光启技术一季度业绩创历史新高，超材料龙头加速构建“五大基地”全产业链护城河

Financial Performance - In Q1 2025, the company reported revenue of 372 million yuan, a year-on-year increase of 15.96%, and a net profit of 151 million yuan, up 10.82% year-on-year, achieving historical highs in both metrics [2] - For the year 2024, the company achieved revenue of 1.558 billion yuan, a growth of 4.25%, and a net profit of 652 million yuan, increasing by 11.77% [4] - The revenue from the metamaterials business reached 1.552 billion yuan, marking a 21.69% increase, and the research and development revenue surged by 911.24% to 282 million yuan [4] Industry Position and Technological Advancements - The company has transitioned from a single material supplier to a core system integrator in the aerospace equipment industry, integrating functions such as communication, optoelectronic sensing, and electromagnetic control into complex metamaterial structures [3] - The unique properties of metamaterials, including lightweight and high strength, enable new design and manufacturing solutions for next-generation aerospace equipment [3] Production Capacity and Expansion - The company is accelerating its capacity expansion strategy with the establishment of five major bases, including the newly added Zhuzhou 905 base, Tianjin 906 base, and Leshan 106 base, enhancing its national metamaterial industry layout [7] - The Zhuzhou 905 base is set to become the main base for research, production, and testing, with its first phase expected to be operational by July this year [7] - The completion of these bases is anticipated to significantly improve the delivery efficiency of metamaterial products and alleviate existing order backlogs [8] Future Outlook - The company has signed significant contracts worth 780 million yuan for the mass production of metamaterial products, with delivery planned by the end of 2025, indicating a strong future revenue stream [4][5] - The production cycle for metamaterial products is at least six months, suggesting that the capacity from the new bases will start translating into actual deliveries in the latter half of this year [5]