Investment Rating - Buy (Maintain Rating) [1] Core Viewpoints - The recent military conflict between India and Pakistan has highlighted the effectiveness of Chinese military equipment, particularly in the context of military exports [2][5] - The global arms trade is expected to enter a new cycle of prosperity due to increased demand driven by geopolitical tensions, with China's military exports likely to gain market share [3][4][26] Summary by Sections 1. Overview of the India-Pakistan Conflict - The conflict began with a terrorist attack in India, leading to India's "Operation Zhusha" and Pakistan's counteraction, showcasing the effectiveness of Chinese military equipment used by Pakistan [13][20] 2. Impact on the Military Industry - Global demand for military equipment is increasing, with military spending projected to reach $2.72 trillion in 2024, a 9.4% increase [23][26] - The arms trade saw a significant increase of 29% in 2022, with a projected export value of $28.938 billion TIV in 2024 [3][26] 3. China's Military Export Potential - China's military exports have surged from $1.358 billion TIV in 2021 to $2.982 billion TIV in 2023, with 45% of exports going to Pakistan [4][33] - The report emphasizes the transition of Chinese military equipment into a "DEEPSEEK" era, indicating advancements in technology and capabilities [42] 4. Investment Recommendations - The report suggests focusing on seven key areas for military trade-related investments: aviation equipment, missile systems, radar systems, drones, low-cost munitions, ground equipment, and communication data links [5][67]

Core Viewpoint - Gaode Infrared is a leading company in the infrared technology sector in China, focusing on independent innovation and the development of core infrared chips to meet national defense and civilian market needs [1][5]. Group 1: Company Overview - Gaode Infrared, founded in 1999, specializes in infrared core chips, thermal imaging products, and advanced optical systems, and was listed on the Shenzhen Stock Exchange in 2010 [2]. - The company has established three fully autonomous production lines for infrared detector chips, which are widely used in defense, industrial inspection, security monitoring, and consumer electronics [2][5]. Group 2: Financial Performance - In Q1 2025, Gaode Infrared achieved a revenue of 680 million yuan, a year-on-year increase of 45.47%, and a net profit of 83.55 million yuan, up 896.56% [1][3]. - For the year 2024, the company reported a revenue of 2.678 billion yuan, an increase of 10.87%, but incurred a net loss of 447 million yuan, marking its first annual loss since its listing [2][3]. Group 3: Research and Development - In 2024, Gaode Infrared's R&D expenses reached 746 million yuan, a 37.51% increase from the previous year, reflecting the company's commitment to innovation [5]. - The company launched 21 series and 62 models of thermal imaging products, covering key industries such as power, metallurgy, petrochemicals, and intelligent manufacturing [5]. Group 4: Market Strategy and Future Outlook - Gaode Infrared is focusing on the low-altitude economy, leveraging its expertise in intelligent perception and artificial intelligence to develop core products and solutions [6]. - The company aims to drive growth through a dual strategy of military and civilian innovation, enhancing product structure and operational efficiency [6].

Financial Performance - In Q1 2025, the company achieved operating revenue of 680 million yuan, a year-on-year increase of 45.47% [2] - The net profit attributable to shareholders reached 83.55 million yuan, up 896.56% year-on-year [2] - The net profit excluding non-recurring gains and losses was 66.29 million yuan, reflecting a significant increase of 7,054.78% year-on-year, exceeding market expectations [2] Business Strategy - The company operates under a "military-civilian dual-drive" strategy, maintaining steady growth in traditional military business while making breakthroughs in emerging sectors like low-altitude economy [3] - It is one of the few domestic companies with a complete infrared industry chain, forming a competitive advantage with a full industry chain from core chips to infrared thermal imaging systems [3] Product Development - In 2024, the company launched 21 series and 62 models of thermal imaging products, covering key industries such as electricity, metallurgy, petrochemicals, firefighting, scientific research, and intelligent manufacturing [4] - The company is focused on building an integrated perception system for air, land, and space, leveraging its capabilities in chip research and equipment system design [4] Market Opportunities - The company anticipates growth opportunities due to the ongoing advancement of national defense information construction and the continuous release of demand in the civilian market [5] - The low-altitude economy, recognized as a national strategy, presents a new opportunity for the company's development, supported by national policies and a thriving market [5] - The company plans to deepen technological innovation, optimize product structure, and enhance operational efficiency to sustain steady growth in performance [5]

