航天彩虹（002389）：3Q25收入同环比明显改善，拐点已现

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 12-month target price of 26.80 yuan [4][7]. Core Views - The company has shown significant improvement in revenue for Q3 2025, indicating a turning point in performance, with a year-on-year revenue increase of 162.5% and a quarter-on-quarter increase of 43.6% [1][2]. - The report highlights a substantial growth in contract liabilities, which increased by 145.5% to 0.85 billion yuan, indicating proactive inventory management in anticipation of demand recovery [3]. - The company is expected to benefit from both domestic and international demand, particularly in the military trade sector, which is projected to enter a substantial upcycle over the next two years [2]. Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 1.523 billion yuan, a year-on-year increase of 18.02%, while the net profit attributable to shareholders was 6.06 million yuan [1]. - The projected net profits for 2025, 2026, and 2027 are estimated at 268 million yuan, 379 million yuan, and 457 million yuan, respectively, with growth rates of 204%, 41.5%, and 20.6% [4][10]. - The company’s gross margin for Q3 2025 was reported at 16.1%, down 3.8 percentage points year-on-year, while the gross margin for the first three quarters of 2025 was 19.9%, down 3.9 percentage points year-on-year [1].