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華測導航(300627):CORS“一張網”發佈 IOT雲平台再添磚瓦
格隆匯 08-04 11:50
事件描述2022 年8 月1 日,公司舉行“華測一張網”發佈會,正式對外推出華測CORS 網絡賬號服務。華測所提供產品分為兩個版本:標準版原價3200 元/年,現價1380 元/年;旗艦版原價3800元/年,現價1980 元/年。事件評論基站密度大,算法迭代快,軟硬件匹配度更高。CORS 信號的強弱和穩定與否與基站密度高度相關,截至2022 年8 月1 日發佈會當日,華測合計建設4235 個高標準基站,建站數量居全國前列。此外,公司每年在底層算法層面投入巨大,創新性的將人工智能引入CORS 算法中,經過近二十年與終端客户的不斷磨合和近萬個RTK 作業場景數據的AI訓練,電離模型更加精準,其算法性能相較於業內平均水平提高25%。憑藉自有的龐大客户羣,華測有望在未來持續積累基礎數據,不斷提升算法能力。差分信號是高精度定位必不可缺的一環,客户在必需+必選情況下,付費黏性較強。隨着下游場景不斷拓展,在智能駕駛、精準農業等場景中,用户無法通過自我標定完成定位精度升級,向第三方差分信號運營商訂閲相關服務是必選項。差分信號服務模式可類比電信運營商基礎通信服務模式,客户在必需+必選情況下,付費意願較強。參考海外龍頭Trimble,2021 年其訂閲收入7.62 億美元,佔比高達21%。我們預計差分信號佔整個高精度定位解決方案價值比重可達1/4,2025 年中國市場僅乘用車智能駕駛領域差分信號服務價值量高達約30 億元,公司開拓新業務有望顯著增厚公司營收體量。差分信號訂閲服務毛利率較高。參考海外龍頭Trimble,其訂閲業務的毛利率超過70%,顯著高於華測55%左右的毛利率。我們認為公司在開拓對外收費的差分訂閲業務後,可提高公司整體毛利率,強化盈利能力。此外,與千尋位置等純信號服務商不同,公司當前主要產品為硬件,無需外部尋找客户源。通過補足差分信號服務,公司可以為客户提供更完整的解決方案,完成閉環服務,公司的客户粘性有望進一步提升。2022Q2 上海疫情對公司業務正常開展造成阻礙,但公司憑藉強大的管理能力和積極的應對措施,於2022 上半年依舊實現超預期增長。短期角度:公司疫後恢復迅速,Q2 積壓訂單有望於Q3、Q4 完成,如期實現年初業績目標。中期角度:公司智能駕駛業務於2022上半年新增多家車企定點,預計下半年仍有望繼續新增車企定點,保障公司未來業績高速增長。長期維度:高精度絕對位置信息是各行各業智能化升級所必備要素。華測導航作為我國高精度定位龍頭企業,有望長期深度受益於智能化大趨勢。展望下半年,公司營收增速有望逐季加速向上;同時,公司開始向車廠供貨P-Box,並有望獲得更多車廠定點。我們預計 2022-2024 年歸母淨利潤分別為 3.84、5.48、7.46 億元,同比增長 31%、43%、36%,對應 PE 估值為 48、33、25 倍,維持“買入”評級,重點推薦。風險提示1、 車廠智能駕駛進展不及預期;2、 疫情影響,公司獲單、生產、發貨不及預期;3、海外出口不及預期。
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