证券研究报告 需求持续放量，全年业绩可期 2025 年 8 月 26 日│中国内地 航空航天 纳睿雷达发布半年报，2025 年 H1 实现营收 1.55 亿元（yoy+112.84%）， 归母净利 5694.66 万元（yoy+866.97%），扣非净利 5341.82 万元 （yoy+458.11%）。其中 Q2 实现营收 9670.49 万元（yoy+134.22%， qoq+66.19%），归母净利 3528.10 万元（yoy+2027.66%，qoq+62.84%）。 上半年公司下游需求向好，业绩释放顺畅，公司持续深耕气象\水利方向相 控阵雷达领域，并新拓展了空管、特种领域的相控阵雷达应用场景，未来发 展向好，维持"买入"评级。 下游需求持续向好，费用端下降明显 2025 年上半年公司业绩实现较快增长，主要因新签相控阵水利测雨雷达合 同金额大幅增长，存量相控阵天气雷达订单加速确认落地，且应收款项回款 加快使坏账准备计提减少。核心业务雷达精细化探测系统实现收入 1.54 亿 元，同比增长 112.59%，综合毛利率为 72.45%，同比下滑 6.44pct。公司 期间费用率为 36.11%，较去年同期 ...

航天南湖(688552.SH)日前发布2025年半年报，公司营业收入为5.19亿元，同比上升688.61%；归母净利 润自去年同期亏损3936万元成功扭亏，实现归母净利润5303.83万元。同时，航天南湖重视研发与创 新，上半年研发投入为4796.22万元，获得发明专利8项，紧跟行业技术发展趋势和市场需求，积极拓展 低空经济领域。 归母净利润5303.83万扭亏 航天南湖专业从事防空预警雷达研发、生产、销售和服务，是中国防空预警雷达领域的主要研制生产单 位之一。公司的防空预警雷达产品已成为中国防空预警领域的主力装备，在军方客户中广泛应用，产品 已覆盖多个军种。 尽管航天南湖2024年处于亏损状态，但公司从2025年一季度开始，业绩实现大幅增长。半年报显示， 2025年上半年，航天南湖实现营业总收入5.19亿元，同比增长688.61%；归母净利润5303.83万元，同比 扭亏；扣非净利润5140.38万元，同比扭亏；。报告期内，航天南湖基本每股收益为0.16元，加权平均净 资产收益率为2.05%。航天南湖毛利率为24.84%，同比上升11.99个百分点；净利率为10.22%，较上年同 期上升70.00个百分点。 ...

8月22日晚，航天南湖(688552)发布2025年半年报，上半年公司实现营收5.19亿元，同比增长688.61%； 归母净利润5303.83万元，扭亏为盈，同比增长234.75%。 值得一提的是，航天南湖于2023年12月正式设立低空事业部，积极拓展低空经济领域。 半年报显示，在低空领域，公司积极开展低空安全探测系统和产品的研发，获得用户批量订货合同，同 时围绕低空经济市场需求，进一步加大低空目标检测识别等关键技术研究和民用低空安全市场拓展力 度，参加国内多个地区低空探测项目演示验证，中标了深城交（301091）城市低空雷达探测设备框架采 购项目。 同时，航天南湖坚持高研发投入导向。半年报显示，公司研发投入为4796.22万元，占营业收入的比例 为9.24%。公司在干扰识别、干扰抑制、目标分类识别、宽带数字收发组件等关键子技术上取得突破， 申请国防专利5项，发明专利2项；依托湖北省国防科技创新中心、国防科技重点实验室等创新平台开展 智能化雷达前沿技术、干扰与反干扰技术等研究与应用，并建设技术仿真平台和低空安全管控测试平 台，赋能公司新型号产品研发。 申万宏源证券（000562）指出，国防军工行业基本面进入上 ...

Core Viewpoint - The interview with Gong Xuehua, the Secretary of the Board of Directors of Narui Radar, highlights the company's focus on advanced radar technology and its applications in various fields, emphasizing the importance of technological innovation as a driving force for new productive forces in the industry [5][6][12]. Company Overview - Narui Radar specializes in full-polarization active phased array radar technology and has achieved early industrialization. The company provides radar detection system solutions primarily for meteorological detection and water resource monitoring, with plans to expand into civil aviation, marine monitoring, low-altitude economy, and public safety [5][7]. Industry Insights - The phased array radar technology has evolved significantly since its inception in the 1960s, with advancements in computing and materials leading to reduced costs and broader applications. The technology is currently used mainly in military and aerospace sectors, but its potential for civilian applications is growing [6][7]. Technological Advancements - The integration of artificial intelligence (AI) with phased array radar is transforming its performance and application scenarios, moving from enhanced perception to autonomous decision-making. This shift is expected to create new business models and solutions in radar systems [8][12]. Product Development - The company is actively developing new products, such as a dual-polarization, all-solid-state, full-phase array rain radar that utilizes AI for precise rainfall estimation and hydrological monitoring. This product is part of a broader strategy to enhance capabilities in flood forecasting and disaster prevention [8][10]. Research and Development - Narui Radar has invested significantly in R&D, with a reported expenditure of approximately 78.48 million yuan in 2024, marking a 37.24% increase year-on-year. The company has secured numerous patents and continues to develop advanced radar systems, which have been recognized as internationally advanced [11][12].

