国科军工（688543）：业绩短期承压，产能建设不断优化

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 68.16 CNY [5][7]. Core Views - The company experienced a revenue decline of 13.37% year-on-year in H1 2025, with total revenue reaching 417 million CNY. However, the net profit attributable to shareholders decreased only by 3.18% to 77 million CNY, indicating resilience in profitability despite revenue challenges [1][2]. - The company is actively enhancing its production capacity and optimizing its operations, particularly in the ammunition equipment sector, which saw a revenue increase of 2.75% year-on-year [4]. - Research and development investments are being prioritized, with a total expected investment of 517 million CNY in ongoing projects, reflecting the company's commitment to innovation and future growth [3]. Summary by Sections Financial Performance - In H1 2025, the company's military product revenue was 396 million CNY, down 13.92% year-on-year, while civilian product revenue increased by 3.75% to 20 million CNY. The overall gross margin improved to 38.41%, up 2.25 percentage points year-on-year, and the net profit margin rose to 18.52%, an increase of 1.27 percentage points [2]. Research and Development - The company increased its R&D expenses by 29.21% to 55 million CNY, indicating a strong focus on innovation. The total investment in R&D projects is projected to reach 517 million CNY, with 394 million CNY already invested [3]. Production Capacity - The ammunition equipment business generated 170 million CNY in revenue, with a notable performance from the subsidiary, which achieved a 22.03% increase in revenue. The company is also optimizing its production lines to enhance capacity by over 20% [4]. Future Projections - The company is projected to achieve net profits of 241 million CNY, 297 million CNY, and 356 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of 21.3%, 23.1%, and 19.9% [5][6].