中科海讯（300810）：25H1业绩承压，合同负债创历史新高

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][7]. Core Views - The company faced pressure in H1 2025, with total revenue of 95.97 million yuan, down 9.61% year-on-year, and a net profit attributable to shareholders of -64.68 million yuan, a decrease of 12.09% year-on-year [1][5]. - The increase in contract liabilities to a historical high of 112 million yuan, up 33% from the beginning of the year, indicates strong downstream demand [5]. - The company is actively exploring AI-enabled underwater equipment and has developed a high-performance computing platform based on GPU chips [5]. - A stock incentive plan was introduced to enhance management and core staff motivation, reflecting confidence in future business expansion and performance improvement [5]. Financial Performance - For H1 2025, the revenue breakdown by product shows: - Signal processing platform: revenue of 40.25 million yuan, down 54.45% year-on-year, with a gross margin decrease of 11.07 percentage points to 34.57% - Sonar system: revenue of 16.98 million yuan, up 13.27% year-on-year, with a gross margin increase of 0.21 percentage points to 13.27% - Underwater big data and simulation system: revenue of 37.29 million yuan, up 3160.65% year-on-year, with a gross margin decrease of 70.58 percentage points to 12.4% [5]. - The overall gross margin for H1 2025 decreased by 19.19 percentage points to 22.13% due to product structure adjustments [5]. - The company’s total market capitalization is 6.4 billion yuan, with a circulating market capitalization of 6.1 billion yuan [2]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 18 million yuan, 29 million yuan, and 43 million yuan respectively, with corresponding PE ratios of 349, 221, and 148 times [2][8].