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.

　　华测导航发布半年报，2026年H1实现营收19.29亿元（yoy+5.20%），归母净利3.33亿元（yoy+2.05%），扣非净利2.72亿元（yoy-9.07%）。其中Q2实现营收11.22亿元（yoy+7.41%，qoq+38.98%），归母净利2.08亿元（yoy+13.08%，qoq+65.68%）。收入端看，海外市场以及农机导航与机器人、时空感知与定位服务板块保持较快增长，带动Q2收入增速较Q1回升；利润端看，综合毛利率改善及其他收益增加支撑归母净利增长，但汇兑损失、股份支付费用及研发投入增加仍压制扣非利润。短期看，公司Q2经营趋势较Q1改善，费用扰动仍待消化；中长期看，全球化扩张、新兴应用放量以及StellaX芯片与PointX平台的技术壁垒仍在强化。维持“买入”评级。
　　Q2收入增速回升，海外与新兴业务支撑增长
　　公司H1收入同比增长5.20%，其中Q2同比增长7.41%，增速较Q1提升5.13pct。分地区看，海外收入7.07亿元，同比增长17.58%，收入占比提升至36.68%；国内收入12.21亿元，同比下降0.84%。分板块看，农机导航与机器人、时空感知与定位服务收入分别同比增长28.52%、27.00%，成为主要增长引擎；地信与时空智能、智能建造与数字施工收入分别同比下降13.63%、4.23%，对整体增速有所拖累。我们认为，公司收入结构持续向海外及农机、机器人、自动驾驶等新兴场景迁移，部分传统及项目型业务恢复仍需观察。
　　毛利率明显改善，费用扰动下扣非利润仍承压
　　H1公司综合毛利率为60.62%，同比提升2.48pct；单Q2毛利率为60.77%，同比提升2.79pct，主要得益于海外收入占比提升，以及国内业务和系统应用及解决方案毛利率改善。H1归母净利率为17.27%，同比下降0.53pct，核心利润承压主要由于：1）管理费用同比增长53.67%至1.78亿元，主要系股份支付费用增加；2）财务费用由上年同期的-0.36亿元增至0.50亿元，主要系汇兑损益变动；3）研发投入同比增长11.63%至2.98亿元。同期其他收益同比增加0.49亿元，对归母净利形成一定支撑。单Q2扣非净利同比降幅已由Q1的19.54%收窄至1.71%，核心利润压力边际缓解。
　　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。考虑到公司部分传统及项目型业务增速低于我们此前预期，我们下调盈利预测，预计公司26-28年归母净利7.42/10.71/12.62亿元（前值：7.86/11.22/13.18亿元，调整幅度-5.56%/-4.47%/-4.26%），参考可比公司26年PE均值，维持公司26年37.48xPE估值（前值：38x），对应目标价35.03元/股（前值：37.94元/股），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。

Huace Navigation’s 1Q26 results: revenue was RMB807mn (+2.28% YoY, -25.33% QoQ), attributable net profit of RMB125mn (-12.15% YoY, -34.97% QoQ), and recurring net profit of RMB99.24mn (-19.54% YoY). Revenue growth turned positive, supported by progress in agricultural machinery, 3D surveying, and overseas market expansion. Attributable net profit faced near-term pressure from FX losses and higher share-based compensation expenses. On profitability, the rising mix of high-margin business lifted overall gross margin, which held steady to slightly higher YoY. In the short term, 1Q profit was disrupted by FX losses and share-based compensation. Over the medium to long term, Huace continues to strengthen its moat via high-margin overseas expansion, new application ramp-ups, and its chip and enhanced services platform. Maintain BUY.
1Q26 revenue growth slowed
The deceleration in 1Q26 revenue growth largely reflects divergence across business lines: 1) Some legacy domestic segments likely still face headwinds—deformation monitoring, for instance, may have been a drag on overall growth given the pace of fiscal spending. 2) Precision agriculture, one of the company’s core businesses, maintained solid shipment momentum, lending strong support to revenue growth. 3) Emerging businesses such as autonomous driving for passenger vehicles and 3D surveying, along with overseas markets, remain key growth engines. The company is concentrating resources on scaling these areas, which should steadily improve its revenue mix.
FX losses and share-based compensation eroded profit
For 1Q26, gross margin was 60.40%, up 2.06pp YoY, driven largely by a higher mix of high-margin products such as overseas business. Attributable net margin came in at 15.54%, down 2.55pp YoY. The near-term margin squeeze stemmed from two factors: 1) a sharp rise in finance costs to RMB29mn, versus -RMB17mn a year earlier, mainly due to increased FX losses; and 2) a 74.80% YoY jump in administrative expenses, reflecting higher share-based compensation charges.
Earnings forecasts and valuation
We expect Huace to sustain growth, driven by: 1) horizontal expansion – extending from traditional applications such as construction and geomatics into emerging fields like precision agriculture, autonomous driving, and the low-altitude economy, while accelerating global expansion; and 2) vertical deepening – strengthening upstream chip and algorithm capabilities alongside downstream operational services to enhance profitability. We largely maintain our earnings forecasts, projecting attributable net profit of RMB786/1,122/1,318mn for 2026/2027/2028 (-1.59%/-0.46%/-1.81% vs our prior estimates of RMB798/1,127/1,342mn). Based on the average 2026E PE of comparable companies on Wind consensus, we maintain a 38x 2026E PE valuation, yielding a target price of RMB37.94 (previous: RMB38.56). Maintain BUY.
Risks: macro volatility; international political uncertainty; slower application expansion than we expect.

