事件：公司发布2026年第三季度报告。2026Q3单季度实现营业收入5.75亿元，同比下降26.79%；归母净利润3559.54万元，同比下降78.57%；扣非归母净利润80.55万元，同比下降99.48%。
　　国内需求放缓拖累收入，海外业务形成结构性支撑。受国内宏观经济环境影响，财政开支及基建投资相关领域市场需求放缓，地信与时空智能、智能建造与数字施工板块业务承压，国内收入同比下降；海外业务保持增长态势，海外收入占比持续提升，对整体收入形成一定支撑。截至报告期末，公司部分项目尚处于待验收阶段，预计将于第四季度陆续验收并确认相应收入。
　　毛利率小幅回落，汇兑损失与股份支付费用共同压制利润。2026Q3单季度公司实现毛利率57.83%，同比下降7.90pct，环比下降2.94pct，主要系原材料涨价所致。公司2026Q3销售/管理/财务/研发费用率分别为29.10%/10.70%/17.28%/1.71%，同比分别+9.20/+2.29/+2.01/+1.01pct。公司前三季度归母净利率约14.73%，同比下降4.08pct。据公告，本期公司利润端除受到营收端影响外，同时受汇兑损益产生费用变动同比增加9200万元，以及股权支付费用1亿元这两项影响。
　　坚持全球化战略，积极拓展海外业务。公司基于StellaX芯片与PointX平台不断强化技术优势。公司出海产品品类持续丰富，积极拓展下游客户群体，并且凭借高性价优势实现了快速推广。公司产品已销往全球140多个国家和地区，RTK、农业、三维智能等业务在海外市场已形成一定规模，借助技术优势以及海外布局的稳步推进，海外业务有望打开公司的长期成长空间。
　　风险提示：新产品拓展不及预期、宏观经济波动风险。

Huace Navigation has reported revenue/attributable net profit(NP)/recurring NP of RMB2,503mn/369mn/273mn(-4.39/-25.14/-39.73%YoY)for 9M26 and RMB575mn/36mn/805.5k(-26.79/-78.57/-99.48%YoY)for 3Q26.On the revenue front,domestic infrastructure-related demand remained weak with prolonged project acceptance cycles,while overseas and agricultural businesses provided partial support.On the profit front,rising raw material and logistics costs,compounded by foreign exchange losses and increased share-based payment expenses,weighed on profitability.In the short term,we suggest focusing on 4Q project acceptance progress;in the medium-to-long term,overseas 3D and digital construction expansion,alongside emerging applications like agriculture and robotics,are likely to drive growth.Maintain BUY.
Domestic demand tepid;overseas/agri.segments maintain growth
According to company announcements,the 3Q revenue decline was mainly driven by domestic smart construction,digital construction,geographic information,and spatio-temporal intelligence segments,with certain projects experiencing longer revenue recognition cycles that are expected to be recognized in 4Q26.During the reporting period,the company continued to strengthen its globalization strategy and consolidate its competitive advantages,maintaining solid growth in overseas,digital construction,and agricultural businesses while improving market share and competitiveness.We believe 4Q project acceptances could support revenue,though domestic demand pressure still needs time to digest.Going forward,we suggest monitoring growth contributions from overseas 3D spatial,digital construction,and new agricultural products.
Higher costs and expenses compress margin
The company's 3Q26 gross margin was 57.83%(-7.90/-2.94pp YoY/QoQ),primarily impacted by rising procurement costs for upstream memory,PCBs,and certain electronic components,in our view.The 3Q26 sales/administrative/R&D/financial expense ratios were 29.10/10.70/17.28/1.71%,changing by+9.20/+2.29/+2.01/+1.01pp YoY.According to company announcements,FX gains/losses added nearly RMB92mn in expenses YoY for 9M26,while share-based payment expenses increased by nearly RMB72mn YoY,further weighing on net profit.We believe margin recovery should require acombination of revenue rebound,cost digestion,and management efficiency improvements.
Earnings forecasts and valuation
We expect company business to maintain growth,driven by:1)Horizontal expansion:Extending from traditional applications like construction and geographic information into emerging fields such as precision agriculture,autonomous driving,and low-altitude economy,while accelerating global expansion;2)Vertical integration:Strengthening upstream chips and algorithms as well as downstream operational services to enhance profitability.Considering domestic demand,raw material costs,and expense changes,we lower our earnings forecasts.We cut our 2026/2027/2028 attributable NP forecasts by 16.50/6.60/4.77%to RMB620mn/1,001mn/1,202mn(previous:RMB742mn/1,071mn/1,262mn).We value the stock at 22.4x 2027E PE,at par with its peers'average on Wind consensus,for our target price of RMB28.23(previous:RMB35.03,based on 37.48x 2026E PE).Maintain BUY.
