晶品特装(688084)：兵器兵装Ⅲ智能化编组核心供应商 军贸+内装双轮驱动

Group 1 - The company has successfully transitioned its products from police equipment to military models, focusing on special robots and intelligent perception as its two main businesses [1] - In the robotics sector, the company has developed special robots for reconnaissance, bomb disposal, and nuclear chemical tasks, winning multiple projects with first-place bids [1] - The company is expanding into intelligent manufacturing fields such as simulation equipment and hydrogen storage production lines, which are expected to provide long-term growth potential [1] Group 2 - The integration of manned and unmanned equipment significantly enhances the situational awareness of infantry units, with the company providing critical support for both reconnaissance and combat robots [2] - The company's optical products, including night vision goggles and observation devices, contribute to the intelligence of manned equipment, and the proliferation of intelligent groupings is anticipated to drive rapid growth for the company [2] Group 3 - The company has strategically positioned itself in the overseas market, benefiting from the rapid growth of the drone export market, with monthly export values increasing from 1-2 billion to 3-4 billion since October 2023 [3] - A strategic cooperation agreement with Poly Technology in 2024, along with a 20 million yuan investment in Poly Defense, is expected to further enhance the company's benefits from the growing unmanned export market [3] Group 4 - The company projects net profits of 21 million, 62 million, and 153 million yuan for the years 2025, 2026, and 2027, with growth rates of turning profitable, 202%, and 146% respectively [4] - Comparable companies include Zhong无人机, Aerospace Rainbow, and Greenland Harmonic, with an average PB of 5.3 and 5.2 times for 2025 and 2026, respectively, leading to a target price of 114 yuan for the company in 12 months [4]