内容概要：吸波材料作为能够有效吸收电磁波、减少电磁波反射和透射的功能性材料，在国防军工、通 信电子、航空航天等领域具有不可替代的战略价值。随着5G/6G通信技术普及、新能源汽车产业爆发式 增长以及国防现代化建设加速推进，中国吸波材料行业正迎来前所未有的发展机遇。数据显示，2019- 2024年中国吸波材料行业市场规模从92亿元增长至152亿元，年复合增长率为10.6%。预计未来在国家 政策的推动下，吸波材料的性能不断提升，使得行业应用领域不断拓展，进一步扩大行业市场规模。 相关上市企业：光启技术（002625）、华秦科技（688281）、鼎佳精密（920005）、北矿科技 （600980）、悦安新材（688786）、汇创达（300909）、飞荣达（300602）等 相关企业：广东金戈新材料股份有限公司、浙江原邦材料科技有限公司、深圳市鸿富诚新材料股份有限 公司、大连东信微波吸收材料有限公司、深圳市卓驰电子有限公司、深圳鹏汇功能材料有限公司、苏州 鑫澈电子有限公司、大连亿鼎微波技术有限公司等 关键词：吸波材料行业产业链、吸波材料行业市场规模、吸波材料行业竞争格局、吸波材料行业发展趋 势 一、吸波材料行业相关概述 ...

Core Insights - The company, AVIC Chengfei, reported explosive growth in its Q3 2025 performance, showcasing strong operational resilience and high-quality development potential in the aerospace manufacturing sector [2][3]. Financial Performance - In Q3 2025, AVIC Chengfei achieved revenue of approximately 27.584 billion yuan, a significant increase of 139.04% compared to the same period last year [2]. - For the first nine months of 2025, the company recorded cumulative revenue of about 48.286 billion yuan, reflecting a year-on-year growth of 6.19% [2]. - The net profit attributable to shareholders for Q3 reached approximately 1.256 billion yuan, marking a substantial increase of 169.53% year-on-year, with basic earnings per share rising by 176.47% to 0.47 yuan [2]. Profitability Indicators - The company's core profitability indicator, the net profit excluding non-recurring gains and losses, showed remarkable growth, reaching about 1.255 billion yuan in Q3, a staggering increase of 7482.52% year-on-year [3]. - Year-to-date, the net profit excluding non-recurring items was approximately 2.11 billion yuan, up 2432.10% compared to the previous year [3]. Cash Flow and Operational Efficiency - Although the net cash flow from operating activities remained negative, it improved significantly by 78.13% compared to the same period last year, primarily due to an increase in customer contract prepayments [3]. - This positive change indicates good progress in order acquisition and project execution, providing ample funding for future R&D and production expansion [3]. Balance Sheet and Strategic Positioning - The company's total assets grew by 9.12% compared to the end of the previous year, with significant increases in prepayments, contract assets, and other non-current assets, indicating proactive preparations for future product deliveries and production tasks [4]. - The growth in construction in progress reflects ongoing capacity building and upgrades for long-term development [4]. - The company's capital structure has strengthened through asset restructuring and new share issuance, enhancing its financial stability [4]. Shareholder Structure and Market Position - The shareholder structure remains stable, with the top three shareholders, including China Aviation Industry Corporation and its concerted parties, holding a significant proportion of shares, providing solid support for the company's strategic continuity and business stability [4]. - AVIC Chengfei's strong performance in revenue and profit growth, along with improved cash flow, underscores its intrinsic value and positive development trend, positioning it well to capitalize on the ongoing modernization of national defense and sustained demand for aerospace equipment [4].

Investment Rating - The report assigns an "Overweight" rating for the defense industry, consistent with the previous rating [8]. Core Insights - The national defense budget for 2025 is set at 1,784.7 billion yuan, reflecting a year-on-year increase of 7.2%, which is higher than the expected GDP growth target of 5% [3][8]. - The defense budget growth rate has remained stable over the past nine years, with the proportion of defense spending to GDP still having room for improvement compared to countries like the US and Japan [3][8]. - The report emphasizes the importance of the defense budget as a foundation for modernization and equipment development, with a consistent growth trend observed from 2016 to 2024 [3][8]. Summary by Sections National Defense Budget Overview - The 2025 defense budget is 1,784.7 billion yuan, marking a 7.2% increase, which aligns with the stable growth trend observed in previous years [3][8]. - The defense budget growth has been consistent, with annual increases of 7.6%, 7%, 8.1%, 7.5%, 6.6%, 6.8%, 7.1%, and 7.2% from 2016 to 2024 [8]. Comparison with Other Countries - Japan's defense budget for 2025 is projected at 8.7 trillion yen, a 9.4% increase, while the US defense budget for the fiscal year 2024 is approximately 886 billion USD, accounting for 3% of its GDP [8]. - China's defense spending as a percentage of GDP has remained below 1.5%, indicating significant potential for growth compared to global averages and specific countries [8]. Strategic Implications - The report highlights the ongoing modernization of the military and defense capabilities as a priority, with a focus on implementing Xi Jinping's military strategies and enhancing combat readiness [8]. - The year 2025 is seen as a pivotal year for transitioning from the 14th Five-Year Plan to the 15th, with expectations for steady growth in defense spending to support modernization goals [8]. Recommended Investment Targets - The report suggests focusing on companies within the aerospace and aviation supply chain, recommending specific stocks such as AVIC Optoelectronics, Aerospace Electric, AVIC Shenyang Aircraft, and others [8].