Risks:macroeconomic fluctuations;international political uncertainties;application expansion falling short of expectations.

　　华测导航发布三季报，2026年前三季度实现营收25.03亿元（yoy-4.39%），归母净利3.69亿元（yoy-25.14%），扣非净利2.73亿元（yoy-39.73%）。其中Q3实现营收5.75亿元（yoy-26.79%），归母净利0.36亿元（yoy-78.57%），扣非净利80.55万元（yoy-99.48%）。收入端看，国内基建相关需求偏弱，部分项目验收周期较长，海外与农业业务形成一定支撑；利润端看，原材料及物流成本上涨叠加汇兑损失、股份支付费用增加，盈利承压。短期关注Q4项目验收节奏；中长期看，海外三维与数字施工业务拓展，以及农业、机器人等新兴应用有望贡献增长动力。维持“买入”评级。
　　国内需求有所承压，海外业务及农业板块保持增长
　　根据公司公告，三季度收入下降主要来自国内智能建造与数字施工、地信与时空智能板块，部分项目确收周期较长，预计于Q4确认。报告期内，公司持续强化全球化发展战略，巩固自身竞争优势，海外业务、数字施工业务以及农业业务保持良好增长态势，竞争力及市占率有所提升。我们认为，Q4项目验收有望支撑收入，但国内需求压力仍需消化，后续关注海外三维、数字施工及农业新品对增长的贡献。
　　成本上涨与费用增加压制盈利，经营调整持续推进
　　公司Q3毛利率为57.83%，同比下降7.90pct，环比下降2.94pct，主要系上游存储、PCB及部分电子元器件采购成本上涨，对毛利率形成压力。费用端，公司Q3销售/管理/研发/财务费用率分别为29.10%/10.70%/17.28%/1.71%，同比变动+9.20/+2.29/+2.01/+1.01pct。据公司公告，前三季度汇兑损益变动同比增加费用近9,200万元，股份支付费用同比增加近7,200万元，进一步压制利润。我们认为，盈利修复仍需收入恢复、成本消化与管理改善共同推动。
　　盈利预测与估值
　　我们认为公司业务有望保持增长，主要基于：1）横向拓宽：从建筑、地理信息等传统应用向精准农业、自动驾驶、低空经济等新兴领域延伸，加速全球化扩张；2）纵向做深：加强上游芯片和算法以及下游运营服务的布局，增强盈利能力。考虑到国内需求、原材料成本及费用变化，我们下调盈利预测，预计公司26-28年归母净利6.20/10.01/12.02亿元（前值：7.42/10.71/12.62亿元，调整幅度-16.50%/-6.60%/-4.77%），参考可比公司27年PE均值，给予公司27年22.4xPE估值，对应目标价28.23元/股（前值：35.03元/股，对应26年37.48x），维持“买入”评级。
　　风险提示：宏观经济波动风险；国际政治不确定性风险；应用拓展不及预期。

　　事件：公司发布2026年中报，2026年上半年公司实现营业收入19.3亿元，同比增长5.20%；实现归母净利润3.3亿元，同比增长2.05%；实现扣非归母净利润2.72亿元，同比下降9.07%。
　　业绩符合预期，剔除汇兑与股份支付扰动后利润增速稳健。上半年利润端表现弱于收入端，主要受两项非经营性因素影响：一是汇兑损失，汇率波动导致本期产生汇兑损失约5069万元；二是股份支付费用同比增加约5600万元，推动管理费用同比增长53.7%。根据公告（下同），剔除股份支付影响后，上半年净利润同比增长15.82%，与公司全年经营目标增速基本吻合（2026年经营目标为归母净利润达到7.88亿元，较上年同期增长约15%）。分季度看经营质量改善明显，2026Q2实现营业收入11.22亿元，环比增长39.0%；归母净利润2.08亿元，环比增长65.7%。
　　海外业务保持较快增长，收入占比接近37%。上半年公司国外市场实现营业收入7.07亿元，同比增长17.58%，占营业收入比重接近37%（25年同期为32.8%）。公司产品已销往全球140多个国家和地区，RTK、农业、三维智能等业务已在海外市场形成一定规模。从具体业务板块来看，26H1农机导航与机器人收入6.38亿元，yoy+28.5%，当前收入主要来自农机自动驾驶系统，产品已远销海外数十个国家。公司持续丰富产品矩阵，推出智能喷雾系统、智能灌溉等产品，并已与全球知名拖拉机厂商达成前装定点合作。地信与时空智能板块收入4.27亿元，yoy-13.6%，主要受部分新品上市交付计划延后影响，随着上半年发布的GS5测量系统、AA6激光航测系统等新品于下半年陆续交付上市，该板块有望迎来修复。
　　“芯片+算法+平台”自主能力持续强化。公司发布新一代高精度GNSS基带射频一体化星地融合芯片StellaX，集成1892个通道、支持全星座全频点信号接收，搭载双核高性能处理器与专用AI引擎，在算力、抗干扰能力、弱信号捕获效率三方面实现突破；全球星地融合增强服务平台PointX完成从“华测一张网”到全球化时空基础设施的全面升级。
　　下调盈利预测，维持“买入”评级。考虑汇兑损失、股份支付费用增加以及国内市场需求阶段性承压，我们下调盈利预测，预计26-28年公司归母净利润为7.9/10.0/12.1亿元（原26-27年预测为9.5/11.5亿元，新增28年预测），对应PE为27/22/18倍。公司高精度定位核心技术壁垒稳固，“芯片+算法+平台”全产业链自主能力持续强化，海外市场与农机导航及机器人两条主线成长性明确，维持“买入”评级。
　　风险提示：汇率波动的风险；原材料涨价风险；海外市场拓展与新品交付进度不及预期的风险；国内市场需求恢复不及预期的风险。

