中国海防 20250907 摘要 中国海防业务涵盖军用电子防务装备、特装电子及民用电子信息产业， 军用产品覆盖水下信息获取、探测、通信、对抗及导航等领域，民用方 面则布局智能制造、智慧城市和智慧海洋。 公司 2021 年营收和利润达到顶峰后持续下滑，营收从近 49 亿元降至 2024 年的 31-32 亿元，毛利润也从 8.5 亿元降至 2.3 亿元，主要受军 品审价及订单节奏影响。但 2025 年一季度收入和利润显著改善，上半 年保持中高速增长。 受益于新型水下核心装备放量，水声电子业务增速乐观。公司持续推动 降本增效，精简行政人员，多项重点项目建设接近尾声，预计"十四 五"期间投产，有望带来收入和业绩增长。 水声技术及设备未来 15 年内将随 UUV 等新型装备批量生产而显著增长， 水下装备依赖水声技术进行探测、通信、导航和对抗，声呐需向低频、 大功率和大基阵方向发展，推动设备精密化和价值提升。 声呐广泛应用于水面舰艇、潜艇和 UUV 等海军装备，执行探测、通信、 导航等任务。传统驱逐舰及护卫舰水声电子设备价值量约为三五千万美 元，潜艇单价可达 1 亿美元左右。 Q&A 中国海防公司的核心业务和未来发展前 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.385 billion in H1 2025, representing a year-over-year increase of 19.64%. The net profit attributable to the parent company was 95 million, up 25.48% year-over-year, while the net profit excluding non-recurring items was 83 million, reflecting a 52.58% increase year-over-year [2][4]. - In Q2 2025, the company achieved a revenue of 874 million, which is a 9.3% year-over-year growth. However, the net profit attributable to the parent company decreased by 11.45% year-over-year to 63 million, while the net profit excluding non-recurring items remained relatively stable with a slight increase of 0.12% year-over-year to 56 million [2][4]. Summary by Sections Financial Performance - In H1 2025, the company's revenue from underwater acoustic electronics was 420 million, showing a year-over-year growth of 30.68%. The special electronic business generated 205 million, down 2.12% year-over-year. The non-defense sector revenue reached 736 million, up 22.07% year-over-year, with significant projects in smart cities, rail transit, and oil and gas [10]. - The gross margin for H1 2025 was 35.32%, a decrease of 1.14 percentage points year-over-year. The gross margin for Q2 2025 was 35.31%, an increase of 1.92 percentage points year-over-year. The net profit margin for H1 2025 was 7.35%, slightly up by 0.04 percentage points year-over-year [10]. Capacity Expansion - The company is accelerating capacity construction to meet the demand for military and civilian marine equipment. As of the end of H1 2025, the contract liabilities amounted to 165 million, a 12.31% increase from the beginning of the period. The balance of construction in progress was 377 million, up 9.29% from the beginning of the period [10]. Profit Forecast and Valuation - The forecasted net profit attributable to the parent company for 2025-2027 is 290 million, 380 million, and 510 million, respectively. The corresponding price-to-earnings ratios are 86, 64, and 48 times. The company holds a strong position in the underwater acoustic electronics sector, and the current valuation is considered attractive [10].

