丨证券研究报告丨 %% %% research.95579.com 公司研究丨点评报告丨睿创微纳（688002.SH） [Table_Title] 需求牵引业绩高增，技术引领长期成长 报告要点 [Table_Summary] 2025H1 海内外多领域需求同步释放，牵引公司营收实现较快增长，产品技术迭代升级与产能 扩张双轮驱动，促进公司经营提质降本，支撑毛利率水平持续保持在 50%左右的高位，费用端 的良好控制助力公司上半年业绩高增。公司持续推进非制冷红外探测器芯片小型化、轻量化与 高分辨率的技术突破，加快毫米波雷达产品线在卫星互联网终端和 4D 车载成像雷达等领域的 扩展，同时，前瞻部署多维感知+AI 战略，并成立人工智能子公司，进一步提升人工智能在公 司各业务领域的应用能力，提升公司中长期竞争力水平。 分析师及联系人 [Table_Author] 王贺嘉 李麟君 SAC：S0490520110004 SAC：S0490525080002 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% 1 睿创微纳（688002.SH） cjzqdt11111 [Table_Title2] 需求牵引业绩高增 ...

转自：山东财经报道 文 | 经济导报 杨佳琪 9月2日，睿创微纳（688002.SH）发布关于引入战略投资者、持股5%以上股东减持计划完成暨减持股份 结果公告。 此前，睿创微纳发布2025年半年报。报告显示，公司上半年实现营业收入25.44亿元，同比增长 25.82%；归母净利润3.51亿元，同比增长56.46%；扣非净利润 3.28亿元，同比增长57.96%。 对此，睿创微纳表示，主要是报告期内红外热成像及光电业务销售收入实现增长，带动利润相应增加。 具体来看，今年上半年红外热成像及光电业务收入24.02亿元，同比增长36.6%，占总营收的94.42%。 值得关注的是，睿创微纳研发投入持续加大，今年上半年研发费用达5.08亿元，同比增长36.95%，研发 投入占营业收入的比例为19.96%。 不过，在募投项目建设方面，睿创微纳存在部分募投项目变更及延期情况。8月28日晚，睿创微纳公告 称，结合募投项目实际进展，拟调整"供应链中心红外热成像整机项目"的投资期限，投资期限由原计划 的2025年12月延期至2027年6月。 睿创微纳表示，该募投项目于2024年6月由原"艾睿光电红外热成像整机项目"变更实施主体为全 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 118.32 [1][5][7] Core Insights - The company reported a strong performance in H1 2025, achieving revenue of RMB 25.44 billion, a year-on-year increase of 25.82%, and a net profit attributable to shareholders of RMB 3.51 billion, up 56.46% year-on-year [1] - The infrared thermal imaging and optoelectronic business segments showed significant growth, with revenues of RMB 24.03 billion, a 36.56% increase year-on-year, driven by strong downstream demand [2] - The company is actively expanding its AI-related applications across various business areas, achieving significant progress in chip design and terminal products [4] Financial Performance - In Q2 2025, the company achieved revenue of RMB 14.07 billion, representing a year-on-year growth of 38.67% and a quarter-on-quarter increase of 23.82% [1] - The gross margin for the infrared thermal imaging and optoelectronic business was 52.94%, slightly down by 0.61 percentage points year-on-year [2] - The company’s cash flow improved significantly, reaching RMB 3.18 billion in H1 2025, an increase of 328.46% year-on-year [2] Business Development - The company is making steady progress in special equipment and microwave business areas, with ongoing projects in smart guidance and optoelectronic pods [3] - The microwave business is expanding, with successful client integrations and stable deliveries of aerospace-grade components [3] - The company is also advancing its research projects, including next-generation intelligent low-cost uncooled infrared chips [3] Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 8.02 billion, RMB 10.86 billion, and RMB 13.38 billion respectively, with corresponding EPS of RMB 1.74, RMB 2.36, and RMB 2.91 [5][9] - The target price has been adjusted to RMB 118.32, based on a PE valuation of 68 times for 2025 [5][9]