研究早观点 2025 年 11 月 17 日 星期一 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,990.49 | -0.97 | | 深证成指 | 13,216.03 | -1.93 | | 沪深 300 | 4,628.14 | -1.57 | | 中小板指 | 8,022.26 | -1.77 | | 创业板指 | 3,111.51 | -2.82 | | 科创 50 | 1,361.23 | -2.72 | 资料来源：最闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】非银行金融：行业周报（20251103-20251109）：-资本市 场双向开放全面深化，券商基本面持续向好 【山证纺服】裕元集团 2025Q3 季度业绩点评 【山证通信】华测导航（300627.SZ）-海外业务拓展良好，业绩保持稳 健增长 【行业评论】脑机接口更新：十五五规划下，上海阶梯医疗脑机接口 产品首次进入 NMPA 创新医疗器械绿色通道 2 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for its stock performance [1]. Core Insights - The company has shown steady growth in revenue and net profit, with a year-on-year revenue increase of 15.47% and a net profit increase of 26.41% for the first three quarters of 2025 [4]. - The expansion of overseas business is progressing well, contributing to the overall growth and enhancing the company's market presence globally [8]. - The company is diversifying its product offerings across various sectors, including precision agriculture, public utilities, and geospatial information, which are expected to drive future growth [6][7]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.618 billion yuan and a net profit of 493 million yuan [4]. - The company’s earnings per share (EPS) are projected to grow from 1.34 yuan in 2025 to 2.16 yuan by 2027, reflecting a strong growth trajectory [9]. - The gross margin is expected to improve gradually, reaching 58.5% by 2027 [10]. Business Segments - The resource and public utilities segment is experiencing some slowdown due to project implementation and contract quality issues, but other areas like precision agriculture are seeing rapid growth with new product launches [4][5]. - The geospatial information segment is maintaining rapid growth, with advancements in 3D intelligent measurement and drone technology [6]. - The robotics and autonomous driving segment has made significant strides, with partnerships established with major automotive companies and a growing number of deliveries [7]. Market Expansion - The company has established a robust overseas distribution network, with products sold in over 100 countries, and is focusing on enhancing its presence in key international markets [8]. - The overseas revenue contribution is increasing, with a higher gross margin compared to domestic sales, indicating a successful international strategy [8]. Profitability Forecast - The company is expected to achieve net profits of 738 million yuan in 2025, with a compound annual growth rate (CAGR) of approximately 26.5% through 2027 [9]. - The price-to-earnings (P/E) ratio is projected to decrease from 24.0 in 2025 to 14.9 by 2027, suggesting an attractive valuation as earnings grow [10].

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]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][17]. Core Views - The company is experiencing rapid revenue growth in the geographic information sector, driven by a continuously expanding product matrix that supports steady performance improvement [1][2]. - The company has a strong focus on high-precision navigation and positioning technologies, enhancing core algorithm capabilities and expanding application scenarios [2][3]. - The company is committed to high R&D investment, continuously launching new products to enhance market competitiveness [3][4]. Financial Performance Summary - For the first half of 2025, the company achieved 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% year-on-year [2]. - The company’s revenue is projected to grow from 2.678 billion yuan in 2023 to 6.273 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.1% [1][10]. - The net profit attributable to the parent company is expected to rise from 449 million yuan in 2023 to 1.202 billion yuan in 2027, reflecting a strong growth trajectory [1][10]. Business Segment Performance - The company’s revenue from the geographic information segment grew by 87.61% year-on-year in the first half of 2025, indicating significant demand in this area [2]. - The construction and infrastructure segment reported a revenue increase of 23.67% year-on-year, while the robotics and autonomous driving segment grew by 43.80% [2]. R&D and Product Development - The company invested 267 million yuan in R&D in the first half of 2025, marking a 10.13% increase year-on-year, which underscores its commitment to technological advancement [3]. - New product launches, such as laser surveying systems and smart agricultural machinery, are expected to enhance operational efficiency and expand the product matrix [3].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Insights - The company achieved a revenue of 1.833 billion RMB in 1H25, representing a year-over-year increase of 23.54%, with a net profit of 326 million RMB, up 29.94% year-over-year [1]. - The growth is driven by strong demand in geospatial information and autonomous driving sectors, with overseas revenue contributing significantly [2][4]. - The company’s net profit margin continues to improve, reflecting operational efficiency and scale effects [3]. Revenue and Profitability - The geospatial information segment reported revenue of 359 million RMB in 1H25, a year-over-year increase of 87.61%, with a gross margin improvement [2]. - The autonomous driving segment generated 114 million RMB, up 43.80% year-over-year, with a significant increase in the delivery of positioning units [2]. - Overall gross margin for 1H25 was 58.13%, with a net profit margin of 17.81%, showing a year-over-year increase [3]. Future Projections and Valuation - The company is expected to maintain rapid growth, with projected net profits of 760 million RMB, 966 million RMB, and 1.217 billion RMB for 2025, 2026, and 2027 respectively [4][10]. - The target price is set at 42.01 RMB per share, based on a PE ratio of 43.2x for 2025 [4][6].

