民生证券：给予睿创微纳买入评级

Core Viewpoint - The report highlights that Ruichuang Micro-Nano has shown significant growth in its financial performance for the first half of 2025, with a notable increase in net profit and revenue, particularly in its infrared business, leading to a "buy" rating from Minsheng Securities [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.54 billion yuan, representing a year-over-year increase of 25.8% [2]. - The net profit attributable to shareholders was 350 million yuan, up 56.5% year-over-year, while the net profit excluding non-recurring items was 330 million yuan, reflecting a 58.0% increase [2]. - In Q2 2025, the company recorded revenue of 1.41 billion yuan, a 38.7% increase year-over-year, and a net profit of 210 million yuan, which is a remarkable 114.3% increase year-over-year [2]. Business Segments - The infrared thermal imaging segment generated revenue of 2.4 billion yuan, growing by 36.6% year-over-year, accounting for 94% of total revenue [3]. - The microwave radio frequency segment saw a decline in revenue to 70 million yuan, down 65.9% year-over-year, representing only 3% of total revenue [3]. - The company has made significant advancements in its microwave business through acquisitions and the establishment of dedicated R&D teams [3]. Cost Management and Cash Flow - The company's expense ratio decreased by 1.8 percentage points to 32.2% in the first half of 2025, with reductions in sales and management expenses [4]. - Operating cash flow improved significantly, reaching 320 million yuan compared to 70 million yuan in the same period last year [4]. Investment Outlook - The company is positioned to leverage its strengths in infrared technology while expanding into microwave and laser sensing fields, targeting various industries such as industrial manufacturing and satellite communications [4]. - Forecasted net profits for 2025, 2026, and 2027 are 733 million yuan, 897 million yuan, and 1.092 billion yuan, respectively, with corresponding price-to-earnings ratios of 49x, 40x, and 33x [4].