　　事项：
　　近日，公司发布2025年年报及2026年一季报。2025年营业总收入37.0亿元，同比增长13.8%；归属于母公司所有者的净利润6.9亿元，同比增长17.5%；扣非后归母净利润6.1亿元，同比增长20.1%。2026年第一季度公司营业收入为8.1亿元，同比增长2.3%。归母净利润为1.3亿元，同比减少12.2%。扣非后归母净利润为9924.2万元，同比减少19.5%。
　　评论：
　　公司追求长期有效增长，运营效率与盈利能力整体提升。1）2025年公司三项费用率为24.5%，同比下降2.2pct。其中，管理费用率为7.0%，同比下降0.9pct，系股权激励摊销降低；财务费用率为-0.9%，同比下降1.2pct，主要系汇率变动所致；销售费用率为18.3%，同比下降0.1pct。2）2025年公司综合毛利率为61.0%，同比提升2.8pct，主要受益于综合降本与业务结构改善，海外业务占比提升：国外业务收入12.7亿元，占比34.3%，同比增长35.2%，毛利率达76.6%，国内业务同比增长5.1%，毛利率为52.9%。3）2026Q1公司三项费用率为34.40%，同比增长10.0pct，其中，管理费用率为11.3%，同比增长4.7pct，主要系股份支付费用增加所致；财务费用率为3.6%，同比增长5.8pct，主要系汇兑亏损增加所致；销售费用率为19.5%，同比减少0.4pct。
　　公司保持高水平研发投入力度。2025年研发投入5.6亿元，同比增长19.0%，研发费用率达15.1%，持续投入高精度定位芯片、乘用车自动驾驶高精度定位产品、激光雷达等项目。2026Q1研发费用率16.4%，同比减少0.2pct。
　　农机导航竞争优势显著，数字施工与时空感知业务起量。1）2025年公司农机导航与机器人业务收入7.5亿元，占比20.3%，同比增长41.5%，持续巩固市场优势地位；2）智能建造与数字施工业务收入12.7亿元，占比34.2%，同比增长25.9%，持续走向国际市场；3）时空感知与定位服务业务收入5.3亿元，占比14.3%，同比增长22.0%，乘用车自动驾驶与低速机器人产品取得良好增长；4）地信与时空智能业务收入11.5亿元，同比下降10.0%，暂时承压。
　　公司构建全球高精度定位的基础框架。1）2026年公司发布了PointX星地融合增强服务与自主思考StellaX芯片，实现全域全时覆盖，以及星地自适应切换，直出CGCS2000坐标。2）在此基础上，公司在4月正式发布FDC-T5S多功能通信导航控制器，集成5G通信、GNSS/INS组合导航、SWITCH、语音功能，适用于无人配送、无人清扫、干线物流、robotaxi等L4无人驾驶场景。
　　投资建议：高精度时空信息产业领军者，有望充分受益于海内外市场扩容。我们预计公司2026-2028年归母净利润分别7.9/11.8/15.0亿元（2026-2027年原值为9.5/12.1亿元，据海内外收入结构变化而相应调整），对应增速为15.3%/48.7%/28.0%，对应PE为32/21/17倍，参考可比公司估值，给予公司2026年40倍PE，对应目标价为40.16元，维持“强推”评级。
　　风险提示：宏观经济风险；市场竞争加剧；研发不及预期等。