Investment Rating - The report maintains a "Buy" rating for the company, projecting significant profit growth over the next few years [5][44]. Core Insights - The company reported a revenue of 2.934 billion RMB for H1 2025, a slight increase of 0.4% year-on-year, but the net profit attributable to the parent company dropped by 77.4% to 86 million RMB [3][15][16]. - The decline in net profit is attributed to price reductions on certain products and extended acceptance periods affecting revenue recognition in the defense sector [4][16]. - Despite challenges, the company has seen rapid growth in orders within the defense, new energy, and data communication sectors, with a year-on-year increase of over 30% in new project orders [4][16]. Performance Summary - H1 2025 revenue: 2.934 billion RMB (YoY +0.4%), net profit: 86 million RMB (YoY -77.4%) [3][15]. - Q2 2025 revenue: 1.469 billion RMB (YoY +12.3%, QoQ +0.2%), net profit: 40 million RMB (YoY -74.9%, QoQ -13.8%) [3][15]. - The company’s gross margin for H1 2025 was 31.9%, down 15.6 percentage points, while the net profit margin was 3.0%, down 10.2 percentage points [4][21]. Business Analysis - The company’s connector business generated revenue of 2.065 billion RMB, up 9.96%, while the motor segment saw a revenue decline of 12.47% to 660 million RMB [4]. - The company has a robust order backlog, with contract liabilities increasing by 25.45% to 161 million RMB and inventory rising by 22.64% to 2.171 billion RMB [4][34]. - Capital expenditures for Q2 2025 reached 116 million RMB, a significant increase of 94.96% from the previous quarter, indicating ongoing capacity expansion [4][28]. Profit Forecast and Valuation - The company is expected to achieve net profits of 710 million RMB, 900 million RMB, and 1.12 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 105.4%, 26.8%, and 23.4% [5][44]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 33, 26, and 21 times, respectively [5][44].

8月21日晚间，航天电器（002025.SZ）披露2025年半年报，这家市值233.59亿元的军工电子龙头交出了 一份"增收不增利"的成绩单：报告期内营收29.35亿元，同比微增0.47%；净利润却同比暴跌77.49%至 8669.52万元，扣非净利润降幅更高达79.69%。更令人担忧的是，公司核心业务毛利率大幅下滑，控股 子公司业绩集体"失速"，引发市场对军工产业链成本压力与行业周期性的深度关注。 成本激增吞噬利润：贵金属涨价与价格战双重夹击 航天电器净利润断崖式下跌的直接原因指向成本端失控。半年报显示，公司营业成本同比激增28.6%至 19.98亿元，远超营收增速。公司解释称，一方面，连接器、电机等核心产品所需的贵重金属（如铜、 银等）价格持续上涨，带动单位制造成本攀升；另一方面，尽管产品销量有所增长，但部分产品价格下 降及产品结构变化导致料工费占比上升。双重压力下，公司整体毛利率从去年同期的46.62%骤降至 31.06%，同比下滑15.56个百分点。 分业务看，营收占比超70%的"连接器及互连一体化产品"毛利率从47.73%暴跌至28.41%，下滑幅度达 19.32个百分点；电机与控制组件、继电器、光 ...

Core Viewpoint - Aerospace Electric reported a slight increase in revenue for the first half of 2025, but a significant decline in net profit and earnings per share compared to the previous year [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 2.935 billion yuan, representing a year-on-year increase of 0.47% [2] - The net profit attributable to shareholders was about 86.7 million yuan, showing a year-on-year decrease of 77.49% [2] - Basic earnings per share were 0.19 yuan, which is a year-on-year decrease of 77.38% [2]

Core Viewpoint - Aerospace Electric reported a slight revenue increase but a significant decline in net profit for the first half of 2025, indicating a situation of "increased revenue but decreased profit" [1][2]. Financial Performance - The company achieved revenue of approximately 2.935 billion yuan, a year-on-year increase of 0.47% [1]. - Net profit attributable to shareholders was approximately 86.6952 million yuan, down 77.49% year-on-year [1]. - The non-recurring net profit was approximately 72.8174 million yuan, down 79.69% year-on-year [1]. - Operating costs increased by 28.6% to approximately 1.998 billion yuan, primarily due to rising prices of precious metals and changes in product pricing and structure [1][2]. Product Line Performance - The company experienced a "one rise and three declines" scenario across its product lines [2]. - Revenue from "connectors and integrated interconnection products," which account for over 70% of total revenue, was 2.065 billion yuan, up 9.96% year-on-year, marking it as the only growing segment [2]. - Revenue from "motor and control components" decreased by 12.47% to 660 million yuan [2]. - Revenue from "relays" and "optical communication devices" fell significantly, down 27.68% and 26.5% respectively [2]. Operational Highlights - The company reported breakthroughs in several key technologies and secured batch orders for three major new projects, with orders in strategic emerging industries increasing by over 30% year-on-year [3]. - The cash flow from operating activities improved, with a year-on-year increase of 46.11% to approximately -312 million yuan, attributed to an increase in the maturity of commercial acceptance bills [3]. - Several shareholders, including E Fund Defense Industry Mixed Securities Investment Fund, increased their holdings in the company during the second quarter [3].