Group 1: Financial Performance - The company's gross profit margin decreased by 2.44% compared to the same period last year, attributed to fluctuations in selling prices and raw material costs [1] - The company reported a significant loss exceeding 1 billion in Q4 2024, primarily due to price reductions and delays in contract orders, impacting revenue [6] Group 2: Research and Development - The company emphasizes technology innovation as its core competitive advantage, planning to increase R&D investment and collaborate with universities and research institutions [2] - The company has achieved large-scale production in the field of AI and infrared integration, leveraging its advantages in both areas [2] Group 3: Market Expansion - The company is actively expanding in the civilian market, with a focus on sectors like electricity, healthcare, and automotive, aiming for rapid growth in these areas [2] - The company has adopted a global strategy, enhancing brand influence and making progress in both domestic and international markets [4] Group 4: Supply Chain and Production - The supply chain for key raw materials remains stable, with a high and steadily increasing proportion of domestic substitutes [4] - The company has completed the construction of new production lines, which will enhance capacity for non-lethal ammunition and information-based ammunition [4] Group 5: Strategic Initiatives - The company plans to implement a "Red + " strategy over the next three years, focusing on new applications such as autonomous driving and photovoltaic detection [4] - The company is open to mergers and acquisitions to address technological or market gaps, targeting upstream and downstream industry extensions [4] Group 6: Financial Management - The company has a well-structured plan for shareholder returns over the next three years, balancing dividends with future funding needs [5] - Approximately 70% of accounts receivable are from government users and state-owned research institutions, which have a strong credit rating and minimal payment delays [6]

智通财经4月28日电，高德红外(002414.SZ)发布2025年第一季度报告，公司实现营业收入6.81亿元，同 比增长45.47%；归属于上市公司股东的净利润为8354.6万元，同比增长896.56%。主要原因是民品业务 销售额增加。 高德红外：第一季度净利润同比增长897% ...

武汉高德红外股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 的第六届董事会第十一次会议审议通过了《关于增加公司经营范围及修订〈公司 章程〉的议案》，具体情况如下： 一、公司章程修订情况 根据自身的业务发展需要及实际经营情况，公司拟增加经营范围，并同步 修订《公司章程》的相关条款。具体修订条款对照表如下： | 原经营范围 | 增加后的经营范围 | | --- | --- | | 第十三条 经依法登记，公司的经营范围:许可项 | 第十三条 经依法登记，公司的经营范围:许可项 | | 目：特种设备设计,特种设备制造,特种设备检验检测, | 目：特种设备设计,特种设备制造,特种设备检验检测,特 | | 特种设备安装改造修理,建设工程施工,施工专业作业, | 种设备安装改造修理,建设工程施工,施工专业作业,建筑 | | 建筑劳务分包,输电、供电、受电电力设施的安装、维 | 劳务分包,输电、供电、受电电力设施的安装、维修和试 | | 修和试验。（依法须经批准的项目，经相关部门批准后 | 验。（依法须经批准的项目，经相关部门批准后方可开展 | | 方可开展经营活动，具体经营项目以相关部门批准文件 | ...

2025 年 4 月 28 日，公司召开了第六届董事会第十一次会议，会议审议通过 了《2025 年第一季度报告》和《关于增加公司经营范围及修订〈公司章程〉的 议案》，其中《关于增加公司经营范围及修订〈公司章程〉的议案》尚须提交公 司股东大会审议，具体内容详见《中国证券报》《上海证券报》《证券时报》《证 券日报》及巨潮资讯网（http://www.cninfo.com.cn）披露的《关于增加公司经营 范围及修订〈公司章程〉的公告》（公告编号：2025-017） 证券代码：002414 证券简称：高德红外 公告编号：2025-018 武汉高德红外股份有限公司 关于 2024 年年度股东大会增加临时提案暨股东大会补充通 知的公告 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"）第六届董事会第十次会议 于 2025 年 4 月 24 日以通讯表决的方式召开，会议审议通过了《关于召开 2024 年年度股东大会的议案》，决定于 2025 年 5 月 20 日（星期二）召开公司 2024 年年度股东大会，具体内容详见公司于 202 ...

