事件描述 光启技术公司发布了2025 年中报。2025 年上半年，公司营业收入为9.43亿元，同比增长10.70%；归母 净利润为3.86 亿元，同比增长6.75%；扣非后归母净利润为3.76 亿元，同比增长5.42%；负债合计14.27 亿元，同比增长68.40%；货币资金44.99 亿元，同比减少21.59%；应收账款24.65 亿元，同比增长 45.13%；存货3.53 亿元，同比增长53.31%。 投资建议 我们预计公司2025-2027 年EPS 分别为0.34\0.44\0.55，对应公司8月26 日收盘价52.99 元，2025-2027 年 PE 分别为153.6\119.8\95.6，维持"增持-A"评级。 风险提示 下游需求不及预期；超材料研制进度不及预期；募投项目进度不及预期；产能不足影响交付。 事件点评 超材料业务持续快速增长。2025 年上半年公司超材料产品实现营收9.36亿元，同比增长47.35%，超材 料研发业务实现营收239.11 万元，同比减少98.89%。2025 年上半年公司超材料行业整体实现营收9.38 亿元，同比增长10.34%。 生产基地建设稳步推进，进一步突破产能 ...

隐身材料：先进战机核心技术，新兴材料潜力巨大 20250818 摘要 隐身技术依赖于探测手段的发展，主要包括可见光、雷达和红外探测， 其中雷达隐身技术是研究重点，主流方法为无源隐身，通过控制电磁波 和降低回波强度实现，RCS 是衡量隐身效果的关键指标。 雷达隐身技术主要通过减少电磁波发射和降低回波强度实现，包括使用 吸波材料和结构隐身材料。结构隐身材料利用先进复合材料制作具备隐 身功能的部件，如机翼和进气道等。 红外隐身主要针对 1-2.5 微米、3-5 微米和 8-14 微米波段进行处理，通 过涂覆低红外发射率涂层降低高温部位的红外辐射，实现隐身效果。 频率选择表面技术应用于飞机和战舰，允许特定频率电磁波通过，阻挡 其他频率，实现功能保障与隐身效果兼顾，如 F22 战斗机和拉菲特级护 卫舰的雷达罩。 超材料通过亚波长单元结构排列展现超常物理特性，可使电磁波绕过物 体实现隐身，为军事科技提供新的方向，实现更高效的隐藏。 Q&A 隐身材料在航空装备中的应用前景如何？ 随着航空装备的更新换代，隐身材料在整个航空产业链中的渗透力将显著提升。 下一代航空装备对战机隐形特性的要求越来越高，这使得隐身材料的性能指标 和应 ...

Core Insights - Shenzhen Guoqi Advanced Institute has celebrated its 15th anniversary, marking significant achievements in the metamaterials industry through strategic foresight and innovation [1][2] - The institute has established a comprehensive industrial chain with a focus on intellectual property and technological patents, facilitating the transition from laboratory results to industrialization [1] - Future plans include embracing technological changes and expanding into trillion-dollar emerging markets, aiming to redefine the global technology landscape with Chinese solutions [3] Summary by Sections Achievements - Over the past 15 years, the institute has completed 117,200 design drawings, built 545,000 digital simulation models, and authored 774 million words of technical documentation related to metamaterials [2] - The team has developed 13.31 million lines of source code, accumulated 2.2 million measured imaging data, and created 8 million measured curves [2] - The institute has produced 4,641 sets of customized metamaterial equipment and 8,646 sets of special tooling, along with 161 types of customized base materials [2] Technological Innovation - Under the leadership of Liu Ruopeng, the institute has successfully iterated four generations of metamaterial technology, with the third and fourth generations achieving large-scale industrialization [2] - The institute has upgraded its management through AI-driven design and research, transitioning to fully digital and intelligent operational management, enhancing production efficiency and delivery capabilities [2] Future Vision - The institute aims to adopt a more open approach to embrace technological and societal changes, collaborating with more partners to explore new trillion-dollar markets [3] - The goal is to integrate metamaterial technology into national defense equipment, showcasing China's innovative strength on the global stage [3]

