国防军工行业 行业研究 | 行业周报 军贸业务有望提速提效，继续看好军贸板 块 核心观点 投资建议与投资标的 风险提示 军品订单和收入确认不及预期；研发进度及产业化不及预期；竞争格局及份额波动风 险；产品价格下降风险等。 + 国家/地区 中国 行业 国防军工行业 报告发布日期 2025 年 07 月 20 日 看好（维持） | 罗楠 | 021-63325888*4036 | | --- | --- | | | luonan@orientsec.com.cn | | | 执业证书编号：S0860518100001 | | 冯函 | 021-63325888*2900 | | | fenghan@orientsec.com.cn | | | 执业证书编号：S0860520070002 | | | | | 部分上游环节半年度业绩率先呈现向好态 | 2025-07-14 | | --- | --- | | 势，重点关注元器件板块业绩恢复 | | | 商业发动机解禁不改国产替代趋势，弹性 | 2025-07-06 | | 新方向进展有望提速 | | | 阅兵兼顾传统与新型作战力量，弹性新方 | 2025-07-01 ...

韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 国防军工 2025 年 07 月 17 日 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 研究支持 田昕 A0230124060003 tianxin@swsresearch.com 联系人 田昕 (8621)23297818× tianxin@swsresearch.com 订单逐级有序传导，业绩拐点将至 看好 ——国防军工行业 2025 年二季报业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 ⚫ 订单逐级有序传导，业绩拐点将至。我们选取 48 家分布于军工产业链上中下游的重点 标的，当前总市值 13205.2 亿元，约占申万国防军工指数成分股总市值的 48.4%。我们 预计军工行业 48 家重点标的公司预计 2025Q2 业绩总计约 67.68 亿元 ...

2025 年上半年，航天电器新增订单接近 41 亿元，加上去年结转的 16 亿元，订单充足。预计下半年月均新增订单超 6 亿元，全年订单任务饱 满，预示未来两年行业高景气度，民用领域预计增长超 20%。 航天电器聚焦互联产业和驱动控制，孵化继电器、光电模块等新业务。 十四五期间发展符合预期，2025 年 2 月起行业快速复苏，对未来两三 年行业前景持乐观态度，受益于国内外环境变化。 收入确认面临客户验收周期延长和宏观政策影响，导致开票和挂账推迟。 存货端未开票商品约 6 亿多元，其中房屋类占 5.2 亿元，但这些收入最 终将被确认，不会长期影响财务状况。 2025 年上半年毛利和净利润承压，因生产任务不饱和、同行竞争和军 品收入确认比例较低。预计三、四季度军品收入确认比例增加将改善结 构性问题，公司正采取降本增效措施应对。 自 2022 年起，航天电器布局 AI 领域，设立华南研究院，加大高速互联 投入。多款产品进入工程化或市场阶段，包括高速背板连接器（112G 和 224G）和高速边缘连接器 112G，预计 2025 年该领域增长约 4 亿 元。 Q&A 航天电器 2024 年业绩预告显示净利润大幅下降，主 ...

Core Viewpoint - The performance of low-altitude economy companies in the first half of 2025 shows mixed results, with 12 companies reporting profits and 12 companies experiencing losses [3][5]. Group 1: Performance Overview - As of July 14, 2025, 24 companies in the low-altitude economy index disclosed their performance forecasts, revealing a split between profitable and loss-making entities [3]. - Among the 24 companies, 12 reported profits while the other 12 faced losses [3]. - Four companies are expected to see profit increases of over 50%: Zongshen Power (001696.SZ), Longxin General (603766.SH), Huijia Times (603101.SH), and Changyuan Donggu (603950.SH) [6]. Group 2: Profit and Loss Analysis - Companies such as Aerospace Development (000547.SZ) and Aerospace Rainbow (002389.SZ) reported losses, with the latter citing delays in delivery due to user demand plans [8]. - Aerospace Power (600893.SH) and Aerospace Electric (002025.SZ) achieved profitability but saw a decline in net profit compared to the previous year [6]. - North Navigation (600435.SH) turned a profit, expecting a net profit of 105 million to 120 million yuan in the first half of 2025 [7]. Group 3: Industry Challenges - Many companies in the low-altitude economy sector, particularly those in the aviation industry and low-altitude mainframe manufacturers, reported losses [5][8]. - The losses were attributed to various factors, including market environment impacts, product transformation challenges, and increased operational costs [9]. - Despite ongoing losses, some companies like Chuan University Zhisheng (002253.SZ) are actively pursuing low-altitude economy projects, indicating a commitment to future growth [9].

