直击国科军工业绩说明会：无人机助推器已见成效，101项在研项目赋能竞争力

Core Viewpoint - The company, Guokexun Military Industry, reported a strong performance in the first half of 2025, with significant growth in R&D investment and a solid order backlog, indicating a positive outlook for future earnings growth [1][4]. R&D Investment - The company's R&D investment reached 55.05 million yuan in the first half of 2025, representing a year-on-year increase of over 29.21% [2]. - Key focus areas for R&D include weapon systems, next-generation smart munitions, unmanned combat platforms, and advanced propulsion modules for missiles [2]. - As of June 30, 2025, the company had 101 ongoing projects, with a total expected investment of 517 million yuan, of which 394 million yuan has already been invested [2]. Order Status - The company has a robust order backlog, with a total contract amount of 739 million yuan signed for the year 2025, laying a solid foundation for annual performance [4]. - The company has also secured orders through government public bidding, with major clients including various marine research institutes and military enterprises [4]. Production Capacity - The company is gradually releasing production capacity through the planning and construction of specialized production lines, with a focus on improving production efficiency [4]. - Efforts are underway to optimize existing capacity for propulsion modules, aiming for an increase of over 20% to meet demand during capacity expansion projects [4]. Future Strategy - The company aims for a non-net profit return on equity of no less than 6.8%, 7.3%, and 7.8% for the years 2025 to 2027, supported by multi-dimensional strategies [5]. - Plans include expanding international business in compliance with regulations, enhancing capabilities in solid engine integration, and seeking industry chain cooperation for growth [5][6].