Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 1.703 billion yuan, a year-on-year increase of 481.19%, and net profit attributable to shareholders at 116 million yuan, up 256.59% [1][2] - The company has increased its R&D investment intensity, with R&D expenses amounting to 140 million yuan, representing an R&D expense intensity of 8.22% [2] - The company is positioned to benefit from the high demand for long-range artillery systems, which are seen as essential for modern military operations [2] Financial Performance - Revenue for the first half of 2025 was 1.703 billion yuan, a 481.19% increase year-on-year [1] - Net profit attributable to shareholders was 116 million yuan, reflecting a 256.59% year-on-year growth [1] - Non-recurring net profit was 111 million yuan, up 229.47% year-on-year [1] - Total liabilities increased to 4.384 billion yuan, a 54.25% rise year-on-year [1] - Cash and cash equivalents decreased to 636 million yuan, down 24.24% year-on-year [1] - Accounts receivable rose to 5.442 billion yuan, a 77.77% increase year-on-year [1] - Inventory stood at 615 million yuan, a decrease of 4.13% year-on-year [1] Industry Outlook - The company is focusing on the development of guided rocket weapon systems, which are crucial in the military sector, particularly for the army [2] - The demand for long-range artillery is expected to remain strong, as it offers a better cost-effectiveness compared to tactical missiles [2] - The company is aligned with the Weapon Industry Group, which is responsible for the development and production of all current and in-development guided rocket equipment for the military [2] Investment Recommendation - The projected EPS for the company for 2025, 2026, and 2027 are 0.18, 0.24, and 0.32 respectively, with corresponding PE ratios of 89.9, 65.4, and 49.8 based on the closing price of 15.88 yuan on August 27 [3]

2025 年 8 月 29 日 公司研究/公司快报 公司近一年市场表现 事件描述 兵器兵装Ⅲ 北方导航（600435.SH） 买入-A(维持) 营收净利润大幅改善，持续受益远火高景气度 北方导航公司发布 2025 年中报。2025 年上半年公司营业收入为 17.03 亿元，同比增长 481.19%；归母净利润为 1.16 亿元，同比增长 256.59%；扣 非后归母净利润为 1.11 亿元，同比增长 229.47%；负债合计 43.84 亿元，同 比增长 54.25%；货币资金 6.36 亿元，同比减少 24.24%；应收账款 54.42 亿 元，同比增长 77.77%；存货 6.15 亿元，同比减少 4.13%。 事件点评 市场数据：2025 年 8 月 27 日 收盘价（元）： 15.88 年内最高/最低（元）： 18.30/7.93 营收净利润大幅改善，研发投入强度大幅提升。25 年上半年由于公司本 部交付主要产品大幅增长，导致公司营收同比增长 481.19%，归母净利润同 比增长 256.59%。公司大力加强基础研究和关键核心技术攻关，研发投入强 度大幅提升，研发投入 1.40 亿元，研发经费投入强度 ...

Investment Rating - The report gives an "Accumulate" rating for the company, North Navigation (600435.SH), with a target price of 17.00 yuan based on an 85 times PE valuation for 2025 [3][6]. Core Viewpoints - North Navigation is a leading supplier of military guidance systems, benefiting from the rising demand for long-range artillery systems. The company focuses on military products, particularly in navigation control and ammunition information technology, and has developed a robust technical platform [1][6]. - The company is expected to see a significant recovery in profitability in 2025, with a forecasted net profit of 1.05 to 1.2 billion yuan, compared to a loss of 742.17 million yuan in the previous year [2][3]. Summary by Sections Company Overview - North Navigation is a key player in the domestic navigation control and ammunition information sector, backed by the China Ordnance Industry Group. The company has established a comprehensive technical platform encompassing seven major military technology sectors [1][25]. Financial Performance - The company anticipates a revenue of 2.748 billion yuan in 2024, a decrease of 22.91% year-on-year, with a net profit of 59 million yuan, down 69.29% from the previous year. However, a significant turnaround is expected in 2025, with projected revenues of 5.244 billion yuan and net profits of 305 million yuan [2][4][30]. Growth Drivers - The demand for long-range guided weapons is expected to drive substantial growth for North Navigation. The company is positioned to benefit from the increasing international market for its products, particularly following a significant contract for the AR-3 rocket artillery system with the UAE worth approximately 1.7 billion yuan [2][3][65]. Profitability Forecast - The company is projected to achieve revenues of 5.24 billion yuan in 2025, 6.44 billion yuan in 2026, and 7.64 billion yuan in 2027, with corresponding net profits of 310 million yuan, 400 million yuan, and 510 million yuan, reflecting growth rates of 91%, 23%, and 19% respectively [3][4][16].