➢ 事件：10 月 27 日，公司发布 2025 年三季报，1~3Q25 实现营收 40.86 亿元，YOY +29.72%；归母净利润 7.07 亿元，YOY +46.21%；扣非净利润 6.67 亿元，YOY +50.31%。业绩表现超出市场预期。前三季度，公司红外热成像及 光电业务营收增长，同时产品结构变化使得毛利率增加，我们综合点评如下： ➢ 3Q25 业绩创单季新高；1~3Q25 盈利能力提升。1）单季度：3Q25，公 司实现营收 15.42 亿元，同比增长 36.70%，环比增长 9.59%；归母净利润 3.56 亿元，同比增长 37.33%，环比增长 73.38%。单季度看，公司营收端和利润端 均在 3Q25 创下 2018 年以来的新高。2）利润率：1~3Q25，公司毛利率同比 提升 0.85ppt 至 51.97%；净利率同比提升 2.90ppt 至 15.15%。其中，3Q25 毛利率同比下滑 0.06ppt 至 54.05%；净利率同比提升 2.48ppt 至 21.38%。 ➢ 期间费用率同比减少；经营活动净现金流大幅改善。1~3Q25，公司期间费 用率同比减少 1.63ppt 至 3 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its strong performance and growth potential in the infrared and microwave sectors [4][6]. Core Insights - The company reported a significant increase in net profit of 114% year-on-year for Q2 2025, with total revenue reaching 25.4 billion yuan for the first half of 2025, a 25.8% increase compared to the previous year [1][2]. - The infrared imaging and optoelectronic business segments are experiencing rapid growth, contributing to the overall revenue increase [2][4]. - The company has established a new business structure focusing on infrared, microwave, and laser technologies, which are expected to enhance productivity across various industries [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 14.1 billion yuan, marking a 38.7% increase year-on-year, with a net profit of 2.1 billion yuan, up 114.3% [1]. - The gross margin for the first half of 2025 improved to 50.7%, while the net margin increased to 11.4% [1][3]. Business Segments - The infrared thermal imaging segment generated 24.0 billion yuan in revenue, a 36.6% increase, accounting for 94% of total revenue [2]. - The microwave radio frequency segment saw a decline in revenue to 0.7 billion yuan, down 65.9% [2]. Cost Management - The company reduced its expense ratio by 1.8 percentage points to 32.2% in the first half of 2025, with decreases in sales and management expense ratios [3]. - Operating cash flow improved significantly, reaching 3.2 billion yuan compared to 0.7 billion yuan in the same period last year [3]. Future Projections - The company is projected to achieve net profits of 7.33 billion yuan, 8.97 billion yuan, and 10.92 billion yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The current stock price corresponds to a price-to-earnings ratio of 49x for 2025, 40x for 2026, and 33x for 2027 [4][5].