格隆汇2月5日丨高德红外(002414.SZ)在投资者互动平台表示，轩辕智驾与某无人驾驶Robotaxi企业的项 目正常推进中。 ...

Core Viewpoint - The company is actively collaborating with leading enterprises in the drone industry to provide infrared thermal imaging products and solutions, while also expanding its market presence in the smart driving sector through partnerships with various commercial and passenger vehicle manufacturers [1] Group 1: Low-altitude Economy - The company has formed partnerships with top enterprises in the drone industry to meet customer demands and support the development of the drone sector [1] Group 2: Smart Driving - The company’s subsidiary, Xuanyuan Zhijia, has secured partnerships with commercial vehicle manufacturers such as Shaanxi Heavy Truck and Baidu Xinjian [1] - In the passenger vehicle sector, the company has received notification letters for partnerships from Geely Automobile, Dongfeng Mengshi, and GAC Aion [1] - The company has also obtained project notification letters from Geely Zeekr and leading domestic Robotaxi enterprises, indicating ongoing efforts to expand collaborations in the passenger vehicle market [1]

Core Viewpoint - The military industry sector has seen a significant rise, with the military ETF Huabao (512810) increasing over 3%, and many constituent stocks experiencing substantial rebounds, indicating strong market interest and positive performance expectations for 2025 [1][2]. Group 1: Market Performance - The military ETF Huabao (512810) rose by 3.17%, reaching a price of 0.847 [1]. - Key stocks in the military sector, such as Hailanxin, surged over 16%, while Hangfa Control hit the daily limit [1]. - A total of 45 constituent stocks of the military ETF have disclosed their 2025 performance forecasts, with 30 stocks expected to see profit increases [2]. Group 2: Earnings Forecasts - Among the 45 stocks, 14 are projected to double their net profits, with Huafeng Technology showing the highest expected increase of over 2285% [2]. - Hailanxin anticipates a net profit of 40 million to 60 million yuan for 2025, representing a year-on-year growth of 387.47% to 631.20% [1][2]. - Other companies like Zhenlei Technology and Aerospace Science and Technology are also expected to see significant profit growth, exceeding six times their previous earnings [2]. Group 3: Detailed Earnings Projections - A detailed table lists various companies with their projected net profit ranges and year-on-year growth percentages, highlighting significant expected increases across the board [3]. - For instance, Laoshiyuan Technology forecasts a net profit of 33.8 million to 38.8 million yuan, with a growth rate between 2004.17% and 2285.85% [3]. - Aerospace Science and Technology expects a net profit of 6 million to 9 million yuan, with a growth rate of 388.74% to 633.11% [3].

Group 1: Military Industry Research - The global military infrared market is expected to grow, with domestic equipment demand recovering, leading to continuous growth in orders and performance for the company [3][4] - The company has expanded its business to cover the entire manufacturing chain, achieving significant procurement agreements and becoming a major supplier for national defense projects [4] - The company is actively participating in global competition, with multiple large contracts signed in 2025, indicating its entry into the international high-end complete equipment system supplier market [4] Group 2: Photovoltaic Equipment Industry - SpaceX's application to deploy a million satellites is expected to create opportunities for photovoltaic applications in orbital data centers, benefiting related photovoltaic equipment manufacturers [6][7] - The demand for stable, low-cost photovoltaic and energy storage solutions is accelerating due to increased computational needs from data centers [7] - Companies like Maiwei and Jiejia are making significant advancements in photovoltaic technology, which may support applications in space [8] Group 3: Transportation Industry Research - The 2026 Spring Festival holiday extension is expected to boost travel demand, with a record high in passenger flow anticipated during the Spring Festival transportation period [9][10] - The total cross-regional passenger flow during the 2026 Spring Festival is projected to reach 9.5 billion, a year-on-year increase of approximately 5.3% [10] - The railway and civil aviation sectors are expected to see significant increases in passenger numbers, with airlines anticipating a 5.3% growth in passenger transport volume [10][11] Group 4: General Market Insights - The report highlights a positive outlook for the military industry, with long-term growth driven by national defense modernization efforts [24] - The logistics and transportation sectors are showing signs of recovery, particularly in cross-border trade, which is expected to improve profitability for companies involved [29][30]

