中无人机(688297)：25H军贸收入支撑恢复性增长 下半年内贸有望高增

Group 1 - In the first half of 2025, the company achieved operating revenue of 439 million yuan, a year-on-year increase of 61.27%, and a net profit attributable to shareholders of 31.77 million yuan, a year-on-year increase of 182.76% [1] - The significant year-on-year recovery in performance is primarily driven by military trade, with 97.27% of the revenue coming from related sales, mainly associated with AVIC International [1] - In Q2, the company reported operating revenue of 203 million yuan, a year-on-year decrease of 3.70% and a quarter-on-quarter decrease of 13.92%, while the net profit attributable to shareholders was 14.93 million yuan, a year-on-year increase of 230.98% [1] Group 2 - The overall gross profit margin for the first half of 2025 was 26.55%, a decrease of 0.89 percentage points year-on-year [2] - Management expenses amounted to 55.91 million yuan, a year-on-year increase of 16.95%, primarily due to increased production scale and investments in information technology [2] - Research and development expenses were 43.41 million yuan, a significant year-on-year decrease of 46.66%, influenced by the capitalization of certain projects [2] Group 3 - As of the first half of 2025, the company's inventory reached a historical high of 3.628 billion yuan, a substantial increase of 38.48% compared to the end of the previous year [3] - The company plans to repurchase shares for employee stock ownership plans, with a budget of 100 million to 200 million yuan, indicating confidence in future development [3] - Profit forecasts for 2025, 2026, and 2027 are net profits of 290 million, 378 million, and 441 million yuan, respectively, with corresponding PE ratios of 138, 106, and 91 times [3]