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 ...

Core Viewpoint - The company reported a strong performance in Q1-Q3 2025, with revenue and net profit showing significant year-on-year growth, indicating robust business expansion and market opportunities across various sectors [1][2][3][4][5][6] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2.618 billion yuan, a year-on-year increase of 15.47% - The net profit attributable to shareholders reached 493 million yuan, up 26.41% year-on-year, while the net profit after deducting non-recurring items was 453 million yuan, reflecting a 32.49% increase [1] Business Segments Downstream Applications - The company is expanding its downstream application scenarios, with new businesses accelerating in the resource and public utility sectors - The displacement monitoring business faced challenges due to project implementation pace and contract quality, leading to slower revenue growth in Q3 2025 [2] Precision Agriculture - The company is diversifying its offerings in precision agriculture, with products like automated driving for agricultural machinery being exported to dozens of countries - New products such as intelligent spraying systems and navigation tools are expected to drive rapid growth throughout the year [2] Construction and Infrastructure - The high-precision receiver equipment business is experiencing steady sales growth, maintaining a leading market share - The company is promoting advanced measurement technologies and software solutions to enhance operational efficiency [2] Digital Construction - The company is actively expanding its international presence, with rapid revenue growth in overseas markets - Products are being promoted in over 40 countries, receiving positive customer feedback, particularly in Europe and the Asia-Pacific regions [3] Geospatial Information - The geospatial information segment continues to grow rapidly, with significant advancements in 3D intelligence and laser radar technologies - The integration of SLAM and RTK algorithms is enhancing operational efficiency in measurement systems [3] Robotics and Autonomous Driving - The company has made breakthroughs in the passenger vehicle sector, with production lines and certifications completed - Over 600,000 units have been delivered, and the business is expected to continue its rapid development [4] Overseas Market Strategy - Globalization is a key development strategy, with an established dealer network and ongoing expansion in key regions - The company is leveraging its mature product technologies to capture market opportunities, with overseas revenue growing and contributing to improved overall profit margins [5] Profit Forecast and Valuation - The company forecasts net profits of 738 million yuan, 939 million yuan, and 1.187 billion yuan for 2025-2027, representing year-on-year growth rates of 26.5%, 27.2%, and 26.4% respectively - The expected EPS for the same period is 1.34 yuan, 1.71 yuan, and 2.16 yuan, with corresponding PE ratios of 24.0, 18.9, and 14.9 [6]

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].

Core Viewpoint - The company reported steady growth in its H1 2025 performance, with total revenue reaching 1.83 billion yuan, a year-on-year increase of 23.5%, and a net profit attributable to shareholders of 330 million yuan, up 29.9% [1][2] Financial Performance - Total revenue for H1 2025 was 1.83 billion yuan, with a net profit of 330 million yuan, and a non-recurring net profit of 300 million yuan, reflecting growth rates of 23.5%, 29.9%, and 41.8% respectively [1] - Q2 2025 revenue was 1.04 billion yuan, showing a year-on-year growth of 20.4%, while net profit for the same period was 184 million yuan, up 24.0% [2] - The company's gross margin for H1 2025 was 58.1%, a slight decrease of 0.3 percentage points year-on-year [2] - The net profit margin for H1 2025 improved to 17.8%, an increase of 0.88 percentage points year-on-year [2] Cost and Investment - R&D expenses for H1 2025 were 270 million yuan, representing a year-on-year increase of 10.1%, with an R&D expense ratio of 14.6% [2] - The management expense ratio decreased to 6.3%, down 1.1 percentage points year-on-year, while the sales expense ratio increased to 20.4%, up 0.89 percentage points [2] Business Segments - The company’s four major business segments showed growth, with the geographic information business growing significantly by 87.6% to 360 million yuan [3] - The resource and public utilities segment generated 700 million yuan, a growth of 3.1%, while the construction and infrastructure segment achieved 660 million yuan, up 23.7% [3] - The robotics and autonomous driving segment reported revenue of 110 million yuan, a year-on-year increase of 43.8% [3] Market Position and Expansion - The company has a robust national marketing system and a strong overseas dealer network, with branches in 12 countries/regions [3] - Overseas revenue accounted for 32.8% of total revenue, reaching 600 million yuan, a growth of 35.1% year-on-year [3] Investment Outlook - The company is positioned to benefit from the growing trend of high-precision satellite navigation services, with projected net profits of 760 million yuan, 990 million yuan, and 1.29 billion yuan for 2025-2027, corresponding to growth rates of 30.4%, 30.7%, and 29.3% [4] - A target price of 43.8 yuan is set based on a 45 times PE ratio for 2025, maintaining a "strong buy" rating [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - The company, Huace Navigation, reported steady growth in its 2025 H1 performance, with total revenue reaching 1.83 billion yuan, a year-on-year increase of 23.5%, and a net profit attributable to shareholders of 330 million yuan, up 29.9% [2]. - The company is positioned as a leader in high-precision satellite navigation and positioning services, benefiting from the expansion of both domestic and international markets [2]. Financial Performance Summary - **2025 H1 Financial Highlights**: - Total revenue: 1.83 billion yuan, up 23.5% year-on-year - Net profit attributable to shareholders: 330 million yuan, up 29.9% - Non-recurring net profit: 300 million yuan, up 41.8% [2] - **Future Financial Projections**: - Revenue projections for 2025-2027 are 4.23 billion yuan, 5.49 billion yuan, and 7.07 billion yuan, with corresponding growth rates of 30.1%, 29.7%, and 29.0% [2][8]. - Net profit projections for the same period are 760 million yuan, 990 million yuan, and 1.29 billion yuan, with growth rates of 30.4%, 30.7%, and 29.3% [2][8]. Business Segment Performance - **Geographical and Business Segment Growth**: - Resource and Public Utility: Revenue of 700 million yuan, up 3.1% - Construction and Infrastructure: Revenue of 660 million yuan, up 23.7% - Geospatial Information: Revenue of 360 million yuan, up 87.6% - Robotics and Autonomous Driving: Revenue of 110 million yuan, up 43.8% [2]. Market Position and Strategy - The company has a robust marketing system with both direct sales and a strong network of distributors, including branches in 12 countries/regions [2]. - As of 2025 H1, overseas revenue accounted for 32.8% of total revenue, reaching 600 million yuan, a year-on-year increase of 35.1% [2]. Investment Recommendation - The report suggests that the company is well-positioned to benefit from the increasing trend of high-precision satellite navigation services, with a target price of 43.8 yuan based on a 45x PE ratio for 2025 [2][3].