记者丨雷晨 编辑丨骆一帆 近日，北方导航（600435.SH）发布2025年半年度报告。 北方导航2025年上半年业绩呈现爆发式增长，创下历史新高。上半年17.03亿元的营业收入，同比增幅 高达481.19%。归母净利润从去年同期的亏损转变为1.16亿元的盈利，增长幅度达到256.59%，盈利能力 大幅提升。 分季度来看，第二季度营业总收入达13.51亿元，同比上升530.21%，占上半年营收的比重高达79.33%。 单季度归母净利润为1.33亿元，同比上升643.67%，不仅扭转了一季度的亏损局面，更为上半年的盈利 做出了主要贡献。 21世纪经济报道记者了解到，北方导航业绩大幅提升的核心原因是"十四五"末公司制导系列产品集中交 付，驱动收入规模快速放大。 此外，利润增长也得益于北方导航在费用端的管控。上半年，公司销售费用、管理费用、财务费用总计 1.36亿元，三费占营收比8%，同比大幅减少81.02%。 其中，销售费用率由上年同期的8.89%降至1.49%，主要原因是随着营收规模扩大，销售费用的增长幅 度相对较小，规模效应显现；管理费用率从38.05%降至6.74%，表明公司在管理效率提升方面成效显 著，可 ...

Core Viewpoint - Northern Navigation (600435.SH) reported explosive growth in its 2025 semi-annual performance, achieving a record high in revenue and profitability, driven by the delivery of guided series products and effective cost management [1][2]. Financial Performance - The company achieved a revenue of 1.703 billion yuan in the first half of 2025, representing a year-on-year increase of 481.19% [1]. - The net profit attributable to shareholders turned from a loss in the previous year to a profit of 116 million yuan, with a growth rate of 256.59% [1]. - In Q2 alone, total revenue reached 1.351 billion yuan, up 530.21% year-on-year, contributing 79.33% to the half-year revenue [1]. - The net profit for Q2 was 133 million yuan, a staggering increase of 643.67% year-on-year, reversing the loss from Q1 [1]. Cost Management - Total sales, management, and financial expenses amounted to 136 million yuan, accounting for only 8% of revenue, a significant reduction of 81.02% year-on-year [1][2]. - The sales expense ratio decreased from 8.89% to 1.49%, indicating a scale effect as revenue grew [2]. - The management expense ratio fell from 38.05% to 6.74%, reflecting improved management efficiency [2]. - Financial expenses were negative due to increased interest income and a favorable debt structure [2]. Balance Sheet and Cash Flow - As of the reporting period, total liabilities reached 4.384 billion yuan, a year-on-year increase of 54.25%, driven by higher funding needs for raw materials and production equipment [2]. - Cash and cash equivalents decreased by 24.24% to 636 million yuan [2]. - Accounts receivable rose by 77.77% to 5.442 billion yuan, indicating increased business volume but also highlighting potential collection risks [2]. - Inventory decreased by 4.13% to 615 million yuan, suggesting reduced stockpiling [2]. - The net cash flow from operating activities improved, narrowing to -676 million yuan, primarily due to increased sales collections and reduced procurement expenditures [2]. Market Performance - As of August 29, the stock price of Northern Navigation was 17.35 yuan per share, reflecting a year-to-date increase of over 78%, with a total market capitalization of 26.2 billion yuan [3].

北方导航2025年上半年业绩呈现爆发式增长，创下历史新高。 上半年17.03亿元的营业收入，同比增幅高达481.19%。归母净利润从去年同期的亏损转变为1.16亿元的 盈利，增长幅度达到256.59%，盈利能力大幅提升。 近日，北方导航（600435）(600435.SH)发布2025年半年度报告。 今年上半年，北方导航现金流状况改善明显。经营活动产生的现金流量净额为-6.76亿元，同比收窄 38.86%，主要原因是销售回款增加及采购支出减少。 截至报告期末，公司负债合计43.84亿元，同比增长54.25%，主要是随着业务规模扩大，公司在原材料 采购、生产设备投入等方面的资金需求增加，导致负债规模上升。货币资金为6.36亿元，同比减少 24.24%。 同期，公司应收账款为54.42亿元，同比增长77.77%，应收账款的大幅增加，一方面反映了公司业务量 的增长，另一方面也需要关注账款回收风险，加强应收账款管理，确保公司资金的正常周转。 此外，截至报告期末，公司存货为6.15亿元，同比减少4.13%，表明公司库存积压减少。 分季度来看，第二季度营业总收入达13.51亿元，同比上升530.21%，占上半年营收的比重 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 1.703 billion yuan, a year-on-year increase of 481.19%, and a net profit of 116 million yuan, up 256.59% from the previous year [1] - The growth is primarily driven by the concentrated delivery of military products as part of the "14th Five-Year Plan," leading to a rapid expansion in revenue scale [7] - The company has focused on three major breakthroughs: technological innovation, digital transformation, and deepening reforms, which include the introduction of new research projects and the establishment of an intelligent factory [7] Financial Summary - The company’s revenue forecast for 2025-2027 is adjusted to 2.23 billion yuan, 2.74 billion yuan, and 3.04 billion yuan respectively, with corresponding P/E ratios of 108, 88, and 79 times [7] - The gross margin for the first half of 2025 improved to 22.29%, an increase of approximately 2.2 percentage points year-on-year, attributed to economies of scale and effective cost control [7] - The company’s operating cash flow showed a net outflow of 676 million yuan, a year-on-year reduction of 38.86%, indicating improved sales collection and reduced procurement expenses [7]