Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 4.086 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 29.72%, and a net profit attributable to shareholders of 707 million yuan, up 46.21% year-on-year [1][7] - The increase in revenue and profit is attributed to a surge in orders for infrared thermal imaging core components driven by demand in the "low-altitude economy" and overseas outdoor night vision markets, along with higher gross margins from high-end new products [7] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 779 million, 1.005 billion, and 1.134 billion yuan respectively, with corresponding P/E ratios of 48, 37, and 33 times [7] Financial Performance Summary - For 2023, total revenue is projected at 3.559 billion yuan, with a year-on-year growth of 34.50%, and a net profit of 495.77 million yuan, reflecting a growth of 58.21% [1] - The company’s gross margin is expected to be 50.26% in 2024, increasing to 51.88% in 2025, and then slightly decreasing to 51.02% by 2027 [8] - Operating cash flow for the first three quarters of 2025 reached 767 million yuan, a significant increase of 322.20% year-on-year, indicating strong cash flow management [7][8]

Core Insights - Yantai Ruichuang Micro-Nano Technology Co., Ltd. reported strong performance in the first three quarters of 2025, with significant growth in both revenue and net profit, achieving a historical high in Q3 since 2018 [1][2] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 4.086 billion yuan, a year-on-year increase of 29.72% [1] - The net profit attributable to shareholders reached 707 million yuan, up 46.21% year-on-year, while the net profit after deducting non-recurring gains and losses was 667 million yuan, reflecting a 50.31% increase [1] - In Q3 alone, the company recorded revenue of 1.542 billion yuan, a 36.7% year-on-year growth, and a net profit of 356 million yuan, which is a 37.33% increase [1] Profitability and Cost Management - The gross margin for the first three quarters was 51.97%, an increase of 0.85 percentage points year-on-year, while the net margin was 15.15%, up 2.90 percentage points [1] - Although the gross margin in Q3 slightly decreased by 0.06 percentage points to 54.05%, the net margin improved by 2.48 percentage points to 21.38%, indicating effective cost control and operational efficiency [1][2] - The expense ratio for the first three quarters decreased by 1.63 percentage points to 31.09%, with reductions in management, sales, and financial expense ratios [2] Research and Development - The company increased its R&D investment, with an R&D expense ratio of 19.88% and R&D spending growing by 41.19% to 812 million yuan, laying a foundation for long-term technological breakthroughs and product iterations [2] Cash Flow and Operational Quality - The net cash flow from operating activities for the first three quarters was 767 million yuan, a significant increase of 76.31% year-on-year, primarily due to enhanced sales collection capabilities [2] Strategic Expansion - The company is actively expanding from a single infrared business into multi-dimensional sensing fields such as microwave and laser, empowering various sectors including industrial manufacturing, emergency safety, smart vehicles, outdoor consumption, low-altitude economy, and satellite communication [2] - The implementation of the third phase of the equity incentive plan in July 2025 aims to further bind core talents and support long-term development [2] - With the rapid development of strategic emerging industries like smart driving and low-altitude economy, the company is expected to strengthen its industry position and continue to release growth momentum [2]

Core Insights - The military electronics sector experienced a 0.62% increase on October 28, with Aerospace Development leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Aerospace Development (000547) saw a closing price of 8.84, with a significant increase of 9.95% and a trading volume of 1.61 million shares [1] - Other notable gainers included *ST WanFang (000638) with a 4.98% increase, and Ruichuang Micro-Nano (688002) with a 4.20% increase [1] - Conversely, Huafeng Technology (688629) experienced a decline of 9.17%, with a trading volume of 316,400 shares and a transaction amount of 2.607 billion [2] Capital Flow - The military electronics sector saw a net outflow of 98.6033 million from institutional investors, while retail investors contributed a net inflow of 343 million [2] - The capital flow data indicates that Aerospace Development had a net inflow of 5.05 billion from institutional investors, while it faced a net outflow of 2.77 billion from speculative funds [3] - Other companies like Zhonghang Chengfei (302132) and Taimeng Technology (600590) also showed mixed capital flows, with significant outflows from speculative and retail investors [3]

Core Viewpoint - The company reported strong financial performance for Q3 2025, with significant growth in revenue and profit metrics, indicating robust operational efficiency and enhanced profitability [3][4][5]. Financial Performance - For Q3 2025, the company achieved a revenue of 1.54 billion yuan, a year-on-year increase of 36.7% [3][4]. - The total profit for the same period was 351.99 million yuan, reflecting a 75.44% increase compared to the previous year [3][4]. - The net profit attributable to shareholders was 355.77 million yuan, up 37.33% year-on-year [3][4]. - The net profit excluding non-recurring items was 338.21 million yuan, marking a 43.51% increase [3][4]. - Basic earnings per share were 0.78 yuan, a 31.55% increase, while diluted earnings per share were 0.77 yuan, up 34.94% [3][4]. Year-to-Date Performance - From the beginning of the year to the end of the reporting period, the company reported a total revenue of 4.09 billion yuan, a 29.72% increase year-on-year [3][4]. - The total profit for this period was 730.12 million yuan, showing an 83.44% increase [3][4]. - The net profit attributable to shareholders reached 707.78 million yuan, a 46.21% increase [3][4]. - The net profit excluding non-recurring items was 666.62 million yuan, reflecting a 50.31% increase [3][4]. - Basic earnings per share for the year-to-date were 1.54 yuan, up 41.45%, and diluted earnings per share were 1.53 yuan, a 44.15% increase [3][4]. Return on Equity - The weighted average return on equity for Q3 was 6.04%, an increase of 0.93 percentage points year-on-year [3][4]. - For the year-to-date, the return on equity was 11.99%, up 2.23 percentage points compared to the previous year [3][4]. Research and Development Investment - The company increased its R&D investment to 304.42 million yuan for Q3, a 48.88% year-on-year increase, representing 19.74% of revenue, up 1.62 percentage points [4]. - Year-to-date R&D investment totaled 812.26 million yuan, a 41.19% increase, accounting for 19.88% of revenue, also up 1.62 percentage points [4]. Asset and Equity Growth - As of September 30, 2025, the company's total assets reached 9.92 billion yuan, a 12.67% increase from the end of the previous year [5]. - The equity attributable to shareholders was 6.22 billion yuan, reflecting a 15.1% increase from the previous year [5]. Cash Flow - The net cash flow from operating activities for the year-to-date was 767.23 million yuan, a significant increase of 76.31% year-on-year, driven by higher cash receipts from sales [5].

