中航光电 20250905 摘要 中航光电上半年营收 81.8 亿元，同比增长 21.6%，二季度环比增长 31%，民用领域贡献显著。受业务结构变化和原材料价格影响，毛利率 有所下滑，但期间费用占比优化 2.58 个百分点，经营性现金净流量虽 同比下滑，但二季度改善明显，公司积极布局防务、新域新质领域和新 能源汽车等民用业务。 数据中心行业进入以 AI 算力为核心的新阶段，智算需求爆发式增长，推 动数据中心向智能计算枢纽转型。国家政策支持和技术发展如高速数据 传输、液冷等驱动行业增长，复合增长率超 26.7%，大型 IDC 和 AI 需 求贡献显著。 中航光电在数据中心领域提供全面产品解决方案，覆盖机柜、IT 设备、 网络互联及供电设备、温控系统和液冷散热等。重点布局大电流、高压、 高密度功率连接器，提高高散热材料及低成本镀层技术，并积极布局高 精密光学耦合等光传输技术。 新能源汽车行业蓬勃发展，2024 年中国销量占全球 60%，产量占全球 70%，渗透率近 50%。全球新能源渗透率持续提升，预计 2030 年将超 过 50%，中国产业链优势带来机遇。 Q&A 2025 年上半年公司的经营情况如何？ 202 ...

Group 1 - The company, Zhonghang Optoelectronics, has established a deep layout in the field of optical modules and related areas based on its foundation in optoelectronic interconnection [1] - The company is increasing its technological investment and product research and development in areas such as CPO (Chip-on-Board) to secure a more advantageous position amid technological iterations and industrial transformations [1]

在市值管理上，公司坚持"稳健经营、价值创造"理念，加大研发与合作，在防务、民用及国际业务同步 发力，成为高科技制造领域首选互连方案提供商。 9月5日，中航光电在周山厂区Z1楼二楼报告厅，以现场参观、投资者交流及进门网络视频直播的形 式，举办了业绩说明会。爱建证券、安信基金等超百家机构投资者及个人投资者参会，公司董事长郭泽 义、董事兼总经理李森等多位高层出席。 本次业绩说明会，公司介绍了2025年上半年经营情况，并就市值管理、股东回报、战略规划等投资者关 心的问题进行解答。 上半年经营业绩逐季向好，业务结构更均衡 2025年上半年，中航光电全力完成防务科研生产任务，抓住民用领域发展机遇，经营业绩逐季向好。公 司实现营业收入111.8亿元，同比增长21.6%，第二季度环比增长31%，民用领域贡献显著。不过，受业 务结构变化、防务经济性压力及原材料价格影响，公司上半年毛利率下滑，但期间费用占比同比优化 2.58个百分点。此外，经营性现金净流量同比下滑，但第二季度环比改善明显。 公司全面布局防务新域新质装备、民用业务，核心能力和经营质效提升，业务结构更均衡。上半年完成 2024年现金分红16.95亿元，股利支付率达5 ...

中航光电科技股份有限公司投资者关系活动记录表 编号：[2025]第 003 号 | 投资者关系活动类 | □特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 ■业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 活动参与人员 | 投资者参会人员：爱建证券、安信基金、博道基金、博时基金、 | | | 财通证券、创金合信、大家保险、东方证券、方正证券、高盛(中 国）、高腾国际资产管理、工银瑞信、光大保德、广发证券、国金 证券、国泰海通、国泰基金、国投创益产业基金、国投证券、国信 | | | 证券、国联民生证券、华宝证券、华创证券、华福证券、华金证 券、华商基金、华泰证券、华泰柏瑞基金、华夏基金、嘉实基金、 建信基金、交银保险、金鹰基金、鲸域资产、九泰基金、民生证 | | | 券、南方基金、南京证券、农银理财、平安证券、青银理财、瑞信 | | | 证券、睿远基金、山西证券、上海宽远资产、上海瓴仁私募、申万 | | | 宏源、世纪证券、太平洋证券、泰康资产、天风证券、西部利得基 | | | 金、西部证券、兴 ...

