中国海防（600764）：业绩向好验证水下无人装备景气上行，新业务持续拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance is improving, validating the uptrend in underwater unmanned equipment, with continuous expansion of new business [12] - In H1 2025, the company achieved operating revenue of 1.39 billion, a year-on-year increase of 20%, and a net profit attributable to the parent company of 90 million, a year-on-year increase of 25% [4][12] - The second quarter of 2025 saw a single-quarter operating revenue of 870 million, a year-on-year increase of 9% and a quarter-on-quarter increase of 71%, while net profit attributable to the parent company was 60 million, a year-on-year decrease of 11% but a quarter-on-quarter increase of 102% [12] Summary by Sections Financial Performance - The company reported a revenue of 1.39 billion in H1 2025, with a 20% increase year-on-year, and a net profit of 90 million, up 25% year-on-year [12] - The revenue from civil electronic information business was 712 million, a year-on-year increase of 21.28%, with a gross margin of 39.80%, up 4 percentage points [12] - Military product revenue from underwater electronic defense was 420 million, a year-on-year increase of 30.68%, with a gross margin of 21.10%, down 17.86 percentage points [12] - The overall gross margin slightly decreased to 35.32%, down 1.14 percentage points year-on-year, while the net margin was 7.35%, up 0.04 percentage points year-on-year [12] Business Segments - The civil products segment saw significant project advancements in smart cities, intelligent rail transit, automated production lines, and oil and gas [12] - The military products segment's revenue growth was primarily due to the planned delivery of multiple products and the continuous expansion of underwater business [12] Future Projections - The company is expected to achieve operating revenues of 3.55 billion, 3.91 billion, and 4.37 billion in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.95%, 10.15%, and 11.58% [14] - The net profit attributable to the parent company is projected to be 315 million, 404 million, and 509 million for the same years, with growth rates of 37.99%, 28.32%, and 25.96% respectively [14]