Group 1 - The company forecasts a revenue of approximately 154.89 million yuan for the first half of 2025, representing an increase of about 82.12 million yuan or 113% compared to the same period last year [3] - The estimated net profit attributable to the parent company for the first half of 2025 is around 56.55 million yuan, which is an increase of approximately 50.66 million yuan or 860% year-on-year [3] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be about 53.50 million yuan, reflecting an increase of around 43.93 million yuan or 459% compared to the previous year [3] Group 2 - In the same period last year, the company reported a revenue of 72.78 million yuan and a net profit of 5.89 million yuan attributable to the parent company [5] - The company attributes the significant growth in revenue and profit to its product technology and brand advantages, as well as a substantial increase in new contracts for hydrological radar [6] - The company has experienced accelerated confirmation of existing orders, contributing to its rapid revenue growth and improved profitability [6]

Core Viewpoint - Narui Radar (688522.SH) expects a significant increase in net profit for the first half of 2025, projecting approximately 56.55 million yuan, representing a year-on-year growth of 860% [1] Financial Performance - The company anticipates a revenue increase of 113% year-on-year during the reporting period [1] - The substantial growth in net profit and revenue is attributed to the company's product technology and brand advantages [1] Market Position - Narui Radar has gained recognition from clients across various sectors, leading to a notable increase in new contracts for hydrological measurement and rain radar [1] - The acceleration in confirming existing orders has contributed to the company's improved financial performance [1]

Core Viewpoint - Poland's Ministry of Defense has signed a contract worth 430 million zloty (approximately 850 million RMB) with a Polish-Israeli consortium for the procurement of 18 ELM-2238X STAR-X radar systems, scheduled for delivery between 2027 and 2030 [1] Group 1 - The radar systems will be deployed along the Polish coast to monitor maritime and low-altitude targets [1] - The radar possesses three-dimensional detection capabilities, allowing it to track multiple air and sea targets simultaneously [1] - The system will enhance threat identification and deterrence capabilities by integrating with existing and future naval combat units, such as new frigates, providing 24-hour monitoring [1]

Core Insights - Radar technology plays a crucial role in various sectors, including national defense and civilian applications, significantly transforming production and daily life [2][6][8] Group 1: Radar Technology Applications - Radar systems enable dynamic flight predictions during adverse weather, assist in agricultural pest control, and provide precise underground environment monitoring during tunnel construction [2] - The latest non-coherent scattering radar can detect minute electronic movements from hundreds to thousands of kilometers away, showcasing advanced capabilities in signal analysis [3] - Radio wave radar actively emits signals to track spacecraft during critical phases, ensuring continuous monitoring even in signal blackout zones [4] Group 2: Aviation Safety - Radar acts as a reliable "traffic guardian" in aviation, capable of scanning airspace and providing accurate data for aircraft safety during low visibility conditions [4][6] - The C-band digital phased array weather radar at Beijing Daxing International Airport has achieved a significant increase in reliability, extending operational hours from 600 to over 3000 hours [4] Group 3: Agricultural and Environmental Monitoring - Advanced radar systems, such as the high-resolution multi-frequency insect detection radar, are now widely used in agriculture to monitor harmful insects, providing critical data for pest migration studies [7] - Meteorological radars have been developed to quickly monitor severe weather conditions, offering timely warning information to mitigate disaster impacts [6] Group 4: Future Developments - The integration of radar technology with artificial intelligence is being accelerated, enhancing autonomous decision-making capabilities and driving innovation across various industries [8]

Core Viewpoint - Chengtai Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor [1][3]. Company Overview - Chengtai Technology was founded in September 2016 by Chen Chengwen and Zhou Ke, focusing on the design, research, development, manufacturing, and commercialization of millimeter-wave radar products [3][4]. - As of 2024, Chengtai Technology is the largest supplier of forward-looking millimeter-wave radar for vehicles in China by shipment volume, holding a market share of 9.3%, and is the third-largest supplier of vehicle millimeter-wave radar with a market share of 4.5% [3]. Financing History - The company has raised over 350 million RMB through multiple financing rounds since its inception, including: - 400,000 RMB in angel round (2018) - 800,000 RMB in Pre-A round (2018) - 1.1 million RMB in A round (2019) - 45.6 million RMB in A+ round (2021) - 100 million RMB in B1 round (2021) - 80 million RMB in B2 round (2021) - 40 million RMB in B3 round (2022) - 70 million RMB in C round (2024) [3][4][8]. Shareholder Structure - The initial registered capital of Chengtai Technology was 5 million RMB, with major shareholders including Chen Chengwen, Zhou Ke, and investment platforms [4][5]. - As of the latest updates, the company has undergone several share transfers among its founders and investors, impacting the ownership structure [6][10]. Financial Performance - Chengtai Technology reported revenues of approximately 57.65 million RMB in 2022, 157 million RMB in 2023, and projected 348 million RMB in 2024, with corresponding gross profits of 16.54 million RMB, 48.49 million RMB, and 118.47 million RMB [12][15]. - The company experienced net losses of 79.17 million RMB in 2022, 96.60 million RMB in 2023, and a reduced loss of 21.77 million RMB in 2024 [12][16].

Group 1 - The core viewpoint of the article highlights that the company Aerospace South Lake is optimistic about its military trade business and expects its share to increase in the future due to rising global military expenditures and strong demand for air defense radar [1] - The company is implementing cost reduction and efficiency enhancement measures through low-cost design solutions, digitalization, supply chain management, and quality management to adapt to domestic market adjustments [1] - Radar maintenance and upgrades are identified as key areas for business expansion, with plans to enhance market development capabilities and optimize industry structure in fields such as radar assembly and special coatings [1] Group 2 - The company has a seasonal revenue recognition pattern, with a higher proportion of income confirmed in the fourth quarter, making it inappropriate to simply extrapolate semi-annual performance [1] - Currently, there are no clear plans for mergers, acquisitions, or asset injections, although the company is focused on promoting industrial layout and structural adjustments [1]