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

转自：前瞻产业研究院 行业主要上市公司：立讯精密(002475.SZ)、中航光电(002179.SZ)、长盈精密(300115.8Z)、得润电子 (002055.SZ)、航天电器(002025.8Z)、意华股份(002897.SZ)等 本文核心数据：市场规模;产品结构;区域结构 1、定义及分类 光纤连接器是指光纤系统中能够实现光纤之间可拆卸(活动)连接的一种基础无源光器件，它把光纤的两个端 面精密对接起来，以使发射光纤输出的光能量能最大限度地耦合到接收光纤中去，并使由于其介入光链路而 对系统造成的影响减到最小，这是光纤连接器的基本要求。在一定程度上，光纤连接器影响了光传输系统的 可靠性和各项性能。常见的光纤连接器类型主要包括FC、SC、ST、LC、MPO/MTP等类型。 按市场规模计，目前光纤连接器细分产品结构中小方型光纤连接器占比较高，占据着近35%全球光纤连接器 市场份额。 2、2024年全球光纤连接器市场规模约55.6亿美元 在高容量数据传输和下一代通信网络的需求不断增长的推动下，2024年全球光纤连接器市场规模已攀升至 55.6亿美元，同比增长7.2%。 3、光纤连接器细分产品结构中小方型占比较高 4 ...

事件描述 公司发布2025 半年报，上半年实现营业收入111.83 亿元，同比增长21.60%，实现归母净利润14.37 亿 元，同比减少13.87%；分季度来看，2025Q2 实现营业收入63.45 亿元，同比增长22.40%，环比增长 31%，实现归母净利润7.97 亿元，同比减少13.12%，环比增长25%。 事件评论 防务需求明显复苏，高景气民用业务景气爆发牵引公司收入快速增长。2025 年初至今，公司防务在手 订单呈现明显恢复态势，新能源车、数据中心、工业装备业务实现高速增长，牵引公司整体收入快速增 长。 1、需求下达不及时； 2、产能扩张不及预期的风险。 公司在防务领域持续巩固首选供应商地位，全面参与无人、深水、星箭等新兴领域，多项产品实现业务 突破，专业互连能力优势更加凸显。高端民用制造领域中，新能源汽车领域锚定"国际一流、国内主 流"核心客群，紧抓汽车电动化、智能化发展契机，大力布局智能网联战略业务赛道，成功跻身国内头 部车企核心供应链体系，由高压互连向整车互连加速转型，报告期内，新能源汽车业务实现同比超 50%的高速增长，高于同期新能源汽车销量增速，实现国内主流车企阵营全覆盖，市场热销车型广 ...

丨证券研究报告丨 公司研究丨点评报告丨中航光电（002179.SZ） [Table_Title] 防务需求显著复苏，数据中心高速增长 报告要点 [Table_Summary] 防务需求明显复苏，高景气民用业务景气上行牵引公司收入快速增长。受原材料价格上涨、业 务结构变化及部分产品降价导致公司业绩同比出现下滑。液冷解决方案及其他产品增速高于光 /电产品，境外业务拓展顺利。 分析师及联系人 [Table_Author] 王贺嘉 王清 SAC：S0490520110004 SAC：S0490524050001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中航光电（002179.SZ） cjzqdt11111 [Table_Title2] 防务需求显著复苏，数据中心高速增长 [Table_Summary2] 事件描述 公司发布 2025 半年报，上半年实现营业收入 111.83 亿元，同比增长 21.60%，实现归母净利 润 14.37 亿元，同比减少 13.87%；分季度来看，2025Q2 实现营业收入 63.45 亿元，同比增 长 22.4 ...

