Core Viewpoint - The stock price of LIGONG Navigation (688282.SH) has declined by 6.37%, closing at 47.60 yuan, indicating that the company is currently in a state of share price drop since its IPO [1] Group 1: Company Overview - LIGONG Navigation was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 18, 2022, with an initial public offering (IPO) of 22 million shares at a price of 65.21 yuan per share [1] - The total amount raised from the IPO was 1.435 billion yuan, with a net amount of 1.251 billion yuan after deducting issuance costs [1] - The net amount raised exceeded the original plan by 615 million yuan, indicating strong investor interest [1] Group 2: Fund Utilization - The funds raised are intended for several projects, including the expansion of inertial navigation device production, the construction of fiber optic gyroscope production facilities, the establishment of a research and development center, and to supplement working capital [1] - The total issuance costs for the IPO amounted to 184 million yuan, with underwriting and sponsorship fees accounting for 163 million yuan [1]

Group 1 - The core point of the article highlights the recent decline in the stock price of Beijing Ligong Navigation Control Technology Co., Ltd., which fell by 5.04% to 48.28 CNY per share, with a total market capitalization of 4.249 billion CNY [1] - The company, established on February 24, 2012, specializes in the research, development, production, and sales of inertial navigation systems and their core components, with 99.63% of its revenue coming from product sales [1] - The trading volume for the stock was 27.2397 million CNY, with a turnover rate of 0.63% [1] Group 2 - From the perspective of major shareholders, a fund under China Europe Fund has increased its holdings in Ligong Navigation, acquiring an additional 2.1 million shares, bringing its total to 2.6 million shares, which represents 2.95% of the circulating shares [2] - The fund, China Europe High-end Equipment Stock Initiation A (016847), has a current scale of 322 million CNY and has achieved a year-to-date return of 19.68% [2] - The fund manager, Li Shuai, has a tenure of 10 years and 120 days, with the best fund return during his tenure being 101.5% [3] Group 3 - The China Europe High-end Equipment Stock Initiation A fund holds 2.6 million shares of Ligong Navigation, accounting for 4.2% of the fund's net value, making it the tenth largest holding [4] - The estimated floating loss for the fund today is approximately 6.656 million CNY [4]

Market Overview - The aerospace equipment sector experienced a decline of 0.49% on November 13, with China Satellite leading the drop [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Notable stock performances in the aerospace equipment sector include: - Aerospace Huanyu (688523) rose by 6.68% to a closing price of 28.12 [1] - Zhongtian Rocket (003009) increased by 1.03% to 51.09 [1] - Aerospace Electronics (600879) gained 0.99% to 11.20 [1] - China Satellite (600118) fell by 1.36% to 44.38 [1] - StarNet Yuda (002829) decreased by 0.46% to 28.00 [1] Capital Flow - The aerospace equipment sector saw a net inflow of 151 million yuan from institutional investors, while retail investors experienced a net outflow of 184 million yuan [1] - Detailed capital flow for key stocks includes: - China Satellite (600118) had a net inflow of 66.05 million yuan from institutional investors [2] - Aerospace Huanyu (688523) saw a net inflow of 38.99 million yuan from institutional investors [2] - Aerospace Electronics (600879) recorded a net inflow of 32.70 million yuan from institutional investors [2] - StarNet Yuda (002829) experienced a net outflow of 0.29 million yuan from retail investors [2]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

Core Insights - The aerospace equipment sector experienced a rise of 1.31% on November 12, with China Satellite leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Sector Performance - China Satellite (600118) closed at 44.99, up 3.66%, with a trading volume of 690,900 shares and a transaction value of 2.994 billion [1] - Aerospace Huanyu (688523) closed at 26.36, up 3.05%, with a trading volume of 117,200 shares and a transaction value of 300 million [1] - China Satcom (601698) closed at 22.45, up 1.35%, with a trading volume of 646,800 shares and a transaction value of 1.419 billion [1] - Other notable performances include: - Ligong Navigation (688282) at 49.83, up 0.06% - Zhongtian Rocket (003009) at 50.57, unchanged - Xingwang Yuda (002829) at 28.13, down 0.78% - Aerospace Electronics (600879) at 11.09, down 0.89% - Xinyu Guoke (300722) at 31.25, down 1.33% [1] Capital Flow Analysis - The aerospace equipment sector saw a net outflow of 260 million from institutional investors, while retail investors contributed a net inflow of 209 million [1] - The detailed capital flow for key stocks includes: - Aerospace Electronics (600879) with a net outflow of 32.0185 million from institutional investors [2] - Xingwang Yuda (002829) with a net inflow of 750.72 thousand from retail investors [2] - China Satellite (600118) experienced a significant net outflow of 268 million from institutional investors [2]