第三季度净利润同比增11倍 公开资料显示，高德红外1999年成立于湖北武汉，2010年在深交所主板挂牌上市，是一家以红外热成像 技术为核心的综合光电系统及新型完整装备系统总体研制生产企业，业务涵盖了红外焦平面探测器芯 片、红外热成像整机及以红外热成像为核心的综合光电系统、完整装备系统总体、传统非致命性弹药及 信息化弹药四大业务板块。 2024年，因部分型号项目类产品价格下调及合同订单采购计划延期等因素，型号项目类产品收入较上年 同期下降，对利润实现产生较大影响，高德红外出现上市以来首次年度亏损。 2025年，公司凭借自身全产业链布局优势，持续推动红外技术创新成果在国防与民用领域的双向转化与 协同突破，加快高科技成果的产业化进程，业绩大幅增长。 长江商报消息 ●长江商报记者 李璟 业务需求快速释放，"红外第一股"高德红外（002414.SZ）业绩大增。 根据高德红外日前发布的业绩预告，预计公司2025年实现归母净利润为7亿元至9亿元，同比扭亏为盈。 长江商报记者注意到，2025年以来，高德红外接连斩获大单，持续为公司带来新的收入和利润增长。 对于业绩变动原因，高德红外表示，2025年原延期的型号项目类产品恢复交 ...

（二）业绩预告情况：预计净利润为正值且属于扭亏为盈情形 （1）以区间进行业绩预告的 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东的净利润 盈利：70,000.00万元 –90,000.00万元 | | 亏损:44,718.67 万元 | | 扣除非经常性损益后的净利润 盈利:63,000.00万元 – 83,000.00万元 | | 亏损:49,414.76 万元 | | 基本每股收益 | 盈利: 0.1639元/股 -0.2107元/股 | 亏损:0.1047 元/股 | 二、与会计师事务所沟通情况 本次业绩预告相关数据未经会计师事务所审计。公司已就业绩预告有关事项与 年报审计会计师事务所进行了预沟通，双方不存在分歧。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 一、本 期业绩预 计情况 （一）业绩预告期间：2 0 2 5年1月1日至2 0 2 5年1 2月3 1日 本次业绩预告是公司财务部门初步测算的结果，未经会计师事务所审计，2 0 2 5 年度业绩的具体数据将在公司2 ...

Investment Rating - The report maintains an "Overweight" rating for the aerospace and defense sector [8] Core Insights - The aerospace and defense industry is expected to experience significant recovery and growth in 2025, with 30 out of 75 listed companies forecasting positive earnings growth compared to the previous year [11][12] - The report highlights structural opportunities in military equipment demand during the "14th Five-Year Plan" period, focusing on new domains, unmanned systems, advanced weaponry, and low-cost equipment [14][16] Summary by Sections Industry Performance - As of January 31, 2025, 75 out of 120 listed companies in the defense sector have disclosed earnings forecasts, with 30 companies expecting positive growth, 7 expecting positive but declining growth, 17 expecting losses but reduced compared to the previous year, and 21 expecting increased losses [11][12] Key Companies to Watch - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Steel Research (300797 CH) - Guotai Group (603977 CH) - West Superconductor (688122 CH) - Ruichuang Micro-Nano (688002 CH) - Beifang Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Intelligence (300446 CH) - Aerospace Rainbow (002389 CH) [3][8][9] Earnings Forecasts - Notable companies with significant earnings growth forecasts include: - Beimo High-Tech: 1169% growth due to product delivery and cost reduction [12] - Hailanxin: 509% growth from increased self-produced products [12] - *ST Chengchang: 452% growth driven by industry recovery [12] - Zhimin Da: 414% growth from increased demand in previously established product lines [12] - Aileda: 351% growth from increased military and civilian product demand [12] Long-term Outlook - The report emphasizes the importance of new equipment construction cycles and suggests focusing on new products and markets during the "14th Five-Year Plan" [14][16] - The military trade market is expected to grow, with China aiming to increase its market share in global military trade [17] Market Trends - The report notes a decline in the defense sector index by 7.69% over the past week, underperforming the broader market [28] - The current PE (TTM) for the defense sector is 95.23, indicating a high valuation compared to historical levels [36] Investment Opportunities - The report suggests that companies involved in unmanned systems, low-cost munitions, and military AI are likely to see significant growth opportunities [16][18] - The commercial aerospace sector is also highlighted as a growing area, with advancements in satellite internet and low-altitude economy [18][25]