证券代码：002025 证券简称：航天电器 公告编号：2025-53 贵州航天电器股份有限公司 2025 年半年度业绩预告 本次业绩预告的相关财务数据未经会计师事务所审计。 三、业绩变动原因说明 2025 年公司聚焦主责主业，遵循"机制创新、新质发展、产业驱动、成本 领先、品质卓越"经营思路，持续加大新域新质装备、战略新兴产业投入和市场 开发力度,上半年公司在防务领域、新能源、数据通信等领域订货同比实现大幅 增长。但受部分产品价格下降、客户产品验收周期延长导致公司防务产业收入确 认未达预期、主要产品生产所需贵重金属材料供货价格上涨带来制造成本上升、 2021 年度定向增发募投项目转固后折旧费用增长等因素影响，报告期公司实现 的净利润较上年同期下降。 四、风险提示 本次业绩预告数据是公司财务部门初步测算的结果，未经会计师事务所审 本公司董事会及全体董事保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 ㈠业绩预告期间：2025 年 1 月 1 日到 2025 年 6 月 30 日 ㈡预计的经营业绩：□扭亏为盈 □同向上升 √同向下降 | 项目 | 本报告期 | | ...

贵州航天电器股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 贵州航天电器股份有限公司（以下简称"公司"）2024 年年度权益分派方 案，已获 2025 年 5 月 16 日召开的公司 2024 年度股东大会审议通过,现将权益分 派事宜公告如下： 一、股东大会审议通过利润分配方案的情况 证券代码：002025 证券简称：航天电器 公告编号：2025-52 1.公司于2025年5月16日召开的2024年度股东大会审议通过《2024年度利润 分配方案》，具体分配方案为：以2024年12月31日公司总股本456,870,256股扣 除拟回购注销2022年限制性股票激励计划部分限制性股票66,946股后的股份数 456,803,310股为基数，向全体股东每10股派发现金红利2.30元（含税），共计 派发现金红利105,064,761.30元（含税）。2024年度公司不送红股、不以公积金 转增股本。 2.2024年度利润分配方案披露后至分配方案实施前，因公司出现股份回购等 事项导致股本总额发生变动的，将以分配方案实施时公司实 ...

Core Viewpoint - The rapid growth of the battery swapping connector market is driven by the increasing popularity of the battery swapping model in the electric vehicle sector, with the market expected to reach 5 billion yuan in 2024, a year-on-year increase of 35.7%, and further grow to approximately 6.42 billion yuan in 2025 [1][15][22]. Industry Overview - Battery swapping connectors are high-voltage connectors that facilitate the rapid transfer of energy and data signals from battery swapping station equipment to electric vehicle battery packs, ensuring stable and reliable connections during the battery swapping process [3][11]. - The battery swapping connector market in China is experiencing significant growth, with applications extending beyond passenger and commercial vehicles to energy and industrial sectors [1][15]. Market Size and Growth - The market size of the battery swapping connector industry in China is projected to reach 5 billion yuan in 2024, reflecting a 35.7% year-on-year increase, and is expected to grow to around 6.42 billion yuan by 2025 [1][15]. - The demand for battery swapping connectors is anticipated to continue rising due to the increasing number of battery swapping stations, which are expected to reach 4,819 by May 2025, an increase of 376 from the end of 2024 [13][15]. Competitive Landscape - The battery swapping connector industry features competition from both international brands, such as TE Connectivity and Amphenol, and domestic brands like AVIC Optoelectronics and Yonggui Electric, with the latter gaining traction in the mid-to-high-end market [17][18]. Policy Support - The Chinese government has introduced several policies to promote the development of the battery swapping connector industry, including guidelines to enhance the resilience of the supply chain and support the construction of battery swapping stations [8][9]. Industry Chain - The battery swapping connector industry consists of an upstream segment involving raw materials like metals and plastics, a midstream segment focused on manufacturing, and a downstream segment that includes applications in battery swapping stations and electric vehicles [9][11]. Future Trends - The industry is expected to see advancements in technology and materials, with a focus on introducing new conductive materials and smart monitoring systems to enhance user experience [22][23]. - Standardization and unification of battery swapping connectors will be crucial for compatibility across different brands and models, reducing production costs and maintenance challenges [23]. - The industry will increasingly emphasize environmental sustainability by utilizing low-carbon materials and improving energy efficiency [25].

