国科军工（688543）：业绩短期承压，积极拓展新市场

Investment Rating - The report maintains a "Strong Buy" rating for the company [7] Core Views - The company experienced short-term pressure on performance, with a revenue of 417 million yuan in the first half of 2025, a decrease of 13.37% year-on-year, and a net profit attributable to shareholders of 77.11 million yuan, down 3.18% year-on-year [6][2] - The company is actively expanding into new markets and has a substantial order backlog, including a significant contract worth approximately 738.73 million yuan for ammunition products [6] - The gross margin improved to 38.41%, up 2.25 percentage points year-on-year, while the net profit margin increased to 18.52%, up 1.27 percentage points year-on-year [6] - The company is focusing on enhancing internal value through share buybacks, having repurchased 1,666,533 shares, which is about 0.9485% of the total share capital [6] Financial Performance - For the first half of 2025, the company reported a revenue of 417 million yuan, with military product revenue at 396 million yuan, down 13.92% year-on-year, while civilian product revenue increased by 3.75% to 19.89 million yuan [6] - The company’s net profit attributable to shareholders was 77.11 million yuan, a decrease of 3.18% year-on-year, while the non-recurring net profit was 61.87 million yuan, down 18.59% year-on-year [6] - The company’s total revenue projections for 2025-2027 are estimated at 1.418 billion yuan, 1.725 billion yuan, and 2.065 billion yuan, respectively, with corresponding net profits of 227 million yuan, 276 million yuan, and 328 million yuan [8][10] Market Position and Strategy - The company is deeply engaged in the defense technology industry, focusing on missile solid engine power and control products, as well as ammunition equipment [6] - It is expanding its production capacity and market reach by collaborating with various military units and research institutions [6] - The company has increased its R&D investment by 29.21% year-on-year, reflecting its commitment to innovation and competitive positioning [6]