Investment Rating - The report rates the military industry as "Overweight" [4] Core Insights - The military sector is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and modernizing national defense [7][8] - The military industry index fell by 7.60% from January 26 to January 31, underperforming the broader market by 7.16 percentage points, ranking 29th out of 29 sectors [12][13] - The training program for the Fujian aircraft carrier is progressing smoothly, with expectations that it will be capable of entering the Pacific for long-range training by 2026 [8][9] Summary by Sections Investment Highlights - The military industry is experiencing a downturn, but the Fujian aircraft carrier's training plan is advancing as scheduled [8] - The report highlights several companies for investment, including: 1. Assembly: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, Aero Engine Corporation of China, and High-Tech Infrared 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, and Unisplendour 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobo Electronics, AVIC Avionics, North Navigation, and Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, Hanya Technology, Guangwei Composite, Filihua, Huayin Technology, and Plit [9][10] Market Review - The military industry index underperformed the market, with a decline of 7.60% compared to a 0.44% drop in the Shanghai Composite Index and a 0.09% drop in the ChiNext Index [12][13] - The best-performing index was the China Securities National Security Index, which fell by 6.21% [14] - The defense information technology sector showed better performance, with notable gains from stocks like *ST Chengchang (+15.48%) and Western Materials (+13.02%) [16][21] Major News in the Military Industry - International tensions are escalating, with the U.S. increasing military presence in the Middle East amid rising tensions with Iran and threats from Houthi forces [25][26] - The Russian military has conducted airstrikes on Ukrainian energy infrastructure, resulting in injuries and power outages across multiple regions [26] - The report notes that the Fujian aircraft carrier is on track to achieve operational capabilities by 2026, which is seen as a positive development for China's naval capabilities [28]

Investment Rating - The report rates the military industry as "Overweight" [4] Core Insights - The military sector is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and advancing the modernization of national defense and armed forces [7][8] - The military industry index fell by 7.60% from January 26 to January 31, underperforming the broader market by 7.16 percentage points, ranking 29th out of 29 sectors [12][13] - The training plan for the Fujian aircraft carrier is progressing smoothly, with expectations that it will be capable of entering the Pacific for long-range training by 2026 [8][9] Summary by Sections Market Review - The military sector experienced a decline of 7.60%, significantly underperforming the Shanghai Composite Index, which fell by 0.44% [12][13] - The China Securities National Security Index performed the best among military indices, with a decline of 6.21%, ranking 1st out of 10 [14][18] - The defense information technology sector showed better performance, with notable gains from stocks like *ST Chengchang (+15.48%) and West Materials (+13.02%) [16][21] Major News in the Military Industry - International tensions are escalating, with the U.S. increasing military presence in the Middle East amid rising tensions with Iran, and the Houthis threatening shipping in the Red Sea [25][26] - The Russian military conducted airstrikes on Ukrainian energy infrastructure, resulting in injuries and power outages across multiple regions [26] - The Chinese Ministry of Defense confirmed the successful training progress of the Fujian aircraft carrier, which is expected to enhance its operational capabilities by 2026 [28][30] Investment Recommendations - Recommended stocks include: 1. Assembly: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, Aero Engine Corporation of China, and High-Def Infrared 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, and Unisoc 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobo Electronics, AVIC Onboard, Northern Navigation, and Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, and Huayin Technology [9][10]