Performance Review - In 2024, the company achieved revenue of 3.251 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89%, exceeding the 2023 target of 560 million yuan [1] - The 2025 revenue target is set at 730 million yuan, representing a year-on-year growth of approximately 25% [1] - In Q1 2025, the company reported revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit of 143 million yuan, up 38.50% [1] Revenue Structure - In 2024, the revenue breakdown was as follows: Resources and Public Utilities 1.425 billion yuan (43.84%, +26.41%), Construction and Infrastructure 1.053 billion yuan (32.38%, +8.97%), Geospatial Information 589 million yuan (18.10%, +38.44%), and Robotics and Autonomous Driving 185 million yuan (5.68%, +15.53%) [2] - The Resources and Public Utilities segment is the main growth driver, while Construction and Infrastructure serves as a stable business, and Geospatial Information is emerging as a new growth engine [2] Profitability - The company's overall gross margin in 2024 was 58.13%, with the following segment margins: Construction and Infrastructure 68.41%, Resources and Public Utilities 54.71%, Geospatial Information 53.10%, and Robotics and Autonomous Driving 41.95% [2] - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth, attributed to effective management and cost reduction efforts [2] Domestic and International Business - Domestic revenue in 2024 was 2.313 billion yuan, a year-on-year increase of 18.07%, outperforming the industry average [3] - International revenue reached 938 million yuan, up 30.39%, with significant growth potential in overseas markets [3] - The company’s overseas revenue accounts for less than 30% of total revenue, with a compound annual growth rate of nearly 40% over the past five years [3] Investment Outlook - The net profit forecasts for 2025-2026 have been adjusted to 756 million and 1 billion yuan, respectively, with a new forecast for 2027 at 1.307 billion yuan [4] - Corresponding EPS for these years are projected to be 1.38, 1.82, and 2.38 yuan, with current stock prices reflecting PE ratios of 30.68X, 23.20X, and 17.74X for 2025-2027 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company's overseas profitability continues to improve, with the geographic information segment becoming a new growth engine [4] - In 2024, the company achieved a revenue of 3.251 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, a year-on-year increase of 29.89%, exceeding the 2023 target of 560 million yuan [4][5] - The company aims for a net profit target of 730 million yuan in 2025, representing a year-on-year growth of approximately 25% [4] Revenue Structure - In 2024, the revenue breakdown was as follows: - Resources and Public Utilities: 1.425 billion yuan (43.84%, +26.41%) - Construction and Infrastructure: 1.053 billion yuan (32.38%, +8.97%) - Geographic Information: 589 million yuan (18.10%, +38.44%) - Robotics and Autonomous Driving: 185 million yuan (5.68%, +15.53%) - The resources and public utilities segment is the main growth driver, while construction and infrastructure serve as the stable business [5] Profitability - The company's overall gross margin in 2024 was 58.13%, with the following margins by segment: - Construction and Infrastructure: 68.41% - Resources and Public Utilities: 54.71% - Geographic Information: 53.10% - Robotics and Autonomous Driving: 41.95% - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth [6] Domestic and Overseas Business Performance - Domestic revenue in 2024 was 2.313 billion yuan, a year-on-year increase of 18.07%, outperforming the industry average [7] - Overseas revenue reached 938 million yuan, a year-on-year increase of 30.39%, with significant growth potential in international markets [7] Financial Forecast - The company’s projected net profits for 2025-2027 are as follows: - 2025: 756 million yuan - 2026: 1 billion yuan - 2027: 1.307 billion yuan - Corresponding EPS for these years are estimated at 1.38, 1.82, and 2.38 yuan respectively [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89%, exceeding the 2023 target of 560 million yuan [4][5] - The company aims for a net profit target of 730 million yuan in 2025, which is approximately a 25% increase compared to 2024 [4] - The first quarter of 2025 showed a revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit of 143 million yuan, up 38.50% [4] Revenue Structure - In 2024, the revenue breakdown was as follows: Resources and Public Utilities contributed 1.425 billion yuan (43.84%, +26.41%), Construction and Infrastructure 1.053 billion yuan (32.38%, +8.97%), Geographic Information 589 million yuan (18.10%, +38.44%), and Robotics and Autonomous Driving 185 million yuan (5.68%, +15.53%) [5] - The Geographic Information segment is emerging as a new growth engine for the company [5] Profitability - The overall gross margin for the company in 2024 was 58.13%, with specific margins of 68.41% for Construction and Infrastructure, 54.71% for Resources and Public Utilities, 53.10% for Geographic Information, and 41.95% for Robotics and Autonomous Driving [6] - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth [6] Domestic and Overseas Business - Domestic revenue in 2024 was 2.313 billion yuan, growing 18.07%, while overseas revenue was 938 million yuan, up 30.39% [7] - The company has significant growth potential in overseas markets, with a compound annual growth rate of nearly 40% in overseas revenue over the past five years [7] Financial Forecasts - The company’s projected net profits for 2025, 2026, and 2027 are 756 million yuan, 1 billion yuan, and 1.307 billion yuan, respectively, with corresponding EPS of 1.38, 1.82, and 2.38 yuan [9] - The current stock price corresponds to a P/E ratio of 30.68X for 2025, 23.20X for 2026, and 17.74X for 2027 [9]