Market Overview - The marine equipment sector experienced a decline of 1.31% on September 2, with Zhongke Haixun leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the marine equipment sector showed the following closing prices and percentage changes: - China Shipbuilding (600150): 38.45, -1.21% - Yaxing Chain (601890): 10.08, -1.95% - China Marine Defense (600764): 34.45, -1.96% - China Ship Defense (600685): 29.24, -2.47% - Jianglong Shipbuilding (300589): 14.14, -3.02% - Tianhai Defense (300008): 7.17, -3.24% - Guorui Technology (300600): 18.45, -4.16% - Hailanxin (300065): 20.09, -4.74% - Zhonggui Haixun (300810): 52.21, -5.25% [1] Capital Flow - The marine equipment sector saw a net outflow of 605 million yuan from institutional investors, while retail investors contributed a net inflow of 508 million yuan [1] - The following table summarizes the capital flow for key stocks: - Zhongke Haixun (300810): Institutional -15.99 million, Retail +26.18 million - Jianglong Shipbuilding (300589): Institutional -20.29 million, Retail +18.36 million - China Ship Defense (600685): Institutional -28.92 million, Retail +33.69 million - Guorui Technology (300600): Institutional -30.66 million, Retail +30.70 million - China Marine Defense (600764): Institutional -41.68 million, Retail +27.36 million - Yaxing Chain (601890): Institutional -52.12 million, Retail +44.98 million - Tianhai Defense (300008): Institutional -129 million, Retail +108 million - Hailanxin (300065): Institutional -135 million, Retail +129 million - China Shipbuilding (600150): Institutional -151 million, Retail +89.23 million [2]

Group 1 - The A-share market for the China Shipbuilding sector experienced a downward trend on September 1, with China Power falling over 2% [1] - Other companies in the sector, including Kunshan Intelligent and China Marine Defense, saw declines of over 1% [1] - China Shipbuilding Han Guang and China Shipbuilding Technology also followed the downward trend [1]

各板块营收变化的原因主要在于市场需求的变化以及公司产品的市场竞争力提升：2025 年上半年，公 司实现营业收入13.85 亿元，同比增长19.64%；归属于上市公司股东的净利润0.95 亿元，同比增长 25.48%。 投资要点 业绩提升主要得益于防务及电子信息产业双轮驱动。防务领域收入6.25亿元，同比增长17.72%，其中水 声电子防务产品贡献4.20 亿元，增长30.68%，系无人平台水声装备取得关键突破，合同签订与产品交 付同步放量；特装电子产品收入2.05 亿元，略降2.12%，主因部分项目交付节奏调整。非防务领域实现 收入7.36 亿元，同比增长22.07%，智慧城市与智能制造板块表现突出，轨道交通智能运维、新能源汽 车铝锻产线等项目落地，带动电子信息产品收入达7.12 亿元，同比增长21.28%，成为拉动整体营收的 核心动力。 财务状况稳健，未来收入有保障：资产负债表端，截至2025 年上半年，期末货币资金21.93 亿元，较年 初减少10.27%，主要因经营活动净流出1.60 亿元，投资活动净流出0.70 亿元；应收账款46.44 亿元、存 货17.46亿元分别增加1.86%、3.54%，反映订 ...

证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为2.72%，资本回报率不强。去年的净利率为7.87%，算上全部成本后，公 司产品或服务的附加值一般。从历史年报数据统计来看，公司近10年来中位数ROIC为8.93%，中位投资 回报一般，其中最惨年份2015年的ROIC为-8.53%，投资回报极差。公司历史上的财报相对良好，公司 上市来已有年报28份，亏损年份2次，显示生意模式比较脆弱。 偿债能力：公司现金资产非常健康。 商业模式：公司业绩主要依靠研发驱动。需要仔细研究这类驱动力背后的实际情况。 据证券之星公开数据整理，近期中国海防（600764）发布2025年中报。截至本报告期末，公司营业总收 入13.85亿元，同比上升19.64%，归母净利润9457.39万元，同比上升25.48%。按单季度数据看，第二季 度营业总收入8.74亿元，同比上升9.3%，第二季度归母净利润6328.06万元，同比下降11.45%。本报告 期中国海防公司应收账款体量较大，当期应收账款占最新年报归母净利润比达1874.94%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率35.32%，同比减3.12%，净利率7.3 ...