Core Viewpoint - The company, Beijing Institute of Technology Navigation Control Technology Co., Ltd., is focused on high-precision inertial navigation and control technologies, with significant growth in revenue and net profit in Q3 2025, driven by increased sales of inertial navigation systems [1][3][4]. Company Overview - The company is a technology transfer entity from Beijing Institute of Technology, specializing in inertial navigation and control systems, with a team of highly qualified professionals [1]. - It has developed products for both military and civilian applications, including commercial aerospace, autonomous vehicle detection, and energy exploration [1]. Financial Performance - In Q3 2025, the company achieved a revenue of 93.14 million yuan, representing an increase of 87.36% year-over-year, and a net profit of 14.68 million yuan [3][10]. - For the first three quarters of 2025, the main revenue reached 129 million yuan, up 104.8% year-over-year, with a net profit of -2.14 million yuan, showing a 93.54% increase [10]. Order and Contract Management - The order signing process involves the end user signing a procurement contract with the assembly unit, which then breaks down the procurement tasks to various suppliers [2]. - The company is currently fulfilling contracts without delays and will disclose further performance details in future reports [5]. Competitive Landscape - The main competitors include state-owned research units in aviation, aerospace, armaments, and shipping, as well as a few private enterprises [6]. Business Synergy - The company has a strong product synergy with Yuxun Electronics, as both companies serve the defense and military sectors with complementary products [9]. Future Plans - The company may consider equity acquisitions in the future, adhering to legal and regulatory requirements for information disclosure [10].

Core Insights - The aerospace equipment sector experienced a 1.67% increase on November 10, with Xingwang Yuda leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Sector Performance - Xingwang Yuda (002829) closed at 29.63, up 6.39% with a trading volume of 219,200 shares and a transaction value of 638 million [1] - Aerospace Electronics (600879) closed at 11.48, up 4.74% with a trading volume of 1,590,600 shares and a transaction value of 1.842 billion [1] - China Satellite (600118) closed at 45.75, up 2.81% with a trading volume of 816,300 shares and a transaction value of 374.3 million [1] - Other notable performances include Zhongtian Rocket (003009) up 0.76% and LIGONG Navigation (688282) up 0.22% [1] Capital Flow Analysis - The aerospace equipment sector saw a net outflow of 24.7098 million from institutional investors, while retail investors experienced a net outflow of 88.2521 million [1] - Conversely, speculative funds recorded a net inflow of 113 million [1] - Aerospace Electronics had a net inflow of 99.7684 million from institutional investors, while retail investors saw a net outflow of 7.5183 million [2] - Xingwang Yuda experienced a net inflow of 54.7523 million from institutional investors but a significant net outflow of 5.50624 million from retail investors [2]

Core Insights - The aerospace equipment sector experienced a 2.63% increase on November 7, with Aerospace Hanyu leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Sector Performance - Aerospace Hanyu (688523) closed at 26.99, up 7.06% with a trading volume of 159,200 shares and a transaction value of 417 million [1] - China Satellite (600118) closed at 44.50, up 3.63% with a trading volume of 699,300 shares and a transaction value of 3.065 billion [1] - China Telecom (601698) closed at 22.33, up 3.38% with a trading volume of 748,300 shares and a transaction value of 1.652 billion [1] - New Meeting National Science (300722) closed at 32.52, up 1.15% with a trading volume of 96,600 shares and a transaction value of 317 million [1] - Aerospace Electronics (600879) closed at 10.96, up 0.83% with a trading volume of 518,500 shares and a transaction value of 562 million [1] - Zhongtian Rocket (003009) closed at 52.78, up 0.61% with a trading volume of 35,800 shares and a transaction value of 2.668 million [1] - Ligong Navigation (688282) closed at 50.61, down 0.76% with a trading volume of 5,096 shares and a transaction value of 2.591 million [1] - StarNet Yuda (002829) closed at 27.85, down 2.45% with a trading volume of 154,100 shares and a transaction value of 431 million [1] Capital Flow - The aerospace equipment sector saw a net inflow of 437 million from institutional investors and 153 million from retail investors, while retail investors had a net outflow of 590 million [1] - China Telecom (601698) had a net inflow of 217 million from institutional investors, while retail investors experienced a net outflow of 208 million [2] - China Satellite (600118) had a net inflow of 178 million from institutional investors, with retail investors seeing a net outflow of 259 million [2] - Aerospace Hanyu (688523) had a net inflow of 29.639 million from institutional investors, while retail investors had a net outflow of 47.753 million [2] - Aerospace Electronics (600879) had a net inflow of 18.672 million from institutional investors, with retail investors experiencing a net outflow of 27.995 million [2] - New Meeting National Science (300722) had a net inflow of 13.292 million from institutional investors, while retail investors had a net outflow of 18.318 million [2] - Ligong Navigation (688282) had a net inflow of 803,500 from institutional investors, with retail investors seeing a net outflow of 2.184 million [2] - StarNet Yuda (002829) had a net outflow of 8.372 million from institutional investors, while retail investors had a net inflow of 41.988 million [2] - Zhongtian Rocket (003009) had a net outflow of 11.797 million from institutional investors, while retail investors had a net inflow of 689,360 [2]