Huace Navigation has released its 1H26 report,posting revenue of RMB1.9bn(+5.20%YoY),attributable NP of RMB333mn(+2.05%YoY),and recurring NP of RMB272mn(-9.07%YoY).In 2Q26,revenue came in at RMB1.1bn(+7.41%YoY,+38.98%QoQ)and attributable NP at RMB208mn(+13.08%YoY,+65.68%QoQ).On the revenue side,overseas markets,together with the agricultural machinery navigation&robotics and spatiotemporal perception&positioning services segments,maintained relatively fast growth,driving 2Q26 revenue growth to reaccelerate vs 1Q26.On the profit side,an improved blended gross margin and higher other income underpinned attributable NP growth,while FX losses,higher share-based compensation and increased R&D investment continued to weigh on recurring profit.Near term,2Q26 operating momentum improved QoQ,with expense headwinds still to be absorbed.Medium to long term,we see continued global expansion,a ramp-up in emerging applications,and deepening technological moats from the StellaX chip and PointX platform.Maintain BUY.
2Q26 rev.reaccelerated on overseas&emerging segments
1H26 revenue was+5.20%YoY,with 2Q26 revenue+7.41%YoY,5.13pp faster than 1Q26.By region,overseas revenue reached RMB707mn,+17.58%YoY,with its revenue share rising to 36.68%;domestic revenue was RMB1.2bn,-0.84%YoY.By segment,revenue from agricultural machinery navigation&robotics and from spatiotemporal perception&positioning services was+28.52%and+27.00%YoY,respectively,being the main growth drivers;geoinformation&spatiotemporal intelligence and intelligent construction&digital construction revenue was-13.63%and-4.23%YoY,dragging on overall growth.We think that the company’s revenue mix continues to shift toward overseas markets and emerging scenarios such as agricultural machinery,robotics and autonomous driving,while the recovery of some traditional and project-based businesses remains to be seen.
Notable GPM expansion;opex headwinds weigh on core NP
1H26 blended gross margin was 60.62%,+2.48pp YoY;2Q26 gross margin was 60.77%,+2.79pp YoY,mainly thanks to ahigher overseas revenue share and improved gross margins in the domestic business and system applications&solutions.1H26 attributable NP margin was 17.27%,-0.53pp YoY.The pressure on core profit mainly stemmed from:1)G&A expenses rising by+53.67%YoY to RMB178mn,mainly on higher share-based compensation;2)financial expenses increasing to RMB50mn from-RMB36mn ayear earlier,mainly due to changes in FX gains and losses;and 3)R&D investment rising by+11.63%YoY to RMB298mn.Over the same period,other income increased by RMB49mn YoY,providing some support to attributable NP.The YoY decline in 2Q26 recurring NP narrowed to 1.71%from 19.54%in 1Q26,with core profit pressure easing at the margin.
