证券代码：002414 证券简称：高德红外 公告编号：2025-032 武汉高德红外股份有限公司 关于收到《某型号红外观测仪中标通知书》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 武汉高德红外股份有限公司（以下简称"公司"）于近日收到机关下发的《某 型号红外观测仪中标通知书》，具体情况如下： 一、中标项目主要内容 中标单位及产品：武汉高德红外股份有限公司（第一中标单位）、某型号红 外观测仪； 因《中标通知书》部分信息敏感，公司根据相关对外信息披露规定，豁免披 露销售对象的具体信息。 二、中标项目对公司的影响 凭借多年来在红外行业的技术领先优势和多品类红外核心器件的国产化量 产，公司大力投入预研多类型高科技型号产品，积极参与各型号产品竞标项目， 在项目竞标中展现出显著的竞争优势，竞标成绩优异。本次竞标经综合评定并公 示，确认公司为该型号红外观测仪第一中标单位。 3、上述项目的履行不影响公司业务的独立性，公司主要业务不会因履行上 述项目对业主形成依赖。 - 1 - 三、风险提示 截至本公告披露日，中标项目正式合同尚未签订，待合同签订后另行公告， 敬请广 ...

Group 1 - The core transaction involved 453,600 shares of Gaode Infrared, with a total transaction value of 5.602 million yuan, representing 0.49% of the total trading volume for the day [1] - The transaction price was 12.35 yuan per share, which is a discount of 3.82% compared to the market closing price of 12.84 yuan [1] - The buyer was Yintai Securities, while the seller was China Post Securities [2]

Core Viewpoint - On September 30, Gaode Infrared experienced a 3.09% increase in stock price with a trading volume of 765 million yuan, indicating strong market interest and activity [1]. Financing Summary - On the same day, Gaode Infrared had a financing purchase amount of 64.17 million yuan and a financing repayment of 78.77 million yuan, resulting in a net financing outflow of 14.60 million yuan [1]. - As of September 30, the total financing and securities lending balance for Gaode Infrared was 9.65 billion yuan, with the financing balance at 9.60 billion yuan, accounting for 1.82% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, there were no shares repaid, with 1,500 shares sold, amounting to 18,500 yuan at the closing price, and a securities lending balance of 5.43 million yuan, exceeding the 70th percentile of the past year [1]. Business Performance - As of June 30, Gaode Infrared reported a total of 128,400 shareholders, an increase of 17.87% from the previous period, with an average of 26,474 circulating shares per person, a decrease of 15.16% [2]. - For the first half of 2025, Gaode Infrared achieved operating revenue of 1.934 billion yuan, representing a year-on-year growth of 68.24%, and a net profit attributable to shareholders of 181 million yuan, a significant increase of 906.85% year-on-year [2]. Dividend and Shareholding Structure - Since its A-share listing, Gaode Infrared has distributed a total of 2.279 billion yuan in dividends, with 487 million yuan distributed over the past three years [3]. - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 61.07 million shares, a decrease of 10.77 million shares from the previous period, while Huaxia Military Industry Safety Mixed A increased its holdings by 29.76 million shares to 54.71 million shares [3].