Investment Rating - The report rates the defense and military industry as "Outperforming the Market" [2] Core Views - The global geopolitical situation remains tense, with ongoing conflicts such as the Russia-Ukraine war and rising risks in the Middle East, leading to an intensified arms race and increased focus on military construction [4][38] - The defense industry is expected to see a recovery in demand as the "14th Five-Year Plan" approaches its final year, with long-term growth certainty supported by clear development goals for 2035 and 2050 [4] - The upcoming military parade on September 3 will showcase both traditional main battle equipment and new combat forces, highlighting advancements in military capabilities [3][40] Summary by Sections Market Review - The defense and military index rose by 6.90% last week, outperforming major indices such as the Shanghai Composite and Shenzhen Component [12] - The current PE (TTM) for the defense and military sector is 79.92 times, with sub-sectors showing varied valuations: aerospace equipment at 143.52 times, aviation equipment at 69.14 times, ground weapons at 174.36 times, naval equipment at 50.76 times, and military electronics at 102.36 times [20][21] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and AVIC Helicopter [4] 2. Military new technologies: Lianchuang Optoelectronics, Guangqi Technology, and Zhongjian Technology [4] 3. Underwater equipment: Hailanxin, Yaxing Anchor Chain, and Zhongke Haixun [4] 4. Missile industry chain: Feilihua, Guoke Military Industry, and Zhongbing Hongjian [4] 5. Military titanium materials: Western Superconducting [4] 6. Electronic components: Hongyuan Electronics and Aerospace Electronics [4] 7. Military trade direction: Zhongwu Drone [4] Industry Dynamics - Recent policies related to deep-sea technology indicate significant development potential, particularly for specialized equipment like UUVs, supported by top-level planning [3] - The military trade market is expanding, with recent announcements of procurement from Pakistan for Chinese fighter jets, indicating a growing opportunity in military exports [39]

证券代码：002025 证券简称：航天电器 公告编号：2025-51 贵州航天电器股份有限公司 2025 年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 本次股东大会未出现否决提案的情形，也未涉及变更前次股东大会决议。 一、会议召开情况 1.会议召开时间 现场会议时间：2025 年 6 月 25 日下午 2:30 网络投票时间：通过深交所交易系统进行网络投票的时间为 2025 年 6 月 25 日 9:15～9:25，9:30～11:30 和 13:00～15:00；通过深交所互联网投票系统进 行网络投票的时间为 2025 年 6 月 25 日 9:15～15:00。 2.现场会议召开地点：贵州省贵阳市经济技术开发区开发大道 268 号贵州航 天基础件产业园智能研发中心三楼会议室。 3.会议召开方式：现场会议与网络投票相结合 4.会议召集人：公司董事会 5.会议主持人：李凌志先生 6.会议通知：公司于 2025 年 6 月 10 日在《证券时报》《中国证券报》和巨 潮资讯网上刊登《贵州航天电器股份有限公司关于召开 2025 ...

北京市中伦律师事务所 关于贵州航天电器股份有限公司 2025 年第三次临时股东大会的 法律意见书 二〇二五年六月 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 北京市中伦律师事务所 关于贵州航天电器股份有限公司 1 2025 年第三次临时股东大会的 法律意见书 致：贵州航天电器股份有限公司（以下简称"公司"） 北京市中伦律师事务所（以下简称"本所"）接受公司的委托，指派律师以 现场和视频方式出席并见证公司2025年第三次临时股东大会（以下简称"本次会 议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股 ...