Core Points - Rigol Navigation (688282.SH) closed at 53.07 yuan, experiencing a decline of 11.39% [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 18, 2022, with an initial public offering (IPO) of 22 million shares, representing 25% of the total shares post-IPO, at a price of 65.21 yuan per share [1] - Currently, the stock is in a state of decline below its IPO price [1] Fundraising and Financials - Rigol Navigation raised a total of 1.435 billion yuan from its IPO, with a net amount of 1.251 billion yuan after deducting issuance costs [1] - The final net fundraising amount exceeded the original plan by 615 million yuan [1] - The company initially aimed to raise 636 million yuan for projects including the expansion of inertial navigation devices, production of fiber optic gyroscopes, research and development center construction, and to supplement working capital [1] - Total issuance costs amounted to 184 million yuan, with the underwriting and sponsorship fees to China International Capital Corporation totaling 163 million yuan [1]

Core Viewpoint - The aerospace equipment sector experienced a decline of 0.41% on October 30, with significant losses in individual stocks, particularly in the case of Ligong Navigation, which fell by 11.39% [1] Market Performance - The Shanghai Composite Index closed at 3986.9, down 0.73% - The Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - China Satellite (600118) saw a closing price of 44.55, with an increase of 4.82% and a trading volume of 1.1121 million shares, totaling 487.6 million yuan - China Satcom (601698) closed at 22.22, down 0.40%, with a trading volume of 760,700 shares, totaling 1.699 billion yuan - Newyu Guoke (300722) closed at 32.30, down 1.34%, with a trading volume of 70,400 shares, totaling 22.8 million yuan - StarNet Yuda (002829) closed at 27.32, down 2.22%, with a trading volume of 160,200 shares, totaling 443 million yuan - Aerospace Huayu (688523) closed at 25.11, down 2.75%, with a trading volume of 105,500 shares, totaling 267 million yuan - Zhongtian Rocket (003009) closed at 54.79, down 3.35%, with a trading volume of 76,300 shares, totaling 421 million yuan - Aerospace Electronics (600879) closed at 11.29, down 4.48%, with a trading volume of 1.385 million shares, totaling 1.567 billion yuan - Ligong Navigation (688282) closed at 53.07, down 11.39%, with a trading volume of 30,400 shares, totaling 16.8 million yuan [1] Capital Flow Analysis - The aerospace equipment sector saw a net inflow of 40.7829 million yuan from institutional investors, while retail investors experienced a net outflow of 160 million yuan - The overall net inflow from speculative funds was 119 million yuan [1] Detailed Capital Flow for Individual Stocks - China Satellite (600118) had a net inflow of over 354 million yuan from institutional investors, while retail investors had a net outflow of 391 million yuan - Ligong Navigation (688282) experienced a net inflow of 499,150 yuan from institutional investors, but a net outflow of 1.54314 million yuan from speculative funds - Newyu Guoke (300722) had a net outflow of 22.4605 million yuan from institutional investors, but a net inflow of 26.0948 million yuan from retail investors - Aerospace Huayu (688523) saw a net outflow of 30.4828 million yuan from institutional investors, with a net inflow of 15.3996 million yuan from speculative funds - StarNet Yuda (002829) had a net outflow of 35.3566 million yuan from institutional investors, but a net inflow of 54.9708 million yuan from retail investors - Zhongtian Rocket (003009) experienced a net outflow of 39.3143 million yuan from institutional investors, with a net inflow of 26.8697 million yuan from retail investors - China Satcom (601698) had a net outflow of 40.9137 million yuan from institutional investors, but a net inflow of 62.1140 million yuan from speculative funds - Aerospace Electronics (600879) saw a net outflow of 150 million yuan from institutional investors, with a net inflow of 30.7196 million yuan from speculative funds [2]