民生证券：北方导航业绩表现好于预期 维持“推荐”评级

Core Viewpoint - The report from Minsheng Securities indicates that Beifang Navigation achieved a net profit attributable to shareholders of 116 million yuan in the first half of 2025, compared to a loss of 74 million yuan in the first half of 2024, outperforming expectations [1] Group 1: Financial Performance - The company's main products delivered by the headquarters increased year-on-year by the end of the 14th Five-Year Plan, leading to a significant revenue increase [1] - The profit turnaround from loss to gain reflects the company's improved operational efficiency and cost management [1] Group 2: Industry Position and Strategy - Beifang Navigation is a core supplier in the navigation control and ammunition information technology sectors, positioning itself well within the industry chain [1] - The company is actively investing in research and development in areas such as special communications, data links, connectors, and smart ammunition, aligning with the trends of equipment intelligence and unmanned development [1] Group 3: Future Outlook - The ongoing efforts to reduce costs and increase efficiency are expected to enhance the company's operational resilience [1] - Given the company's leading position in the industry and its expansion in intelligent and information technology fields, the recommendation rating remains "recommended" [1]