Core Viewpoint - The company is committed to increasing its investment in research and development in the field of metamaterials, aiming to drive continuous innovation and application across various industries [1]. Group 1: Company Development and Achievements - Over 15 years, the company has transformed metamaterial technology from laboratory research to large-scale production, establishing a complete industrial chain [2]. - The company has expanded its production capacity by setting up new research and production bases in Zhuzhou, Tianjin, and Leshan, in addition to existing facilities in Foshan and Luoyang [2]. - The company has achieved full-capacity production at its Foshan and Luoyang bases, with new bases expected to alleviate delivery pressure and enhance production efficiency [2]. Group 2: Core Competitiveness - The company identifies its core competitiveness in three areas: advanced metamaterial technology, significant cost control through digital transformation, and strong order delivery capabilities [3]. - The introduction of the Metamaterials 4.0 technology group is expected to enhance aerospace equipment performance and create new product categories [3]. Group 3: Industrial Ecosystem Construction - The company is focused on building a complete industrial ecosystem for metamaterials, integrating around 2,000 upstream and downstream enterprises to foster innovation and high-quality development [4]. - The industrial layout includes upstream raw material research, midstream key component manufacturing, and downstream end products and services, creating a comprehensive industrial chain [4]. Group 4: Application Expansion - The company is actively expanding the application of metamaterials in various fields, including smart vehicles and robotics, addressing technical challenges and improving performance [7]. - Future developments will focus on integrating sensing and semiconductor technologies, leading to fundamental changes in industrial models [7].

Core Viewpoint - The company is committed to increasing its R&D investment in the field of metamaterials and aims to explore new market applications to contribute to industry progress and social development [1] Group 1: Development and Production Capacity - The company has established five major R&D and production bases across the country, transitioning metamaterial technology from the laboratory to large-scale production over 15 years [1][2] - The company has expanded its workforce to over 4,000 employees and has restructured its management system through digitalization and AI technology, significantly reducing management costs [2] - The company has achieved full production capacity at its existing bases and is set to launch new production at its bases in Hunan and Tianjin, which will alleviate current delivery pressures and enhance production efficiency [2] Group 2: Core Competitiveness - The company's core competitiveness is summarized in three aspects: the introduction of the Metamaterials 4.0 technology group, significant cost control through digital transformation, and a manufacturing system that ensures efficiency and stability in large-scale production [2] - The company has integrated approximately 2,000 upstream and downstream enterprises to form a complete ecosystem covering R&D, production, and application of metamaterials [3] Group 3: Industry Ecosystem - The company is focused on building an industrial ecosystem for metamaterials, emphasizing the need for collaboration among multiple enterprises to strengthen the industry [3] - The strategic framework of the company enables vertical integration of technological innovation and horizontal industrial collaboration, creating a complete closed-loop ecosystem for breakthrough developments in the metamaterials field [3] Group 4: Application Expansion - The company is expanding the application range of metamaterials, with current projects in smart automotive technology and robotics, addressing technical challenges and improving accuracy and stability [4][5] - Future developments will include the integration of sensing and semiconductor technologies, leading to fundamental changes in industrial models [4] Group 5: Future Research Directions - The company is planning to establish a new research institute focused on exploring material design at the molecular structure level to support disruptive innovations in metamaterials [5]