Core Viewpoint - 中航光电 reported a revenue increase in the second quarter of 2025, indicating a performance turnaround despite a decline in net profit compared to the previous year [1][2]. Financial Performance - The company achieved a total revenue of 111.83 billion yuan in the first half of 2025, a year-on-year increase of 21.6%, while total profit decreased by 9.21% to 17.75 billion yuan [1]. - In Q2 alone, revenue reached 63.45 billion yuan, reflecting a quarter-on-quarter growth of 31.13%, and net profit attributable to shareholders was 7.97 billion yuan, up 24.55% from Q1 [1]. Product Performance - All three major product categories saw revenue growth in the first half of 2025: - Electrical connectors and integrated interconnect components generated 86.04 billion yuan, up 20.86% - Electrical connectors and integrated interconnect components achieved 16.24 billion yuan, a 22.42% increase - Liquid cooling solutions and other products reached 9.56 billion yuan, growing by 27.08% [2]. - The company's business in the new energy vehicle sector experienced over 50% year-on-year growth, surpassing the industry average [2]. Market Position and Strategy - 中航光电 has successfully integrated into the core supply chain of leading domestic automotive manufacturers, transitioning from high-voltage interconnects to complete vehicle interconnects [2]. - The company is focusing on key clients in the industrial equipment sector, capitalizing on opportunities in photovoltaic energy storage and electrification of engineering machinery [3]. Margin and Cost Challenges - Despite revenue growth, the gross margin for connectors has declined, with the overall industry gross margin at 30.31%, down 6.9 percentage points year-on-year [3]. - The gross margin for electrical connectors and integrated components fell by 7.7 percentage points, while the gross margin for optical connectors and other optical devices decreased by 2.94 percentage points to 18.08% [3]. - The company faces dual pressures from rising raw material costs and decreasing product prices due to competitive procurement practices [3]. Future Outlook - The company did not provide specific forecasts for the second half of 2025 but indicated that external uncertainties remain significant [4]. - Management expects noticeable improvements in scale and profitability in Q2, but cautioned that Q3 and Q4 will require ongoing monitoring [4].

Group 1: Company Overview - Hanbell Precise Machinery - Hanbell Precise Machinery is a leading company in the compressor industry, benefiting from the high growth demand in downstream AIDC construction, with its magnetic levitation compressor products expected to see significant sales growth [2][25] - The company has achieved a compound annual growth rate (CAGR) of 17.1% in revenue from 2014 to 2024, with a projected net profit margin of 23.5% and a return on equity (ROE) of 21.77% in 2024, indicating strong operational health [3][28] - The company’s operating cash flow for the first half of 2025 was 410 million, accounting for 27.4% of its revenue, showcasing its strong cash flow generation capability [3][28] Group 2: Market Demand and Trends - The demand for magnetic levitation compressors is expanding due to the surge in data center construction driven by AI applications, with liquid cooling becoming the mainstream cooling technology [4][29] - The estimated market demand for magnetic levitation centrifugal compressors for 100,000 GB300 cabinets is approximately 14.3 billion, highlighting the significant market potential [4][29] - Hanbell is positioned as a leader in the magnetic levitation compressor market, accelerating the import substitution process in the data center cooling market, with production capacity established in multiple regions including Shanghai, Taiwan, Vietnam, the US, and Europe [4][29] Group 3: Industry Insights - Wholesale and Retail - The wholesale and retail industry is expected to benefit from rising gold prices, with the gold and jewelry sector showing low valuations and strong domestic demand support [6][7] - The anticipated increase in gold prices is expected to enhance the sales elasticity of gold jewelry brands, particularly those with a high proportion of sales from investment gold [7][8] - The industry is projected to see a steady net increase in channel expansion despite market challenges, with brands that focus on investment gold and high-value products likely to outperform [7][8] Group 4: Industry Insights - Military Industry - The military industry is experiencing high prosperity, as demonstrated by the recent military parade showcasing new equipment, reflecting China's military technology innovation and strategic deterrence capabilities [11][12] - The focus on modernizing military equipment is expected to drive long-term growth in the military sector, with increased defense spending anticipated due to rising geopolitical tensions [13][21] - Key military companies are expected to benefit from this trend, with recommendations for investment in companies such as AVIC and North Navigation [13][21] Group 5: Overseas Strategy Insights - The current AH premium level has potential downward space, primarily driven by traditional industries, with real estate and banking sectors still having room for premium contraction [10][18] - Emerging industries like semiconductors and hardware are also expected to see a gradual narrowing of AH premiums, indicating a shift in market dynamics [10][18]