证券研究报告 | 公司点评 | 通信设备 华测导航(300627) 报告日期：2025 年 09 月 16 日 多板块齐头并进，海外保持高增速 ——华测导航 2025 年中报点评报告 投资要点 ❑ 业绩符合预期，费用端持续优化 公司上半年研发投入为 2.67 亿元，同比+10.13%，公司始终坚持研发投入，围绕 高精度定位技术核心，经过多年的研发投入和探索，已经形成有技术壁垒的核心 算法能力，具备高精度 GNSS 算法、三维点云与航测、GNSS 信号处理与芯片 化、自动驾驶感知与决策控制等完整算法技术能力，打造了物联网与云服务平 台、空间信息应用软件、各类解决方案与系统集成等。公司注重研发体系规划和 建设，在优势知识密集区域吸引人才团队，在国内建立上海、武汉、南京及北京 四个研发基地，在海外建立英国研发基地，充分发挥地区的院校人才优势，逐步 强化公司在高精度定位导航领域的核心竞争力。 2025 年上半年，公司实现营收 18.33 亿元，yoy+23.54%；实现归母净利润 3.26 亿 元（预告中值 3.275 亿元），yoy+29.94%，实现扣非归母净利润 2.99 亿元，yoy +41.8%。上半年毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Viewpoints - The company is a leader in China's high-precision space-time information industry, focusing on the research, manufacturing, integration, and industrial application of core technologies and solutions related to high-precision navigation and positioning [6][13]. - The demand for high-precision positioning is growing, with the global GNSS downstream market expected to grow at a compound annual growth rate (CAGR) of over 8% from 2023 to 2033, driven mainly by enhanced services and other GNSS-related services [6][56]. - The company's revenue is projected to increase, with expected earnings per share (EPS) of 1.05 and 1.26 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 34 times and 29 times [6][31]. Summary by Sections Company Overview - The company was established in 2003 and listed on the Shenzhen Stock Exchange in 2015, focusing on high-precision satellite navigation and positioning technology [6][13]. - It has developed a range of leading technologies and has established a strong technical barrier in core algorithm capabilities, providing high-precision positioning equipment and system applications across various industries [6][13][14]. Market Development - The satellite navigation market is expanding, with the global GNSS downstream market revenue expected to reach approximately 460 billion euros by 2033, accounting for 80% of the market [6][56]. - The company has diversified its applications across four major sectors: resources and public utilities, construction and infrastructure, geographic information, and robotics and autonomous driving [6][67]. Financial Performance - The company's revenue grew from 1.903 billion yuan in 2021 to 3.251 billion yuan in 2024, with a CAGR of 19.54% [29]. - 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% year-on-year [31][34]. - The gross profit margin increased from 54.64% in 2021 to 58.13% in 2024, indicating improved profitability [37]. Research and Development - The company has consistently increased its R&D spending, with expenditures rising from 333 million yuan in 2021 to 469 million yuan in 2024, and the number of R&D personnel growing from 329 to 681 during the same period [41][44]. - The focus on R&D includes advancements in high-precision positioning chips, autonomous driving technologies, and AI-related software and algorithms [41][44]. Industry Trends - The GNSS industry is experiencing rapid growth, with increasing demand for high-precision positioning solutions across various sectors, including agriculture, urban development, and infrastructure [56][64]. - The global satellite market value is projected to grow from 283 billion USD in 2021 to 357 billion USD by 2025, with a CAGR of 2.6% [51][56].