武汉高德红外股份有限公司 第六届监事会第九次会议决议公告 证券代码：002414 证券简称：高德红外 公告编号：2025-015 经审核，监事会认为：董事会编制和审核公司 2025 年第一季度报告的程序 符合法律、行政法规和中国证监会、深圳证券交易所的规定，报告内容真实、准 确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者 重大遗漏。 三、备查文件 1、第六届监事会第九次会议决议； 2、深交所要求的其他文件。 特此公告。 武汉高德红外股份有限公司 监事会 本公司及监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。 一、监事会会议召开情况 武汉高德红外股份有限公司（以下简称"公司"）第六届监事会第九次会议 通知于 2025 年 4 月 18 日以电话、传真、邮件方式送达，会议于 2025 年 4 月 28 日以通讯表决的方式召开。公司监事共 3 人，参与本次会议表决的监事共 3 人， 符合《公司法》和《公司章程》的规定。 二、监事会会议审议情况 以 3 票赞成、0 票反对、0 票弃权的表决结果审议通过了《2025 年第一季度 报告》。 二○二五年四月二 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥680,759,855.77, representing a 45.47% increase compared to ¥467,973,388.98 in the same period last year[4] - Net profit attributable to shareholders surged to ¥83,545,903.88, marking an impressive increase of 896.56% from ¥8,383,466.62 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥66,287,709.72, a staggering increase of 7,054.78% compared to ¥926,481.15 in the previous year[4] - Basic and diluted earnings per share both increased to ¥0.0196, reflecting an 880.00% rise from ¥0.0020 in the previous year[4] - Net profit for the current period was ¥83,545,903.88, compared to ¥8,383,466.62 in the previous period, reflecting a growth of 895.5%[23] Cash Flow - The net cash flow from operating activities improved significantly to ¥41,288,114.68, a 120.00% increase from a negative cash flow of -¥206,484,280.14 in the same period last year[4] - Cash inflow from operating activities was ¥869,543,917.69, compared to ¥600,882,706.37 in the previous period, indicating a rise of 44.7%[25] - Total cash inflow from investment activities was 207,116,267.56, compared to 2,108,476.40 previously[26] - Net cash flow from investment activities was -306,320,491.56, worsening from -242,314,299.45 in the prior period[26] - Cash inflow from financing activities totaled 540,000,000.00, up from 248,158,948.41[27] - Net cash flow from financing activities increased to 329,364,742.04 from 142,100,812.10[27] - The net increase in cash and cash equivalents was 65,396,901.39, a recovery from -306,117,313.06[27] - The ending balance of cash and cash equivalents was 632,510,228.66, down from 1,175,511,620.19[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,683,068,449.02, up 4.84% from ¥9,236,284,847.06 at the end of the previous year[4] - The company's total liabilities increased to ¥3,267,197,265.70, up from ¥2,912,041,642.62, marking a rise of 12.2%[21] - Total equity attributable to the parent company reached ¥6,415,871,183.32, an increase from ¥6,324,243,204.44, representing a growth of 1.4%[21] - Total current assets at the end of the reporting period amount to 4,776,467,267.48 RMB, an increase from 4,593,385,006.09 RMB at the beginning of the period[19] - Non-current assets total 4,906,601,181.54 RMB, up from 4,642,899,840.97 RMB[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 108,913[13] - The largest shareholder, Wuhan Gaode Electric Co., Ltd., holds 36.39% of shares, totaling 1,554,198,364 shares[13] - The second-largest shareholder, Huang Li, holds 27.10% of shares, totaling 1,157,349,375 shares, with 868,012,031 shares pledged[13] Operating Costs and Expenses - Total operating costs amounted to ¥602,639,676.40, up 32.7% from ¥454,164,083.33 in the prior period[22] - Research and development expenses for the current period were ¥169,194,903.90, up from ¥150,206,880.49, reflecting an increase of 12.6%[22] - The company reported a tax expense of ¥28,207,790.46, slightly higher than ¥27,251,293.07 in the previous period[23] - The company experienced a 92.40% increase in taxes and additional charges, totaling ¥10,473,978.26, attributed to higher VAT obligations[10] Other Financial Information - The company reported a significant increase in government subsidies, amounting to ¥12,506,120.09, which positively impacted the financial results[6] - Other comprehensive income after tax for the current period was ¥583,137.67, compared to a loss of ¥228,636.66 in the previous period[24] - The company has a goodwill of 144,624,348.90 RMB, unchanged from the previous period[19] Corporate Governance - The company has not yet audited the first quarter report[28] - The company plans to implement new accounting standards starting in 2025[28] - The board of directors meeting was held on April 28, 2025[30]

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。 证券代码：002414 证券简称：高德红外 公告编号：2025-014 武汉高德红外股份有限公司 第六届董事会第十一次会议决议公告 一、董事会会议召开情况 武汉高德红外股份有限公司（以下简称"公司"）第六届董事会第十一次会 议通知于 2025 年 4 月 18 日以电话、传真、邮件方式送达，会议于 2025 年 4 月 28 日以通讯表决的方式召开。会议应到董事 7 人，实到董事 7 人，会议的召开 符合《公司章程》规定的程序，并达到了《公司法》及《公司章程》规定的召开 董事会会议的法定表决权数。 本议案将提交公司 2024 年年度股东大会进行审议。 三、备查文件 1、第六届董事会第十一次会议决议； 2、深交所要求的其他文件。 特此公告。 武汉高德红外股份有限公司 二、董事会会议审议情况 1、以 7 票同意，0 票反对，0 票弃权，一致通过了《2025 年第一季度报告》。 具体内容详见 2025 年 4 月 29 日刊载于《中国证券报》《上海证券报》《证 券时报》《证券日报》及巨潮资讯网（http://www.c ...