中航光电(002179)：防务需求显著复苏 数据中心高速增长

Core Insights - The company reported a revenue of 11.183 billion yuan for the first half of 2025, representing a year-on-year increase of 21.60%, while the net profit attributable to shareholders was 1.437 billion yuan, a decrease of 13.87% [1] - The defense sector shows a significant recovery in demand, with high growth in civilian business driving rapid revenue increases [2] - The company is focusing on strategic emerging industries and future industries to establish a robust project management mechanism for major business expansions [2] Financial Performance - In Q2 2025, the company achieved a revenue of 6.345 billion yuan, a year-on-year increase of 22.40% and a quarter-on-quarter increase of 31%, with a net profit of 0.797 billion yuan, a year-on-year decrease of 13.12% but a quarter-on-quarter increase of 25% [1] - The company expects net profits for 2025-2027 to be 3.73 billion, 4.18 billion, and 4.67 billion yuan, with year-on-year growth rates of 11%, 12%, and 12% respectively [3] Business Segments - The defense sector has shown a clear recovery, with a notable increase in orders, while the civilian sectors such as new energy vehicles, data centers, and industrial equipment have experienced rapid growth [2] - The liquid cooling solutions and other products have outpaced the growth of optical/electrical products, with a 27.08% year-on-year increase in liquid cooling-related business [2] - The company has solidified its position as a preferred supplier in the defense sector and is actively participating in emerging fields such as unmanned systems and deep-sea equipment [3] Strategic Initiatives - The company is accelerating its transformation from high-voltage interconnects to complete vehicle interconnects in the new energy vehicle sector, achieving over 50% year-on-year growth [3] - The company is advancing industrialization projects, including the completion of civil aircraft and industrial park projects, to strengthen its core business foundation [2]