中国海防 20250907 摘要 中国海防业务涵盖军用电子防务装备、特装电子及民用电子信息产业， 军用产品覆盖水下信息获取、探测、通信、对抗及导航等领域，民用方 面则布局智能制造、智慧城市和智慧海洋。 公司 2021 年营收和利润达到顶峰后持续下滑，营收从近 49 亿元降至 2024 年的 31-32 亿元，毛利润也从 8.5 亿元降至 2.3 亿元，主要受军 品审价及订单节奏影响。但 2025 年一季度收入和利润显著改善，上半 年保持中高速增长。 受益于新型水下核心装备放量，水声电子业务增速乐观。公司持续推动 降本增效，精简行政人员，多项重点项目建设接近尾声，预计"十四 五"期间投产，有望带来收入和业绩增长。 水声技术及设备未来 15 年内将随 UUV 等新型装备批量生产而显著增长， 水下装备依赖水声技术进行探测、通信、导航和对抗，声呐需向低频、 大功率和大基阵方向发展，推动设备精密化和价值提升。 声呐广泛应用于水面舰艇、潜艇和 UUV 等海军装备，执行探测、通信、 导航等任务。传统驱逐舰及护卫舰水声电子设备价值量约为三五千万美 元，潜艇单价可达 1 亿美元左右。 Q&A 中国海防公司的核心业务和未来发展前 ...

Group 1 - The core viewpoint highlights the positive performance of the defense ETF and its associated index, driven by significant gains in drone-related stocks following recent geopolitical events and market forecasts for the military drone sector [1] - The defense ETF (512670.SH) rose by 0.42%, while the associated index, the CSI Defense (399973.SZ), increased by 0.68% [1] - Key component stocks such as Haige Communication, AVIC Shenfei, and Aerospace Rainbow saw notable increases, with Haige Communication rising by 5.79% and AVIC Shenfei by 1.33% [1] Group 2 - According to research from Shenwan Hongyuan Securities, the defense and military industry is expected to face short-term profit pressure in 2024 and the first quarter of 2025, with net profit attributable to shareholders projected to decline by 23.00% and 2.94% respectively [2] - Despite short-term challenges, the fundamental logic of the industry remains strong, with stable operational indicators and guaranteed prosperity [2] - High-end combat capabilities (e.g., AVIC Shenfei, Aerospace Electronics) are expected to have stable demand and high earnings certainty, while new combat capabilities (e.g., Haige Communication, Aerospace Electronics) are identified as future growth directions with significant elasticity [2]