证券研究报告：国防军工 | 公司点评报告 发布时间：2025-09-30 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.93 | | --- | --- | | 总股本/流通股本（亿股）42.71 / 33.99 | | | 总市值/流通市值（亿元）509 / 405 | | | 52 周内最高/最低价 | 13.34 / 6.52 | | 资产负债率(%) | 31.5% | | 市盈率 | -113.94 | | 第一大股东 | 武汉市高德电气有限公 | | 司 | | 研究所 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 高德红外(002414) 2025H1 业绩同比高增，完整装备系统内销外贸空 间广阔 ⚫ 事件 8 月 26 日，高德红外发布 2025 年半年报。2025H1，公司实现营 业收入 19.34 亿元，同比增长 68%，实现归母净利润 1.81 亿元，同比 增长 907%。 ⚫ 点评 1、型号项目类产品恢复交付，2025H1公司业绩同比高增。2025H1， 公司原延期的型号项目 ...

Core Insights - The company GaoDe HongRui has experienced significant growth since its IPO on July 16, 2010, with a market capitalization increase from 7.641 billion yuan to 43.263 billion yuan, reflecting a 4.66 times growth in market value [1][7] - Despite the growth in market capitalization, the company's financial performance has shown considerable volatility, with a notable decline in profitability in recent years [3][5] Business Overview - GaoDe HongRui specializes in the research, production, and sales of infrared thermal imaging products, with its core products including infrared comprehensive optoelectronic systems and traditional ammunition [3] - The revenue structure indicates that infrared comprehensive optoelectronic systems account for the highest proportion at 87.13%, followed by traditional and information-based ammunition at 10.68% [3] Financial Performance - In 2020, the company achieved a revenue of 3.334 billion yuan, which decreased to 2.678 billion yuan by 2024, indicating a downward trend in revenue [4] - The net profit attributable to shareholders dropped from 1.001 billion yuan in 2020 to a loss of 444 million yuan in 2024, showcasing a rapid decline in profitability [5] - Over the 15 years since its listing, the company has recorded a cumulative profit decline of 419.35%, with 8 out of 15 years showing profit growth, representing 53.33% of the years [3] Market Performance - The peak market capitalization of GaoDe HongRui reached 81.169 billion yuan on January 11, 2021, with the stock price rising to 50.99 yuan, but by July 15, 2024, the market capitalization had decreased by 37.906 billion yuan, a 46.70% drop from its peak [7]