Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 12-month target price of 20.47 yuan [5][8]. Core Views - The company's navigation business is experiencing a rapid recovery, leading to a significant rebound in performance for the first half of 2025, with revenue reaching 1.703 billion yuan, a year-on-year increase of 481.19%, and a net profit of 116 million yuan compared to a loss of 74 million yuan in the same period last year [1][2]. - The company's subsidiaries, Hengyang Optoelectronics and Zhongbing Hanglian, are showing stable profit growth, with Hengyang Optoelectronics' net profit increasing by 30% to 27 million yuan despite a revenue decline of 6.18% [3]. - The company is increasing its R&D investment to solidify its leading position in the navigation sector, with R&D expenses of 141 million yuan in the first half of 2025, a year-on-year increase of 29.02% [4]. Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 22.32%, with a net margin of 6.4%, reflecting an increase of 3.2 percentage points compared to the previous year [2]. - The forecasted net profits for 2025, 2026, and 2027 are expected to be 257 million yuan, 359 million yuan, and 449 million yuan, respectively, with growth rates of 336%, 39.39%, and 24.99% [5][12]. - The company's revenue is projected to grow significantly from 3.565 billion yuan in 2023 to 7.804 billion yuan in 2027, indicating a robust growth trajectory [12].

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600118 | 中国卫星 | -7.34 | 8.85 | -39000.44 | | 600435 | 北方导航 | -2.77 | 6.07 | -14278.85 | | 002465 | 海格通信 | -2.05 | 4.38 | -13966.68 | | 600893 | 航发动力 | -0.35 | 1.43 | -9723.45 | | 000768 | 中航西飞 | 0.24 | 2.43 | -9431.18 | | 300065 | 海兰信 | 0.05 | 8.69 | -8340.54 | | 600482 | 中国动力 | -1.26 | 1.95 | -8088.82 | | 002151 | 北斗星通 | -1.40 | 4.93 | -6820.52 | | 601137 | 博威合金 | -2.58 | 3.89 | -5567.43 | | 600391 | 航发科技 | -1.61 | 4.75 | -528 ...

记者丨雷晨 编辑丨骆一帆 近日，北方导航（600435.SH）发布2025年半年度报告。 北方导航2025年上半年业绩呈现爆发式增长，创下历史新高。上半年17.03亿元的营业收入，同比增幅 高达481.19%。归母净利润从去年同期的亏损转变为1.16亿元的盈利，增长幅度达到256.59%，盈利能力 大幅提升。 分季度来看，第二季度营业总收入达13.51亿元，同比上升530.21%，占上半年营收的比重高达79.33%。 单季度归母净利润为1.33亿元，同比上升643.67%，不仅扭转了一季度的亏损局面，更为上半年的盈利 做出了主要贡献。 21世纪经济报道记者了解到，北方导航业绩大幅提升的核心原因是"十四五"末公司制导系列产品集中交 付，驱动收入规模快速放大。 此外，利润增长也得益于北方导航在费用端的管控。上半年，公司销售费用、管理费用、财务费用总计 1.36亿元，三费占营收比8%，同比大幅减少81.02%。 其中，销售费用率由上年同期的8.89%降至1.49%，主要原因是随着营收规模扩大，销售费用的增长幅 度相对较小，规模效应显现；管理费用率从38.05%降至6.74%，表明公司在管理效率提升方面成效显 著，可 ...