Group 1: Company Overview and Strategic Positioning - The company is a leading player in the metamaterials industry, focusing on aerospace applications and has established a significant technological advantage with over 6000 patents and extensive production capabilities [4][5][6]. - The company operates multiple bases, including 905 and 906, which are crucial for the upstream supply chain of metamaterials, ensuring collaborative production rather than isolated operations [2][3]. - The company aims for sustainable growth in the industry, prioritizing long-term health over immediate profitability [2][3]. Group 2: Financial Performance and Growth - From 2018 to 2024, the company's metamaterials-related revenue has grown nearly 11 times, indicating a robust market presence and successful application in advanced aerospace equipment [4][5]. - The company anticipates an increase in raw material self-supply rates and scale effects as new bases come online, which will enhance cost efficiency [3][6]. Group 3: Product and Market Insights - The company is currently the only entity in China capable of large-scale production of metamaterials, highlighting its unique market position [5][6]. - The potential applications of metamaterials extend beyond aerospace and military sectors, inviting interest from various industries including new materials and consumer electronics [7]. Group 4: Operational Challenges and Innovations - Labor costs have become a significant portion of direct product costs due to the non-standard nature of metamaterials, prompting the company to explore robotics for production efficiency [6][7]. - The company is in the process of developing specialized robots to optimize production processes and improve yield rates [6].

Group 1 - The Fourth National Metamaterials Conference was held in Shenzhen, Guangdong, attracting nearly 3,000 technology workers from universities, research institutes, and leading enterprises to discuss the latest developments and future trends in the metamaterials field [1] - Metamaterials are identified as a strategic emerging industry, with significant implications for material science and various industry transformations. Despite notable achievements in basic research, challenges remain in transitioning from theory to practical applications and from laboratory to industrialization [1] - Liu Ruopeng, Chairman of Guangqi Technology, emphasized the need for "bottom-level reconstruction" to drive systematic changes in traditional industries, highlighting the importance of disruptive innovation across the entire supply chain for successful cross-domain applications of metamaterials [1] Group 2 - Guangqi Technology has made significant breakthroughs in the design, preparation, and testing of metamaterials, successfully applying these technologies in advanced manufacturing sectors and achieving large-scale production and market application [2] - The company has overcome 10 key technological bottlenecks in the new generation of aviation equipment, achieving domestic substitution of core processes. Over the past three years, the total contract amount for metamaterial aviation structural products disclosed by Guangqi Technology has exceeded 4.6 billion yuan [2] - Guangqi Technology has established a comprehensive industrialization system covering the entire lifecycle of metamaterials, creating a complete closed-loop industrial chain from theoretical design to performance testing, providing a replicable model for the engineering application of metamaterial research results in China [2] Group 3 - Liu Ruopeng's team at Guangqi Technology was awarded the "Metamaterials Large-Scale Production Technology" award at the conference [3]

Summary of the Conference Call for Guangqi Technology Industry Overview - The aerospace industry is a strategic high ground for military, technology, and industrial competition, with significant advancements expected in new energy vehicles, domestic integrated circuits, and next-generation aerospace equipment in China, aiming to compete with U.S. core technology companies [2][7]. - The U.S. and its allies possess a total of 9,000 aircraft, with 5,645 currently active and 3,391 on order, primarily F-35 fighters, valued at approximately 5.5 trillion RMB [2][6]. Company Insights - Guangqi Technology focuses on high-integration functional structures, increasing from 0% to 23.58% in its offerings, utilizing metamaterials to meet complex requirements such as supersonic performance, 40-year lifespan, stealth, and detection capabilities [2][9]. - The company has seen significant revenue growth, achieving 1.552 billion RMB in 2024, a 21.69% increase year-over-year, with a net profit of 643 million RMB, reflecting a compound annual growth rate (CAGR) of 55.4% [3][13]. - Guangqi Technology has established a nationwide metamaterial industry chain platform, headquartered in Shenzhen, collaborating with 1,919 upstream and downstream suppliers to provide comprehensive solutions for next-generation aerospace equipment [5][26]. Technological Developments - Metamaterials, which allow for the manipulation of material properties not found in nature, are crucial for the development of complex functional structures in aerospace equipment. China has reached mass production of the fourth generation of these materials, while the U.S. is at the third generation [10][12]. - The company has completed over 21,000 key R&D nodes and produced 41,000 design documents, totaling 7.74 billion words, indicating a robust R&D capability [14]. Financial Performance - In Q1 2025, Guangqi Technology reported revenues of 372 million RMB, a 15.96% increase, and a net profit of 151 million RMB, up 10% year-over-year [5][15]. - The company’s cash flow from operations reached 326 million RMB, a staggering 597% increase, indicating strong financial health [15]. Market Position and Competition - The competitive landscape includes major U.S. firms such as Lockheed Martin and Boeing, with market capitalizations exceeding 1 trillion RMB. Chinese companies are expected to compete with these firms to achieve national goals by 2035 [8]. - The company is actively engaging in the civil sector, exploring collaborations with various industrial enterprises to enhance production efficiency and expand its market presence [32][33]. Upcoming Events - The National Metamaterials Conference is scheduled for May 16, 2025, in Shenzhen, expected to attract thousands of scholars and further promote research and development in the field [16]. Challenges and Future Outlook - The company anticipates that the contributions from new production lines will become evident in 2025, as the current production cycle involves a six-month period from production to revenue recognition [29]. - Guangqi Technology is focused on overcoming capacity constraints in its primary market of next-generation aerospace equipment, which is projected to be a trillion RMB market [33]. This summary encapsulates the key points from the conference call, highlighting Guangqi Technology's strategic positioning, financial performance, technological advancements, and future outlook within the aerospace industry.

