证券研究报告 | 公司点评报告 2025 年 09 月 05 日 北方导航（600435.SH） 业绩扭亏为盈，下游需求强力复苏 中游制造/军工 公司发布 2025 年半年报，报告期内公司收入 17.03 亿元，同比增长 481.19%； 归母净利润 1.16 亿元，同比增长 256.59%；扣非净利润 1.11 亿元，同比增长 229.47%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 3565 | 2748 | 5198 | 6535 | 7832 | | 同比增长 | -7% | -23% | 89% | 26% | 20% | | 营业利润(百万元) | 273 | 82 | 427 | 562 | 680 | | 同比增长 | 8% | -70% | 423% | 32% | 21% | 强烈推荐（维持） 目标估值：NA 当前股价：13.9 元 基础数据 | 总股本（百万股） | 1510 | | --- | --- | | 已 ...

Group 1: Inner Mongolia First Machinery Group (600967.SH) - The company is the only main battle tank research and manufacturing base in China, driven by both domestic demand and foreign trade [1][6] - In 2024, the company achieved revenue of 9.792 billion yuan, a year-on-year decrease of 2.18%, and a net profit of 500 million yuan, down 41.33% year-on-year [6] - In Q1 2025, the company reported revenue of 2.731 billion yuan, an increase of 19.6% year-on-year, and a net profit of 186 million yuan, up 11.03% year-on-year, indicating an improvement in performance [6] - The company is actively expanding into the unmanned military equipment sector, leveraging its technological advantages in armored vehicles [6][7] - The company expects a significant increase in foreign trade sales, with projected sales reaching 4.517 billion yuan in 2025, a 64% increase from 2024 [7] - Revenue forecasts for 2025-2027 are 11.5 billion yuan, 13.1 billion yuan, and 14.8 billion yuan, with net profits of 750 million yuan, 950 million yuan, and 1.2 billion yuan respectively [7] Group 2: North Navigation (600435.SH) - The company is a core supplier of military guidance systems, benefiting from the rising demand for long-range fire systems [9][10] - In 2024, the company achieved revenue of 2.748 billion yuan, a year-on-year decrease of 22.91%, and a net profit of 59 million yuan, down 69.29% year-on-year [10] - The company anticipates a turnaround in H1 2025, with projected net profit between 105 million and 120 million yuan, compared to a loss of 74.42 million yuan in the same period last year [10] - The company has developed a unique "8+3" technology system and is integrating big data, AI, and IoT into its production processes [9] - Revenue forecasts for 2025-2027 are 5.24 billion yuan, 6.44 billion yuan, and 7.64 billion yuan, with net profits of 310 million yuan, 400 million yuan, and 510 million yuan respectively [11] Group 3: Hainan Free Trade Port - The Hainan Free Trade Port is set to officially close on December 18, 2025, which has been confirmed as a significant development for regional growth [13][16] - The report identifies four categories of companies that are expected to benefit from the Hainan Free Trade Port: those with significant foreign trade, those involved in supporting construction, tourism-related companies, and other local beneficiaries [16] - The current market liquidity is relatively ample, and the risk appetite is high, suggesting that the Hainan theme could continue to perform well as long as policy details are implemented as planned [16] Group 4: Medical Devices - The National Health Commission is promoting a "reverse involution" policy in medical procurement, which is expected to lead to a revaluation of the medical device sector [18][19] - The 11th batch of centralized procurement has been initiated, with a focus on optimizing selection rules and ensuring quality, which may lead to a recovery in the performance of some domestic manufacturers [19][21] - Recommendations include companies involved in already centralized consumables, those expected to benefit from a slowdown in procurement, innovative devices, and stable equipment manufacturers [21] Group 5: Commercial Aerospace - The commercial aerospace sector is witnessing significant developments, with major contracts being signed for eVTOL aircraft, indicating a potential transformation in the low-altitude economy [37][39] - The report highlights the importance of commercial rocket capacity for the rapid development of low-orbit satellites, suggesting that commercial rocket orders will be a key indicator for the sector's growth [25][39] - Companies involved in liquid rocket engines, structural components, and specialized manufacturing processes are recommended for investment [25][39]

Macro Analysis - The current economic situation shows stable demand, but a significant decline in fixed asset investment growth due to high temperatures, further decline in PPI, and a complex external environment leading to cautious investment decisions [4] Real Estate Sector - In the first half of 2025, the transaction area of residential properties in 30 core cities tracked by the company decreased by 5% year-on-year, while the average transaction price increased by 4% to 24,968 yuan per square meter [5] - The transaction area of second-hand residential properties in 15 core cities increased by 13% year-on-year, with an average price of 24,275 yuan per square meter, reflecting a 0.5% increase [5] - There is a deepening regional and city differentiation, suggesting a focus on structural alpha opportunities for investment [5] Company-Specific Reports - Qualcomm is expected to maintain its leading market share in high-end smartphone SoC and smart cockpit SoC, with potential growth in PC SoC and autonomous driving SoC markets [6][7] - The company is also expanding into AI smart glasses and data center CPU businesses, which may become a second growth curve in the long term [7] - Keda Manufacturing anticipates a significant year-on-year increase in net profit for the first half of 2025, projected between 700 million to 790 million yuan, representing a growth of 54.03% to 73.83% [8] - Puyang Huicheng's net profit for the first half of 2025 is expected to decline by 40% to 49.99% year-on-year, attributed to disruptions in the demand for active magnesium oxide [9] - Northern Navigation expects a turnaround in profitability for the first half of 2025, with net profit projected between 105 million to 120 million yuan, benefiting from increased product deliveries [10] - BOE Technology Group plans to acquire a 30% stake in Rainbow Optoelectronics, which aligns with its strategic development and aims to strengthen its competitive advantage in the industry [11]

Core Viewpoint - Beijing Institute of Technology Navigation Control Technology Co., Ltd. (the "Company") is at risk of being delisted due to negative net profit and insufficient revenue for the fiscal year 2023, leading to a warning of delisting risk effective May 6, 2024 [2][3]. Group 1: Reasons for Potential Delisting - The Company reported a negative net profit for 2023, with the lower of net profit after deducting non-recurring gains and losses being negative [3]. - The Company's revenue for 2023, after excluding unrelated business income, was below RMB 100 million [3]. Group 2: Disclosure of Delisting Risk Announcements - The Company has issued multiple risk warning announcements regarding potential delisting, with the first one on January 17, 2025, and subsequent announcements on February 10, February 24, March 10, and March 24, 2025 [4]. Group 3: Financial Performance Forecast - The Company anticipates a total revenue of approximately RMB 170.88 million for 2024, with a net profit attributable to shareholders of approximately -RMB 4.17 million and a net profit after deducting non-recurring gains and losses of approximately -RMB 8.85 million [6]. Group 4: Annual Report and Audit Progress - The Company is currently progressing with the preparation and audit of the 2024 annual report, with no significant issues that could lead to a non-unqualified audit opinion identified as of the announcement date [9]. - The scheduled disclosure date for the 2024 annual report is April 22, 2025 [9].