Core Viewpoint - Northern Navigation (600435.SH) reported explosive growth in its 2025 semi-annual performance, achieving a record high in revenue and profitability, driven by the delivery of guided series products and effective cost management [1][2]. Financial Performance - The company achieved a revenue of 1.703 billion yuan in the first half of 2025, representing a year-on-year increase of 481.19% [1]. - The net profit attributable to shareholders turned from a loss in the previous year to a profit of 116 million yuan, with a growth rate of 256.59% [1]. - In Q2 alone, total revenue reached 1.351 billion yuan, up 530.21% year-on-year, contributing 79.33% to the half-year revenue [1]. - The net profit for Q2 was 133 million yuan, a staggering increase of 643.67% year-on-year, reversing the loss from Q1 [1]. Cost Management - Total sales, management, and financial expenses amounted to 136 million yuan, accounting for only 8% of revenue, a significant reduction of 81.02% year-on-year [1][2]. - The sales expense ratio decreased from 8.89% to 1.49%, indicating a scale effect as revenue grew [2]. - The management expense ratio fell from 38.05% to 6.74%, reflecting improved management efficiency [2]. - Financial expenses were negative due to increased interest income and a favorable debt structure [2]. Balance Sheet and Cash Flow - As of the reporting period, total liabilities reached 4.384 billion yuan, a year-on-year increase of 54.25%, driven by higher funding needs for raw materials and production equipment [2]. - Cash and cash equivalents decreased by 24.24% to 636 million yuan [2]. - Accounts receivable rose by 77.77% to 5.442 billion yuan, indicating increased business volume but also highlighting potential collection risks [2]. - Inventory decreased by 4.13% to 615 million yuan, suggesting reduced stockpiling [2]. - The net cash flow from operating activities improved, narrowing to -676 million yuan, primarily due to increased sales collections and reduced procurement expenditures [2]. Market Performance - As of August 29, the stock price of Northern Navigation was 17.35 yuan per share, reflecting a year-to-date increase of over 78%, with a total market capitalization of 26.2 billion yuan [3].

北方导航2025年上半年业绩呈现爆发式增长，创下历史新高。 上半年17.03亿元的营业收入，同比增幅高达481.19%。归母净利润从去年同期的亏损转变为1.16亿元的 盈利，增长幅度达到256.59%，盈利能力大幅提升。 近日，北方导航（600435）(600435.SH)发布2025年半年度报告。 今年上半年，北方导航现金流状况改善明显。经营活动产生的现金流量净额为-6.76亿元，同比收窄 38.86%，主要原因是销售回款增加及采购支出减少。 截至报告期末，公司负债合计43.84亿元，同比增长54.25%，主要是随着业务规模扩大，公司在原材料 采购、生产设备投入等方面的资金需求增加，导致负债规模上升。货币资金为6.36亿元，同比减少 24.24%。 同期，公司应收账款为54.42亿元，同比增长77.77%，应收账款的大幅增加，一方面反映了公司业务量 的增长，另一方面也需要关注账款回收风险，加强应收账款管理，确保公司资金的正常周转。 此外，截至报告期末，公司存货为6.15亿元，同比减少4.13%，表明公司库存积压减少。 分季度来看，第二季度营业总收入达13.51亿元，同比上升530.21%，占上半年营收的比重 ...

Market Overview - The Shanghai Composite Index rose by 0.37% on August 29, with 17 out of the 28 sectors experiencing gains, led by the comprehensive and electric equipment sectors, which increased by 3.86% and 3.12% respectively [1] - The defense and military industry saw an increase of 0.76% [1] - The sectors with the largest declines were household appliances and transportation, which fell by 1.82% and 1.69% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 69.47 billion yuan across the two markets, with 7 sectors experiencing net inflows [1] - The electric equipment sector led the net inflow with 3.12% increase and a total inflow of 3.13 billion yuan, followed by the food and beverage sector with a 2.42% increase and an inflow of 1.63 billion yuan [1] - The computer sector had the largest net outflow, totaling 17.30 billion yuan, followed by the electronics sector with a net outflow of 13.11 billion yuan [1] Defense and Military Industry Performance - The defense and military industry had a net inflow of 919 million yuan, with 76 out of 139 stocks in the sector rising [2] - The top three stocks with the highest net inflow were China Satellite Communications with 916 million yuan, Great Wall Military with 301 million yuan, and North Navigation with 261 million yuan [2] - The sector also had 6 stocks with net outflows exceeding 100 million yuan, led by Guangqi Technology with a net outflow of 754 million yuan [4] Top Gainers in Defense and Military Industry - The top gainers in the defense and military sector included: - China Satellite Communications: +8.82%, turnover rate 5.38%, net inflow 915.68 million yuan - Great Wall Military: +10.00%, turnover rate 15.52%, net inflow 301.08 million yuan - North Navigation: +5.79%, turnover rate 9.31%, net inflow 261.12 million yuan [2] Top Losers in Defense and Military Industry - The top losers in the defense and military sector included: - Guangqi Technology: -1.50%, turnover rate 2.66%, net outflow 754.39 million yuan - Jingjia Micro: -3.30%, turnover rate 6.56%, net outflow 271.68 million yuan - China Satellite: +1.90%, turnover rate 11.46%, net outflow 126.12 million yuan [4]

