光电股份（600184.SH）2025 年半年报点评 1H25 净利润增长 93%；防务新型号奠定成长基础 2025 年 08 月 26 日 ➢ 1H25 利润率同比提升，盈利能力改善的逻辑正在兑现。1）单季度：公司 2Q25 实现营收 5.5 亿元，同比增加 14.2%，环比增加 81.1%；归母净利润 0.11 亿元，同比减少 27.5%；环比增加 1091.8%。2）利润率：公司 1H25 毛利率同 比提升 3.0ppt 至 18.3%；净利率同比提升 0.6ppt 至 1.5%。其中，2Q25 毛利 率同比提升 1.2ppt 至 17.9%；净利率同比下滑 1.1ppt 至 2.1%。 ➢ 防务新型号奠定成长基础；开拓机器人领域实现产品多维突破。1H25，1） 防务：a）业绩：子公司西光防务营收 4.35 亿元，YOY +24.23%；但因产品结 构和销量变动，毛利率较低，净利润-545 万元。b）研发：某型导引头等一批涉 及新域新质领域的项目竞标成功，为后续业务增长奠定基础。c）军贸：在大型 武器系统、精确制导导引头和光电信息装备核心产品实现试验验证等突破。2） 光电材料与元器件：a）业绩：子公司新 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company aims for a revenue target of 2.5 billion in 2025, representing a year-on-year growth of 93% [2]. - The company has expanded its product lines into robotics and optical communication materials, indicating a diversification strategy [4][5]. - The company reported a significant recovery in Q1 2025, achieving a revenue of 310 million, a year-on-year increase of 33% [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.3 billion, down 41.1% year-on-year, with a net profit of -206 million [6]. - For Q1 2025, the company reported a revenue of 310 million, with a net profit of 1 million, marking a turnaround from a loss of 9 million in Q1 2024 [1][2]. Revenue Breakdown - In 2024, defense products accounted for 41% of total revenue, generating 530 million, down 67.2% year-on-year, while optical materials and devices made up 57% of total revenue, generating 740 million, up 28.8% year-on-year [3]. Future Projections - The company forecasts a revenue of 2.5 billion in 2025, with defense products expected to generate 1.685 billion, a year-on-year increase of 220.4% [2][3]. - The projected net profits for 2025, 2026, and 2027 are 70 million, 189 million, and 348 million respectively, with corresponding PE ratios of 92x, 34x, and 18x [5][6]. Investment and Growth Strategy - The company plans to raise up to 1.02 billion through a private placement to enhance its capabilities in high-performance optical materials and advanced components [3]. - The company is actively expanding its product lines into quadruped and humanoid robots, indicating a focus on innovation and technology advancement [4][5].