Core Viewpoint - The defense and military industry experienced a significant increase in stock prices, with a rise of 2.59% on September 30, 2023, driven by substantial net inflows of capital [1][2]. Market Performance - The Shanghai Composite Index rose by 0.52% on September 30, 2023, with 19 out of 28 sectors showing gains, particularly in non-ferrous metals and defense industries, which increased by 3.22% and 2.59% respectively [1]. - The defense industry saw a net inflow of 20.78 billion yuan, making it the top sector for capital inflow, while the non-bank financial sector led in capital outflow with 114.05 billion yuan [1]. Capital Flow Analysis - In the defense industry, 138 stocks were tracked, with 119 stocks rising and 4 hitting the daily limit up. The top net inflow stocks included AVIC Shenyang Aircraft Company with 902 million yuan, followed by Aerospace Rainbow and Guorui Technology with 226 million yuan and 176 million yuan respectively [2]. - The top stocks experiencing capital outflow included China Shipbuilding Industry with a net outflow of 550 million yuan, followed by Guangwei Composites and Guangqi Technology with outflows of 44 million yuan and 43 million yuan respectively [3]. Sector Highlights - The defense industry had a total of 80 stocks with net inflows, with 10 stocks receiving over 100 million yuan in net inflows [2]. - The defense industry also had notable stocks with significant capital outflows, indicating a mixed sentiment among investors [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [9][15]. Core Insights - In H1 2025, the company achieved a significant revenue increase of 68% year-on-year, reaching 1.934 billion yuan, and a remarkable net profit growth of 907%, amounting to 181 million yuan [4][5]. - The company has successfully resumed the delivery of delayed model project products and expanded its market presence in civilian products, particularly in infrared chip applications [5]. - The gross margin remained relatively stable, with a slight decrease of 0.38 percentage points to 51.02%, while the expense ratio decreased by 17.85 percentage points to 27.60% [6]. - The company has made significant strides in the complete equipment system sector, achieving a leap from following to leading in the market, with substantial contracts signed for both domestic and international sales [7][9]. - Future revenue projections for 2025-2027 are estimated at 5.1 billion, 6.1 billion, and 7.7 billion yuan, with corresponding net profits of 668 million, 854 million, and 1.245 billion yuan, leading to price-to-earnings ratios of 76, 60, and 41 times respectively [9][11]. Summary by Sections Company Overview - The latest closing price is 11.93 yuan, with a total market capitalization of 50.9 billion yuan and a total share capital of 4.271 billion shares [3]. Financial Performance - In H1 2025, the company reported a revenue of 1.934 billion yuan and a net profit of 181 million yuan, with significant growth in both categories [4][5]. - The gross margin for H1 2025 was 51.02%, with a notable increase in the gross margin for traditional and informationized ammunition products [6]. Market Position - The company has established itself as a leading supplier in the international market for complete equipment systems, breaking the long-standing monopoly of traditional Western giants [7][9]. - The company has signed multiple significant contracts, indicating a robust pipeline for future revenue growth [7]. Future Outlook - The company is expected to experience a resonant development in both domestic and international markets for complete equipment systems, driven by technological advancements and enhanced product performance [9].

Summary of Key Points Core Viewpoint - On September 22, 2025, a block trade of 845,800 shares of Gaode Infrared was executed at a price of 11.40 yuan, representing a discount of 7.09% compared to the market closing price of 12.27 yuan, with a total transaction value of 9.6421 million yuan [1]. Group 1: Transaction Details - The total volume of the block trade was 845,800 shares, with a transaction value of 9.6421 million yuan [1]. - The transaction price was set at 11.40 yuan per share, which is lower than the market closing price [1]. - The block trade accounted for 0.75% of the total trading volume on that day [1]. Group 2: Trading Parties - The buyer was Huajin Securities Co., Ltd., Hubei Branch, involved in two separate transactions [2]. - The selling parties included Huafu Securities Co., Ltd. and Zhonglang Securities Co., Ltd., with their respective branches participating in the trades [2].

Market Performance - The military electronics sector rose by 0.13% on September 22, with Xingtu Xinke leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable gainers in the military electronics sector included: - Xingtu Xinke (688081) with a closing price of 35.77, up 9.66% on a trading volume of 110,000 shares and a turnover of 383 million yuan [1] - Guoguang Electric (688776) closed at 90.95, up 6.34% with a trading volume of 43,500 shares [1] - Other significant gainers included ST Wanfang (000638) up 5.02%, and Jingjia Micro (300474) up 4.12% [1] Fund Flow Analysis - The military electronics sector experienced a net outflow of 694 million yuan from institutional investors, while retail investors saw a net inflow of 759 million yuan [2][3] - Key stocks with significant fund flows included: - Jingjia Micro (300474) with a net inflow of 172 million yuan from institutional investors [3] - Gaode Infrared (002414) with a net inflow of 153 million yuan [3] - Huafeng Technology (688629) had a net inflow of 56.73 million yuan [3]