Core Points - The board of directors of China Shipbuilding Industry Corporation (CSIC) held its 38th meeting of the 9th session, where several key resolutions were passed regarding the company's financial reports and fund usage [1][2][3] Group 1: Financial Reports - The board approved the review of the 2025 semi-annual report, with a unanimous vote of 7 in favor [1] - The board also approved the special report on the storage and actual usage of raised funds for the first half of 2025, confirming compliance with relevant regulations and accurate disclosures [2] Group 2: Fund Utilization - The board agreed to temporarily use a total of 70 million yuan of idle raised funds to supplement working capital for specific projects, including 20 million yuan for Lianyungang Jerry Electronics Co., Ltd. and 50 million yuan for Qingdao Jerry Automation Co., Ltd. [2] Group 3: Risk Assessment - A risk assessment report regarding China Ship Financial Co., Ltd. was reviewed, indicating no significant deficiencies in risk control systems and confirming the company's normal operations and sound financial health [3] Group 4: Management and Appointments - The board approved the remuneration and assessment for the management team for the years 2024 and 2025, with unanimous votes [4] - The appointment of Guo Yunfei as the company's securities affairs representative was also approved, effective until the current board's term ends [4]

从资金流向上来看，当日航海装备板块主力资金净流入1.54亿元，游资资金净流出1051.38万元，散户资 金净流出1.44亿元。航海装备板块个股资金流向见下表： 证券之星消息，8月29日航海装备板块较上一交易日上涨0.81%，中科海讯领涨。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%。航海装备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) | | --- | --- | --- | --- | --- | --- | | 300810 | 一硬落计 | 53.94 | 4.29% | 12.89万 | 6.86 Z | | 300600 | 国瑞科技 | 19.27 | 3.71% | 23.21万 | 4.41亿 | | 600150 | 中国船舶 | 37.38 | 1.52% | 115.89万 | 43.13 Z | | 300065 | 海兰信 | 21.08 | 1.15% | 69.69万 | 14.65亿 | | 600685 | 中船防务 | 29.48 | 0.61% | 19.19万 ...

Core Viewpoint - The rise of technology stocks has led to heightened capital market interest in new domains such as unmanned intelligence and underwater combat, with China Haifang (600764) positioned as a key supplier in underwater information construction and underwater defense systems. Financial Performance - In the first half of 2025, China Haifang reported revenue of approximately 1.385 billion yuan, a year-on-year increase of 19.64%, and a net profit attributable to shareholders of about 94.57 million yuan, up 25.48% year-on-year [1] - The defense sector revenue reached 625 million yuan, reflecting a year-on-year growth of 17.72%, with underwater electronic business revenue at 420 million yuan, increasing by 30.68% [2] Research and Development - The company has significantly increased its R&D expenditure, with R&D costs as a percentage of revenue rising from around 6.5% before 2022 to 10.90% in the first half of 2025, and 11% projected for 2024 [1] - In 2022, R&D investment totaled 519 million yuan, accounting for 12.09% of revenue, marking a year-on-year growth of 5.46% [1] Market Opportunities - China Haifang has made breakthroughs in unmanned underwater equipment and has expanded applications for underwater communication products, achieving market breakthroughs in underwater remote control [2] - The company is positioned to benefit from the rapid development of marine observation networks, which are crucial for deep-sea technology advancements [3] Strategic Positioning - As a leading listed company in underwater electronic information equipment, China Haifang is involved in major national projects in the deep-sea sector and possesses comprehensive R&D capabilities across the underwater detection and communication fields [4] - The company is expected to benefit from the growing demand for underwater combat systems, particularly unmanned underwater vehicles (UUVs) [4] Corporate Structure - China Haifang is part of the China Shipbuilding Group's electronic information sector and has undergone significant asset restructuring to enhance its core business in underwater electronics, positioning itself as a leader in the domestic market [5] - The integration of assets from various research institutes under the group is anticipated to strengthen the company's market position and capabilities [5]

证券日报网讯 8月28日晚间，中国海防发布公告称，公司第九届董事会第三十八次会议审议通过了《关 于审议的议案》等多项议案。 （文章来源：证券日报） ...