证券研究报告：国防军工 | 公司点评报告 发布时间：2025-09-30 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.93 | | --- | --- | | 总股本/流通股本（亿股）42.71 / 33.99 | | | 总市值/流通市值（亿元）509 / 405 | | | 52 周内最高/最低价 | 13.34 / 6.52 | | 资产负债率(%) | 31.5% | | 市盈率 | -113.94 | | 第一大股东 | 武汉市高德电气有限公 | | 司 | | 研究所 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 高德红外(002414) 2025H1 业绩同比高增，完整装备系统内销外贸空 间广阔 ⚫ 事件 8 月 26 日，高德红外发布 2025 年半年报。2025H1，公司实现营 业收入 19.34 亿元，同比增长 68%，实现归母净利润 1.81 亿元，同比 增长 907%。 ⚫ 点评 1、型号项目类产品恢复交付，2025H1公司业绩同比高增。2025H1， 公司原延期的型号项目 ...

Group 1 - The company signed a product procurement agreement with a client amounting to approximately 879 million yuan, which will be part of a larger order contract to be signed later [1] - This agreement represents 32.84% of the company's audited revenue for the fiscal year 2024, indicating a positive impact on the company's operating performance for the year [1] - The company expects a significant increase in net profit for the first half of the year, projecting between 150 million to 190 million yuan, which is an increase of 734.73% to 957.33% compared to the same period last year [1] Group 2 - The company has expanded its qualifications for multiple categories of complete equipment systems and has successfully bid on several new projects, marking a leap in its capabilities in this field [2] - The signing of this agreement signifies the company's advanced position in the complete equipment system sector, positively affecting its ability to undertake mass production tasks for various domestic projects in the future [2] - The company is actively promoting large-scale procurement tasks for related model products following the resolution of previous delays in procurement plans [3] Group 3 - The company has completed the foreign acceptance and delivery of a contract for complete equipment system products with a trading company, contributing to the positive performance forecast for the first half of the year [2] - The company is preparing for subsequent bulk contract orders by ensuring timely delivery of current orders as per the agreement [3]