Core Insights - The thermal imaging equipment industry in China is experiencing significant growth, driven by advancements in technology and increasing market demand, with a projected compound annual growth rate (CAGR) of 14% from 2020 to 2024, reaching a market size of 81 billion yuan by 2024 and expected to exceed 90 billion yuan by 2025 [1][6][7] Industry Overview - Thermal imaging equipment, also known as infrared thermal cameras, utilizes infrared radiation to create visible thermal images, allowing for non-contact temperature measurement and visualization [2][3] - The industry has established a complete supply chain in China, with over 80% localization in non-cooled technology, leading to significant cost reductions [1][4] Industry Chain - The industry chain consists of three segments: upstream focusing on infrared detectors, midstream led by companies like Gaode Infrared and Ruichuang Micro-Nano, and downstream applications in both military and civilian sectors [4][5] - The midstream segment has integrated AI algorithms to enhance recognition accuracy and response speed, achieving over 95% accuracy in target identification [5] Market Segmentation - The market is divided into military applications, including infrared guidance and night vision reconnaissance, and rapidly growing civilian applications such as industrial inspection, security monitoring, healthcare, and consumer electronics [5][6] Current Market Analysis - The thermal imaging market in China is entering a phase of explosive growth, with the market size increasing from 48 billion yuan in 2020 to 81 billion yuan in 2024, significantly outpacing global growth rates [6][7] - The military segment is projected to reach 27.54 billion yuan in 2024, with expectations of further growth to 30 billion yuan by 2025 due to increased defense spending and advancements in domestic infrared technology [6][7] Competitive Landscape - The competitive landscape features a diverse range of players, including state-owned military enterprises and listed companies like Gaode Infrared and Ruichuang Micro-Nano, which dominate the market with significant technological and market advantages [8][9] - Companies are focusing on technological innovation, market expansion, and supply chain integration to drive differentiation and growth [9] Development Trends - The industry is witnessing continuous technological upgrades, with advancements in non-cooled infrared detectors driving the development of smaller, more efficient, and cost-effective thermal imaging devices [10][11] - The civilian market is rapidly expanding, with applications in healthcare, automotive, and smart home sectors, indicating a shift from professional tools to consumer products [11][12] - There is significant potential for international market expansion, particularly in countries along the "Belt and Road" initiative, as domestic products offer competitive pricing and local support [12]

Group 1 - The core viewpoint of the news is the performance and financial status of Gaode Infrared, which saw a stock price increase of 5.4% to 11.90 CNY per share, with a total market capitalization of 50.822 billion CNY [1] - Gaode Infrared specializes in infrared thermal imaging technology and related optical-electronic systems, with 96.47% of its revenue coming from integrated optical-electronic and complete weapon systems [1] - The company was founded on July 13, 2004, and went public on July 16, 2010, indicating a long-standing presence in the market [1] Group 2 - According to data, the fund "Chuangjin Hexin Advanced Equipment Stock A" holds Gaode Infrared as its seventh-largest position, having reduced its holdings by 240,400 shares in the second quarter [2] - The fund has a total scale of 28.7952 million CNY and has achieved a year-to-date return of 20.45%, ranking 2483 out of 4222 in its category [2] - The fund manager, Li Han, has a tenure of over 10 years, with the best fund return during this period being 34.78% [3]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Gaode Infrared, which saw a stock price increase of 5.4% to 11.90 CNY per share, with a trading volume of 983 million CNY and a market capitalization of 50.822 billion CNY [1] - Gaode Infrared, established on July 13, 2004, and listed on July 16, 2010, specializes in infrared thermal imaging technology and the development and production of comprehensive optoelectronic systems and complete weapon systems [1] - The company's main business revenue composition includes 96.47% from infrared comprehensive optoelectronic and complete equipment systems, 2.95% from traditional and information-based ammunition, 0.27% from property leasing, 0.25% from other sources, and 0.06% from technical services [1] Group 2 - From the perspective of fund holdings, the Guoshou Anbao Fund has a significant position in Gaode Infrared, with its Guoshou Anbao Strategy Selected Mixed Fund (LOF) A holding 1.3635 million shares, accounting for 3.07% of the fund's net value, ranking as the ninth largest holding [2] - The Guoshou Anbao Strategy Selected Mixed Fund (LOF) A, established on September 27, 2017, has a latest scale of 455 million CNY, with a year-to-date return of 14.31% and a one-year return of 30.31% [2] - The fund manager, Yan Kun, has been in position for 1 year and 267 days, with the fund's total asset scale at 474 million CNY, achieving a best return of 63.91% and a worst return of 29.02% during his tenure [3]