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达1.52%。 2025年10月28日，睿创微纳(688002.SH)发布2025年第三季报。截至2025年10月27日，共有50个机构投 资者披露持有睿创微纳A股股份，合计持股量达7427.27万股，占睿创微纳总股本的16.14%。其中，前 十大机构投资者包括香港中央结算有限公司、中信证券股份有限公司-嘉实上证科创板芯片交易型开放 式指数证券投资基金、浙江富浙私募基金管理有限公司-杭州产投致兴股权投资合伙企业(有限合伙)、景 顺长城基金-中国人寿保险股份有限公司-分红险-景顺长城基金国寿股份成长股票型组合单一资产管理计 划(可供出售)、中国农业银行股份有限公司-南方军工改革灵活配置混合型证券投资基金、中国农业银行 股份有限公司-中证500交易型开放式指数证券投资基金、兴全趋势投资混合(LOF)、国防ETF、科创 100ETF基金、鹏华中证国防指数(LOF)A，前十大机构投资者合计持股比例达14.05%。相较于上一季 度，前十大机构持股比例合计上涨了1.49个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计1 ...

公司摊薄每股收益为1.54元。 2025年10月28日，睿创微纳(688002.SH)发布2025年三季报。 公司营业总收入为40.86亿元。归母净利润为7.07亿元。经营活动现金净流入为7.67亿元。 公司最新资产负债率为36.90%。 公司最新毛利率为51.97%。最新ROE为11.36%。 公司最新总资产周转率为0.44次。最新存货周转率为1.02次。 公司股东户数为1.44万户，前十大股东持股数量为1.81亿股，占总股本比例为39.36%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 马宏 | 15.3 | | 2 | 李维诚 | 7.58 | | 3 | 香港中央结算有限公司 | 4.38 | | 4 | 梁军 | 2.51 | | 5 | 方新强 | 2.13 | | 6 | 中信证券股份有限公司-嘉实上证科创板芯片交易型开放式指数证券投资基金 | 1.80 | | 7 | 浙江富浙私募基金管理有限公司-杭州产投致兴股权投资合伙企业(有限合伙) | 1.64 | | 8 | 景顺长城基金-中国人寿保险股份有限公司-分红险-景顺长 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a record high in quarterly performance for Q3 2025, with revenue reaching 15.42 billion yuan, a year-on-year increase of 36.70%, and a net profit of 3.56 billion yuan, up 37.33% year-on-year [1][2]. - The company has established a new pattern focusing on infrared business while gradually breaking into multi-dimensional sensing fields such as microwave and laser, supporting sustainable rapid growth [3][4]. - The company’s revenue and net profit for the first three quarters of 2025 were 40.86 billion yuan and 7.07 billion yuan, respectively, representing year-on-year growth of 29.72% and 46.21% [1][4]. Financial Performance Summary - For the first three quarters of 2025, the gross profit margin increased by 0.85 percentage points to 51.97%, while the net profit margin rose by 2.90 percentage points to 15.15% [1][2]. - The operating cash flow significantly improved, reaching 7.67 billion yuan compared to 1.82 billion yuan in the same period last year, primarily due to increased cash receipts from sales [2]. - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of 49.66% from 2018 to 2024, with net profit CAGR at 28.71% [3][4]. Future Earnings Forecast - The company is expected to achieve net profits of 8.08 billion yuan, 10.00 billion yuan, and 12.35 billion yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 46x, 37x, and 30x, respectively [4][5].

（编辑 姚尧） 证券日报网讯 10月27日晚间，睿创微纳发布公告称，公司董事会同意提名马宏先生、赵芳彦先生、王 宏臣先生为公司第四届董事会非独立董事候选人；同意提名张力上先生、余洪斌先生、梅亮先生为公司 第四届董事会独立董事候选人。 ...

格隆汇10月27日丨睿创微纳(688002.SH)发布三季报，2025年前三季度实现营业总收入40.86亿元，同比 增长29.72%；归属母公司股东净利润7.07亿元，同比增长46.21%；基本每股收益为1.54元。 ...

每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 （记者 贾运可） 截至发稿，睿创微纳市值为373亿元。 每经AI快讯，睿创微纳（SH 688002，收盘价：81.01元）10月27日晚间发布三季度业绩公告称，2025年 前三季度营收约40.86亿元，同比增加29.72%；归属于上市公司股东的净利润约7.07亿元，同比增加 46.21%；基本每股收益1.54元，同比增加41.45%。 ...