Core Viewpoint - The company, Guangqi Technology, is actively expanding into the low-altitude economy sector while achieving consistent revenue and profit growth over the past six years, driven by advancements in metamaterials technology [1][2][4]. Financial Performance - In 2024, Guangqi Technology reported a revenue of 1.558 billion yuan, a year-on-year increase of 4.25%, and a net profit of 652 million yuan, up 11.77% [1][3]. - The company's core metamaterials segment revenue reached 1.552 billion yuan, showing a significant year-on-year growth of 21.69% [4]. Technological Advancements - Guangqi Technology has developed the world's first full-body metamaterial drone, set for small-scale delivery in 2025, marking a significant entry into the low-altitude economy [2][11]. - The company has achieved a major technological breakthrough by transitioning from two-dimensional to three-dimensional metamaterial design, enhancing key performance indicators by an order of magnitude [5]. Research and Development - Guangqi Technology has maintained high R&D investment, with expenses reaching 96.15 million yuan in 2024, a 4.57% increase from the previous year [7]. - The company holds the highest number of patent applications and authorizations in the metamaterials field, reinforcing its technological barriers [8][9]. Strategic Expansion - The company is constructing new bases to enhance production capacity, including the 905 and 906 bases, which will further improve delivery capabilities [10]. - Guangqi Technology has signed an investment agreement to establish a low-altitude drone industry headquarters in Leshan, Sichuan, aiming to create an industrial cluster in the low-altitude economy [11].

3月31日，光启技术（002625）(002625.SZ)在深圳"第三届国际复合材料工业技术展览会"(以下简称"复 材展")上精彩亮相。作为新一代尖端装备的核心国内供应商，光启技术展示了基于超材料技术的先进复 合材料产品，这些产品不仅为提升我国尖端装备的整体性能发挥了关键作用，更在低空经济及人形机器 人领域展现出了极为广阔的应用前景，为相关行业的创新发展注入了新活力。 光启技术凭借其先进复合材料在研发与制造上的显著优势，已经在低空经济与机器人领域取得了令人瞩 目的进展，为这些行业的快速发展提供了有力支持。 在低空经济领域，光启技术通过其自主研发的先进复合材料的轻量化、高强度、优异电磁性能等特点， 适用于低空飞行器的机体结构设计与优化。同时，这些材料可提升无人驾驶飞行器的结构强度和安全 性，并通过功能化设计支持电磁调制等特殊需求。在机器人领域，通过先进复合材料技术，可以模拟人 体肌肉纤维的感知与力学特性，能大幅度提升人形机器人关节响应速度并降低能耗，提升机器人的性能 与稳定性。 其中，碳纤维预浸料具有力学性能优异，极端环境可用，为高端装备提供了强大的结构支撑；石英纤维 预浸具有极低的电磁损耗，耐高温、高压，满足 ...