Core Insights - The article highlights significant profit forecasts for various companies in 2025, indicating a trend of recovery and growth across multiple sectors, with some companies projecting substantial increases in net profit compared to the previous year. Company Performance Forecasts - **Beimo High-Tech**: Expected net profit for 2025 is between 190 million to 220 million yuan, a year-on-year increase of 1076.16% to 1261.87% [2] - **Jiangfeng Electronics**: Plans to acquire control of Kaide Quartz, with stock suspension starting January 30 [3] - **ST Aowei**: Received a notice of termination of listing due to market capitalization falling below 500 million yuan for 20 consecutive trading days [4] - **GaoDe Infrared**: Forecasted net profit of 700 million to 900 million yuan for 2025, recovering from a loss of 447 million yuan in the previous year [6] - **Bingchuan Network**: Expected net profit of 436 million to 516 million yuan, recovering from a loss of 247 million yuan [6] - **BlueFocus**: Anticipated net profit of 180 million to 220 million yuan, recovering from a loss of 291 million yuan [7] - **Godewei**: Projected net profit of 125 million to 162 million yuan, turning from loss to profit [6] - **Zhongyida**: Expected net profit of 51.23 million yuan, recovering from a loss [8] - **Helin Micro-Nano**: Forecasted net profit of 26 million to 33 million yuan, turning from loss to profit [8] - **Zhongke Sanhuan**: Expected net profit of 80 million to 120 million yuan, a year-on-year increase of 566.23% to 899.35% [9] - **Beilu Pharmaceutical**: Projected net profit of 87 million to 130 million yuan, a year-on-year increase of 537.28% to 852.26% [9] - **Light Media**: Expected net profit of 1.5 billion to 1.9 billion yuan, a year-on-year increase of 413.67% to 550.66% [9] - **Zhezhong Co.**: Forecasted net profit of 360 million to 500 million yuan, a year-on-year increase of 392.14% to 583.53% [10] - **Hailanxin**: Expected net profit of 40 million to 60 million yuan, a year-on-year increase of 387.47% to 631.2% [10] - **Jin Control Power**: Projected net profit of 155 million to 195 million yuan, a year-on-year increase of 383.21% to 507.9% [11] - **Century Huatong**: Expected net profit of 5.55 billion to 6.98 billion yuan, a year-on-year increase of 357.47% to 475.34% [12] - **Chunxue Food**: Forecasted net profit of 36 million to 43 million yuan, a year-on-year increase of 340.90% to 426.63% [13] - **Shirong Zhaoye**: Expected net profit of 126 million to 186 million yuan, a year-on-year increase of 236.77% to 397.13% [13] - **Ningbo Yunsheng**: Projected net profit of 280 million to 380 million yuan, a year-on-year increase of 194.49% to 299.67% [14] - **Jiangbolong**: Expected net profit of 1.25 billion to 1.55 billion yuan, a year-on-year increase of 150.66% to 210.82% [16] - **China Shipbuilding**: Forecasted net profit of 7 billion to 8.4 billion yuan, a year-on-year increase of 65.89% to 99.07% [17] Fundraising and Restructuring - **Beijing Lier**: Plans to raise no more than 1.034 billion yuan through a private placement [21] - **Tongfei Co.**: Plans to raise no more than 1.2 billion yuan through a private placement [21] - **Muxi Co.**: Plans to provide up to 200 million yuan in loans to its subsidiary for GPU development [23] - **Wanhua High-Tech**: Haihua Group will become an indirect controlling shareholder through a cash increase of 4.998 billion yuan [23]