1H25 营收同比增长 50%；在电子对抗领域不断突破 2025 年 08 月 27 日 ➢ 事件：8 月 26 日，公司发布 2025 年半年报，1H25 实现营收 1.20 亿元， YOY +49.7%；归母净利润-0.37 亿元，1H24 为-0.43 亿元；扣非净利润-0.44 亿元，1H24 为-0.54 亿元。剔除股份支付影响，净利润为-0.33 亿元，1H24 为 -0.41 亿元。总体看，公司利润端亏损但幅度同比收窄。业绩表现符合预期。上 半年，公司原暂停、暂缓项目订单逐渐恢复执行，客户需求增加，公司订单增加。 ➢ 2Q25 营收同环比均大幅增长；1H25 毛利率持续承压。1）单季度：公司 2Q25 实现营收 0.99 亿元，同比增加 50.1%，环比增加 367.2%。随着订单恢复， 公司2Q25营收同比及环比均改善明显。2Q25实现归母净利润-0.22亿元，1Q25 为-0.15 亿元，2Q24 为-0.21 亿元。2Q25 营收同环比改善，但利润段仍未有显 著修复，主要系公司毛利率持续承压所致。2）利润率：公司 1H25 毛利率同比 下滑 13.1ppt 至 36.3%，其中，2Q25 ...

Core Viewpoint - The credit rating of Chengdu Mingsheng Electronic Technology Co., Ltd. has been downgraded to A with a stable outlook due to declining profitability and increased financial pressures [1][8]. Company Overview - Chengdu Mingsheng Electronic Technology Co., Ltd. focuses on the research and production of satellite navigation and communication systems, primarily serving military applications [13]. - The company is a national-level specialized "little giant" enterprise, with its major shareholder being Chengdu Rongtou Innovation Investment Co., Ltd. [13]. Financial Performance - As of March 2025, the company's total assets were 2.27 billion yuan, with total liabilities of 0.63 billion yuan, resulting in a debt-to-asset ratio of 26.74% [15]. - The company reported a total revenue of 0.139 billion yuan and a net profit of -0.325 billion yuan for 2024, indicating a significant loss [15]. Industry Analysis - The military electronics industry is driven by increased defense spending, modernization of military equipment, and domestic substitution [24]. - In 2025, China's defense budget is projected to be 1.78 trillion yuan, reflecting a 7.2% increase, indicating ongoing growth potential in the military electronics sector [24]. - The industry faces competition primarily from large state-owned enterprises, with smaller private firms focusing on niche markets [24][25]. Competitive Position - The company maintains a strong competitive position in niche areas such as satellite navigation and phased array antennas, with a notable increase in R&D investment [8][9]. - Major clients include large state-owned military groups, ensuring stable customer relationships and a substantial order backlog [8][9]. Risks and Challenges - The company faces challenges such as delayed project approvals, increased competition in the civilian market, and rising costs affecting profitability [8][9]. - The company's reliance on military contracts and the lengthy payment cycles for its products contribute to financial strain, with accounts receivable expected to rise [9][10].