炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 研发投入持续、护城河加深。公司2025H1研发投入0.29亿元，同比增长3.89%，研发费用率8.25%。报 告期间公司发布LoRaWAN网关，云平台等完成多项升级，引入AI数据分析、自然语言配置等能力，智 能化与服务能力提升。 盈利预测与投资建议。预计2025-2027年EPS分别为2.45元、3.43元、4.90元，对应动态PE分别为25倍、 18倍、12倍。公司25年规划目标积极，改革动作持续落地，看好全年加速成长，首次覆盖给予"持有"评 级。 风险提示：新品放量与交付节奏不及预期的风险；价格竞争的风险；行业发展不及预期的风险；海外需 求与汇率波动的风险、下游资本支出波动的风险等 工业物联网、企业网络设备与智能售货控制系统业务共同驱动，营收快速增长。2025H1公司工业物联 网收入1.83亿元，同比增长34.55%，毛利率57.81%，同比上升2.27pp。该业务营收快速增长主要受海外 需求旺盛与渠道本地化推进驱动，此外新产品持续放量、Q1美国客户提前备货，也贡献了营收增量。 毛利率方面，受益于海外高毛利市场占比提升及AI边缘计算 ...

Core Insights - The energy storage industry is experiencing a golden development opportunity driven by global energy transition and carbon neutrality goals [1] - The shift from policy-driven to value-driven growth is being facilitated by Document No. 136, which supports the energy storage sector [1] - The surge in new energy installations and the increasing demand for flexibility in power systems are creating urgent needs for energy storage technologies [1] - Continuous breakthroughs in various technological routes are pushing the industry into a new phase of "scenario-based applications" [1] Group 1: Industry Development - The energy storage industry is transitioning from a policy-driven model to a value-driven one, enhancing its growth potential [1] - The demand for energy storage technologies is rising due to the rapid increase in new energy installations and the need for flexible power systems [1] - The industry is entering a new phase characterized by scenario-based applications, driven by technological advancements [1] Group 2: Ecosystem Collaboration - The Zhongguancun Energy Storage Industry Technology Alliance is leading a series of collaborative activities to connect industry resources and embrace cross-industry integration [2] - The initiative aims to create an open and harmonious energy storage ecosystem, focusing on core technologies to enhance collaboration and resource sharing among industry players [2] - The first "Energy Storage Ecosystem Matching Conference" will focus on smart manufacturing, addressing key areas such as product development, production process optimization, and lifecycle management [2][3] Group 3: Conference Details - The "Energy Storage Ecosystem Matching Conference" will take place on July 30, 2025, in Changzhou, Jiangsu [3] - The conference is organized by the Zhongguancun Energy Storage Industry Technology Alliance, with support from various partners [3] - Key discussion topics will include breakthroughs in energy storage cells and system efficiency upgrades through smart manufacturing [4] Group 4: Agenda Overview - The conference will explore the role of high-precision automation and AI data analysis in enhancing production processes and product quality [5] - It will also examine the value of real-time monitoring and fine management throughout the production process [5] - The discussions will focus on how "smart manufacturing + integration" can break down barriers to large-scale production and provide efficient pathways for energy storage system implementation [5]

Investment Rating - The report suggests a "core + satellite" investment strategy focusing on structural investment opportunities in the aerospace and defense industry [1][9]. Core Insights - Structural investment opportunities exist in the chain reaction of orders, particularly in combat-driven ammunition replenishment, upstream supplier value highlighted by production bottlenecks, and direct commercial procurement (DCS) representing future warfare [1][9]. - The most certain short-term demand is for interceptor missile replenishment worth over $1 billion, with significant revenue potential for companies like RTX [2][10]. - Production bottlenecks create investment flexibility for key upstream companies, making them more attractive than prime contractors [3][11]. Summary by Sections Ammunition Replenishment - The consumption of defensive interceptor missiles has the highest certainty and urgency for replenishment, with potential revenue of nearly $1 billion for RTX from ammunition replenishment alone [2][10]. - The report highlights specific ammunition types and their estimated consumption and replenishment values, such as the Iron Dome's Tamir interceptor with a replenishment value of $750 million to $1 billion [3]. Production Bottlenecks - Delivery cycles of 1-2 years for munitions like JDAM indicate a stable revenue stream for defense contractors, enhancing performance visibility [3][11]. - The report outlines production capacities and delivery timelines for various ammunition types, emphasizing the limited capacity and high demand [4]. Direct Commercial Procurement (DCS) - The DCS channel indicates a shift towards more flexible and cost-effective combat capabilities, opening new growth opportunities for companies focused on unmanned systems, AI data analysis, and cybersecurity [5][12]. - Recent DCS orders highlight the strategic intent of the Israeli defense sector to invest in advanced technologies, benefiting companies specializing in these areas [6]. Investment Recommendations - The report recommends focusing on companies such as BAE Systems, Howmet Aerospace, Lockheed Martin, Boeing, RTX, Rheinmetall, and Woodward for potential investment opportunities [13].