, representing a year-on-year growth of 20.42% and a quarter-on-quarter increase of 32.33% [1]. Growth Trends - The company maintained a steady growth trend, with significant increases in revenue from its construction and infrastructure, geospatial information, and robotics and autonomous driving segments, which grew by 23.67%, 87.61%, and 43.80% respectively in 1H25 [2]. - The overseas business saw a revenue increase of 35.09% year-on-year, reaching 602 million yuan, with an improved gross margin of 71.16%, up 3.87 percentage points year-on-year [2]. Cost Management - The company effectively controlled costs, reducing the expense ratio by 3.84 percentage points to 39.34%, with R&D expenses decreasing by 1.77 percentage points to 14.56% [3]. - The net profit margin improved by 0.88 percentage points to 17.81% due to effective cost management [3]. - R&D investment in 1H25 amounted to 267 million yuan, with the establishment of multiple R&D bases in China and one in the UK [3]. Focus on Core Business and Shareholder Returns - The company is a leading player in the high-precision navigation and positioning industry, with significant growth in agricultural machinery automation and laser radar businesses [4]. - The company has implemented eight cash dividend distributions since its listing, with a total cash dividend payout of 615 million yuan from 2022 to 2024, representing 44.16% of the cumulative net profit attributable to shareholders over the same period [4]. - The overseas business expansion continues, with branches established in 12 countries/regions, contributing to a 2.81 percentage point increase in the share of overseas revenue to 32.82% in 1H25 [4]. Profit Forecast and Valuation - The company maintains net profit forecasts of 729 million yuan and 892 million yuan for 2025 and 2026, respectively, with current stock prices reflecting P/E ratios of 39.7x and 32.5x for those years [5]. - The target price has been raised by 29% to 42.7 yuan, indicating a potential upside of 15% based on projected P/E ratios of 45.8x and 37.4x for 2025 and 2026 [5].

Group 1: Company Overview - The company focuses on high-precision navigation and positioning technology, developing software and hardware products and services [2][3] - It has become a leading enterprise in the domestic high-precision navigation industry and a mainstream player globally [2][3] - The company has established a complete technology chain from hardware to algorithms and industry solutions [3] Group 2: Core Business Segments - The company operates three core business segments: precise spatiotemporal perception equipment, Beidou high-precision industry applications, and intelligent driving and navigation control [3][4] - The precise spatiotemporal perception equipment business provides high-precision positioning solutions for industries such as natural resources and construction [4][5] - The Beidou high-precision industry applications focus on integrating technology with industry needs, offering comprehensive solutions [8][9] Group 3: Technological Innovations - The company has developed innovative RTK products that address traditional measurement challenges, enhancing operational efficiency [4][5] - It has created a new generation of intelligent surveying total stations that achieve millimeter-level measurement accuracy [4][5] - The company’s ADCP series products have gained recognition in the domestic market, leading in market share [6][7] Group 4: Industry Applications - The company provides solutions for various sectors, including water resources, emergency rescue, and ecological environment monitoring [5][9] - It has implemented over 10,000 monitoring points for geological disaster hazards across the country [8] - The company’s solutions have been applied in multiple high-speed rail lines, enhancing operational safety [10] Group 5: Intelligent Driving and Navigation Control - The company offers high-precision positioning products for passenger vehicles, agricultural machinery, and construction machinery [11][12] - It has achieved approximately 40% growth in its intelligent driving business, with over 60 vehicle models receiving mass production [12][13] - The agricultural navigation system has been recognized by clients in regions such as Xinjiang and Inner Mongolia, expanding its sales network [14]

Group 1: Company Overview and Financial Performance - The company focuses on high-precision navigation and positioning technology, developing a comprehensive product line that includes hardware and software solutions [2][3] - In 2024, the company achieved a revenue of ¥1,219,549,535.51, a year-on-year increase of approximately 2.80%, while the net profit attributable to shareholders was -¥12,449,794.70, reflecting a 97.08% increase compared to the previous year [3] - For Q1 2025, the company reported a revenue of ¥151,988,324.18, marking a growth of about 30.60% year-on-year [3] Group 2: Overseas Business Development - The company has been expanding its overseas market presence, primarily in Asia, South America, and Europe, benefiting from the "Belt and Road" initiative and the competitive pricing of domestic products [4][5] - In 2024, the company established a subsidiary in Hungary to serve as a technical and warehousing center for its European operations [4] - The company successfully won a government project in Uganda for geological disaster monitoring, marking its entry into the African market [4] Group 3: Competitive Advantages in Overseas Markets - The company has established a strong presence in 12 countries, localizing procurement, logistics, sales, and global technical services [5] - The demand for high-cost performance domestic equipment has significantly increased in overseas markets, particularly in regions along the "Belt and Road" [5] Group 4: Smart Driving and Navigation Control Applications - The company provides high-precision positioning products and solutions for various vehicles, including passenger cars and agricultural machinery [6][7] - In 2024, the smart driving business experienced a growth of approximately 40%, with over 60 vehicle models successfully integrating the company's products [8] - The company collaborates with major automotive manufacturers and technology partners to develop advanced positioning solutions for smart driving applications [8] Group 5: Marine Business and Product Offerings - The company offers a range of marine detection equipment, including single and multi-beam echo sounders and acoustic Doppler current profilers [8] - It has developed an integrated hydrological monitoring system that combines various technologies to provide comprehensive solutions for marine engineering and surveying [8]