格隆汇8月21日丨航天电器(002025.SZ)公布半年度报告，报告期由于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，2025年1-6月公司实现营业 总收入29.35亿元，较上年同期增长0.47%；实现利润总额1.08亿元，较上年同期下降77.59%；实现归属 于母公司股东的净利润0.87亿元，较上年同期下降77.49%。 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-56 贵州航天电器股份有限公司 第八届监事会第九次会议决议公告 本公司及监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"）第八届监事会第九次会议 通知于 2025 年 8 月 10 日以书面、电子邮件方式发出，2025 年 8 月 20 日上午 持,会议应出席监事 3 人，亲自出席监事 3 人，本次会议召集、召开程序符合《公 司法》、《公司章程》的规定。本次会议审议通过以下议案： 一、以 3 票同意、0 票反对、0 票弃权的表决结果审议通过公司《2025 年半 年度报告及 2025 年半年度报告摘要》 全体监事认为：董事会编制和审核贵州航天电器股份有限公司 2025 年半年 度报告的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、 完整地反映了公司的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 二、以 3 票同意、0 票反对、0 票弃权的表决结果审议通过公司《关于计提 全体监事认为：公司本次计提资产减值准备履行了董事会审议程序，符合《企 业会计 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-54 贵州航天电器股份有限公司 第八届董事会第三次会议决议公告 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、 误导性陈述或者重大遗漏。 贵州航天电器股份有限公司（以下简称"公司"）第八届董事会第三次会议通知于 会议室召开。会议由公司董事长李凌志先生主持，公司应出席董事 9 人，亲自出席董事 集、召开程序符合《公司法》、 《公司章程》的规定，公司监事、高级管理人员、董事会 秘书列席了会议。经与会董事审议，会议形成如下决议： 一、以 9 票同意、0 票反对、0 票弃权的表决结果审议通过《2025 年半年度报告及 本议案已经公司董事会审计委员会审议通过。 公司《2025 年半年度报告摘要》详细内容见 2025 年 8 月 22 日刊登在《证券时报》 《中国证券报》上的公告；《2025 年半年度报告》全文刊登于巨潮资讯网，供全体股东 和投资者查询、阅读。 经中国证监会（证监许可〔2021〕2341 号）核准，2021 年 8 月贵州航天电器股份 有限公司以非公开发行股票方式向 11 名特定投资者发行股票 23,662,256 ...

航天电器8月21日披露半年报，公司上半年实现营业收入29.35亿元，同比增长0.47%；归属于上市公司 股东的净利润8669.52万元，上年同期3.85亿元，同比下降77.49%；基本每股收益0.19元。 ...

合并资产负债表 2025年6月30日 | 编制单位：贵州航天电器股份有限公司 | | | | 单位：人民币元 | | --- | --- | --- | --- | --- | | 项 | 目 | 附注 | 2025年6月30日 | 2025年1月1日 | | 流动资产： | | | | | | 货币资金 | | 五、1 | 2,273,311,654.10 | 2,773,099,155.36 | | 结算备付金 | | | | - | | 拆出资金 | | | | - | | 交易性金融资产 | | | | - | | 衍生金融资产 | | | | - | | 应收票据 | | 五、2 | 503,486,520.30 | 1,313,621,250.20 | | 应收账款 | | 五、3 | 4,795,672,417.41 | 3,575,223,736.48 | | 应收款项融资 | | 五、5 | 105,947,244.55 | 102,946,061.20 | | 预付款项 | | 五、7 | 72,699,100.27 | 57,438,411.16 | | 应收保费 | | | | - | ...

贵州航天电器股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 8 月 20 日 1 合并资产负债表 编制单位：贵州航天电器股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 2,273,311,654.10 | 2,773,099,155.36 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 503,486,520.30 | 1,313,621,250.20 | | 应收账款 | 4,795,672,417.41 | 3,575,223,736.48 | | 应收款项融资 | 105,947,244.55 | 102,946,061.20 | | 预付款项 | 72,699,100.27 | 57,438,411.16 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 17,768,280.18 | 14 ...