光启技术：上半年超材料批产收入增近50%，存货增近60%助力下半年业绩释放

Core Viewpoint - Guangqi Technology reported a revenue of 943 million yuan for the first half of 2025, marking a year-on-year growth of 10.70%, with a net profit of 386 million yuan, up 6.75%, achieving simultaneous growth in revenue and profit for seven consecutive years [1] Group 1: Financial Performance - The company's supermaterial product mass production revenue reached 936 million yuan, a year-on-year increase of 47.35%, accounting for 99.23% of total revenue, becoming the main driver of performance growth [1] - As of June 30, 2025, the company's inventory balance was 350 million yuan, an increase of 130 million yuan, nearly 60% growth compared to the beginning of the period, which is expected to support profit growth in the second half of the year [1] Group 2: Strategic Implementation - The performance growth aligns with the national defense technology development strategy of "one generation of equipment, one generation of research and one generation of pre-research," focusing on future strategic needs and creating a closed loop of "research breakthroughs—pre-research layout—mass application" [2] - The "research and production synergy" model is crucial, where initial research orders accumulate technological advantages, and once matured, the mass production income supports further research investments, creating a virtuous cycle [2] Group 3: Capacity Expansion - To meet the surge in mass production demand, Guangqi Technology initiated large-scale capacity expansion in three supermaterial production bases located in Zhuzhou, Tianjin, and Leshan starting from the second half of 2024 [3] - The second phase of the 709 base began delivery in May 2025, while the first phase of the 905 base completed equipment testing and trial production in August 2025, with large-scale production expected in October [3] - The company has made significant progress in applying supermaterials across various fields, establishing a potential customer base in the civilian market and achieving successful extreme environment tests in low-altitude economic sectors [3]