Earnings forecasts and valuation
We expect the company’s business to sustain growth,mainly based on:1)horizontal expansion—extending from traditional applications such as construction and geoinformation into emerging fields including precision agriculture,autonomous driving and the low-altitude economy,while accelerating global expansion;and 2)vertical deepening—strengthening its presence across upstream chips and algorithms and downstream operational services to enhance profitability.As growth in some traditional and project-based businesses has come in below our previous expectations,we lower our earnings estimates and now expect 2026/2027/2028E attributable NP of RMB742mn/1.07bn/1.26bn(previously RMB786mn/1.12bn/1.32bn,adjustments of-5.56%/-4.47%/-4.26%).Referencing its comparables’average 2026E PE,we maintain our 37.48x 2026E PE valuation(previously 38x),corresponding to our target price of RMB35.03(previously RMB37.94).Maintain BUY.
Risks:macroeconomic volatility,international political uncertainty,slower application expansion than we expect.

　　公司发布2026年三季报。2026年前三季度，公司实现营收25.0亿元（YoY-4.4%）；实现归母净利润3.7亿元（YoY-25.1%）；实现扣非归母净利润为2.7亿元（YoY-39.7%）。单三季度公司实现收入5.7亿元，同环比分别-26.8%、-48.8%；实现归母净利润0.4亿元，同环比分别-78.6%、-82.9%；单三季度扣非归母净利润为81万元，同环比大幅下滑。
　　国内基建投资类项目放缓造成收入承压，汇兑损失、股份支付费用和原材料成本上涨等对盈利能力构成不利影响。受国内宏观经济环境影响，财政支出及基建投资相关领域市场需求有所放缓，公司地信与时空智能、智能建造与数字施工板块业务承压，国内收入同比下降。目前部分项目尚处于待验收阶段，预计将于四季度陆续验收并确收。利润端，除营业收入下滑影响外，人民币对美元及欧元升值造成前三季度汇兑损失近6000万元（去年同期收益3200万）；此外公司推行的员工股权激励计划本期确认股份支付费用1亿元（较去年增加7200万元）。
　　农机导航与机器人、时空感知与定位服务板块受益于下游智能化无人化具备较强增长动能。2026上半年，上述两个板块营收分别同比增长28.5%、27.0%。农业劳动力老龄化问题、智能化装备提效驱动无人驾驶系统率先在农机领域加速渗透，目前公司已与全球知名拖拉机厂商大成定点合作，农机自动驾驶产品远销海外数十国家。公司不断丰富产品矩阵，推出智能喷雾系统、智能灌溉、农具导航、收获机自动对行系统等产品。时空感知与定制服务板块主要产品是高精度组合导航模组、便携式组合导航终端、抗震型测量天线等。公司在乘用车自动驾驶已被指定多家车企定点，小部分相关车型已量产。在低速机器人、矿车、港口和无人物流等领域，公司与易控、华为等合作，也实现了良好增长。在割草机器人市场，公司与MOVA等多家公司达成合作，相关业务快速增长。
　　硬件自研+pointX构筑精准测量护城河。自研解算芯片和自建服务网络是公司精准定位服务差异化优势。公司全球星地融合增强服务平台PointX已完成从“华测一张网”到全球化时空基础设施全面升级。公司同时具备硬件解决方案（多功能通信导航控制器等）和PointX服务，后者已形成可持续的服务收费模式，随着硬件客户基数扩大（以RTK、农业客户为主，无人机终端也在拓展），预计相关收入规模逐步增长。我们认为，公司的RTK、自动驾驶产品有望在海外数字施工、乘用车、无人机市场获得更大市场优势。
　　产品高性价比+服务优势，海外成多年增长引擎。精准定位产品下游行业客户对产品性能和服务有较高要求，公司以高精度定位导航技术为根基，实现了GNSS芯片、模组、天线全自研，逐步构建起定位导航、感知测量、智能控制三大核心技术体系。公司打造了开放的加速增长型“伙伴+华测”合作体系，在全球建立了强大的合作伙伴网络，在全国主要省份和匈牙利、日本、新加坡等12个国家地区设有分支机构，产品销往140多个国家和地区。2026上半年，公司海外收入同比增长17.6%，毛利率为71.5%，业绩贡献明显。盈利预测和投资建议：我们预计短期来看公司国内地理测绘、地灾监测等板块或确收承压，未来两年海外市场、乘用车、机器人等有望成为增长引擎。预计公司2026-2028年归母公司净利润分别为5.5/8.1/9.9亿元，同比-20.1%、+47.5%、+22.7%，对应EPS为0.69/1.02/1.25元，下调为“增持-A”评级。
　　风险提示：国内测绘基建和地灾监测类项目确收进度不及预期收入同比下滑风险，关键原材料成本上涨备货不及时导致毛利率下滑风险，国内智能网联汽车出货量增长下滑公司自动驾驶产品收入不及预期。