证券研究报告·公司点评报告·地面兵装Ⅱ 2025 年 08 月 29 日 证券分析师 苏立赞 执业证书：S0600521110001 sulz@dwzq.com.cn 证券分析师 许牧 执业证书：S0600523060002 xumu@dwzq.com.cn 北方导航（600435） 2025 年中报点评：军品交付节奏加速，细分 领域需求差异明显 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,565 | 2,748 | 5,028 | 5,975 | 6,535 | | 同比 | (7.16) | (22.91) | 82.98 | 18.83 | 9.38 | | 归母净利润（百万元） | 192.23 | 59.04 | 222.94 | 273.75 | 303.85 | | 同比 | 3.90 | (69.29) | 277.62 | 22.79 | 10.99 | | EPS-最新摊薄（元/股） ...

证券之星消息，8月29日地面兵装板块较上一交易日上涨6.29%，北方长龙领涨。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。地面兵装板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301357 | 北方长龙 | 182.16 | 20.00% | 12.94万 | | 21.48亿 | | 601606 | 长城军工 | 69.17 | 10.00% | 112.37万 | | 74.62亿 | | 300875 | 捷强装备 | 55.69 | 8.16% | 12.44万 | | 6.68亿 | | 600967 | 内蒙一机 | 25.72 | 7.39% | 151.42万 | | 37.56亿 | | 300922 | 天奏装备 | 27.23 | 6.37% | 13.41万 | | 3.54亿 | | 600435 | 北方导航 | 17.35 | 5.79% | 140.57万 | | 2 ...

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 1.703 billion yuan, a year-on-year increase of 481.19%, and net profit attributable to shareholders at 116 million yuan, up 256.59% [1][2] - The company has increased its R&D investment intensity, with R&D expenses amounting to 140 million yuan, representing an R&D expense intensity of 8.22% [2] - The company is positioned to benefit from the high demand for long-range artillery systems, which are seen as essential for modern military operations [2] Financial Performance - Revenue for the first half of 2025 was 1.703 billion yuan, a 481.19% increase year-on-year [1] - Net profit attributable to shareholders was 116 million yuan, reflecting a 256.59% year-on-year growth [1] - Non-recurring net profit was 111 million yuan, up 229.47% year-on-year [1] - Total liabilities increased to 4.384 billion yuan, a 54.25% rise year-on-year [1] - Cash and cash equivalents decreased to 636 million yuan, down 24.24% year-on-year [1] - Accounts receivable rose to 5.442 billion yuan, a 77.77% increase year-on-year [1] - Inventory stood at 615 million yuan, a decrease of 4.13% year-on-year [1] Industry Outlook - The company is focusing on the development of guided rocket weapon systems, which are crucial in the military sector, particularly for the army [2] - The demand for long-range artillery is expected to remain strong, as it offers a better cost-effectiveness compared to tactical missiles [2] - The company is aligned with the Weapon Industry Group, which is responsible for the development and production of all current and in-development guided rocket equipment for the military [2] Investment Recommendation - The projected EPS for the company for 2025, 2026, and 2027 are 0.18, 0.24, and 0.32 respectively, with corresponding PE ratios of 89.9, 65.4, and 49.8 based on the closing price of 15.88 yuan on August 27 [3]

2025 年 8 月 29 日 公司研究/公司快报 公司近一年市场表现 事件描述 兵器兵装Ⅲ 北方导航（600435.SH） 买入-A(维持) 营收净利润大幅改善，持续受益远火高景气度 北方导航公司发布 2025 年中报。2025 年上半年公司营业收入为 17.03 亿元，同比增长 481.19%；归母净利润为 1.16 亿元，同比增长 256.59%；扣 非后归母净利润为 1.11 亿元，同比增长 229.47%；负债合计 43.84 亿元，同 比增长 54.25%；货币资金 6.36 亿元，同比减少 24.24%；应收账款 54.42 亿 元，同比增长 77.77%；存货 6.15 亿元，同比减少 4.13%。 事件点评 市场数据：2025 年 8 月 27 日 收盘价（元）： 15.88 年内最高/最低（元）： 18.30/7.93 营收净利润大幅改善，研发投入强度大幅提升。25 年上半年由于公司本 部交付主要产品大幅增长，导致公司营收同比增长 481.19%，归母净利润同 比增长 256.59%。公司大力加强基础研究和关键核心技术攻关，研发投入强 度大幅提升，研发投入 1.40 亿元，研发经费投入强度 ...