[Table_Title] 激励规模创新高，保障公司长期稳健增长 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨华测导航（300627.SZ） 报告要点 [Table_Summary] 本次股票激励计划覆盖范围高达 1082 人，授予股票 2000 万股，在公司所做激励历史上为规模 最大的一次，充分展现了公司对未来增长的信心，以及愿意与员工共享公司发展成果的理念， 此举有助于公司绑定核心员工，为公司长期稳健成长保驾护航。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 华测导航（300627.SZ） cjzqdt11111 [Table_Title2] 激励规模创新高，保障公司长期稳健增长 [Table_Summary2] 事件描述 公司发布 2025 年第三期限制性股票激励计划（草案）。 事件评论 ⚫ 激励方案概要：拟授予限制性股票不超过 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company's overseas business gross margin has significantly improved in 2024, primarily due to self-developed core components and an increase in the proportion of high-end products. Additionally, precision agriculture products have expanded their application scenarios from controlling agricultural machinery to controlling tools. The passenger vehicle business is progressing smoothly, with a delivery volume of 300,000 units. For 2025, the company aims for a net profit attributable to shareholders of 730 million yuan, representing a year-on-year increase of 25% [2][4][9]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company expects a net profit attributable to shareholders of 480-495 million yuan, a year-on-year increase of 23.17%-27.02%. The non-recurring net profit is projected to be 440-455 million yuan, up 28.81%-33.20% [4]. - In Q3 2025, the company achieved a net profit of 154-169 million yuan, a year-on-year increase of 12%-22%, with a non-recurring net profit of 141-156 million yuan, up 8%-19% [9]. Business Development - The company has seen steady growth in its other business lines, despite pressure on the deformation monitoring business due to fiscal spending impacts. The company remains confident in achieving its annual profit target of 730 million yuan for 2025 [9]. - Emerging businesses are being launched while traditional businesses continue to iterate, with a favorable operating environment. The company has made significant breakthroughs in RTK technology and has expanded into various sectors, including precision agriculture and smart driving [9]. Growth Drivers - The company is focusing on four main growth areas: overseas expansion, three-dimensional intelligence, precision agriculture, and smart driving. The overseas market is expected to provide high margins and rapid growth, with overseas revenue accounting for 29% in 2024 and a gross margin of 77.6%, which is nearly 27 percentage points higher than the domestic market [9]. - The company has been designated as a key supplier for several automakers in the autonomous driving sector, with cumulative deliveries exceeding 300,000 units [9].