证券研究报告 | 公司点评报告 2025 年 08 月 27 日 中科海讯（300810.SZ） 25H1 业绩承压，合同负债创历史新高 中游制造/军工 公司 2025 年上半年总收入 9596.68 万元，同比-9.61%，归母净利润-6467.71 万元，同比-12.09%，扣非归母净利润-6531.94 万元，同比-10.97%。 ❑ 盈利预测：预测 2025-2027 年归母净利润预测达到分别为 0.18 亿、0.29 亿和 强烈推荐（维持） 目标估值：NA 当前股价：53.81 元 基础数据 | 总股本（百万股） | 118 | | --- | --- | | 已上市流通股（百万股） | 114 | | 总市值（十亿元） | 6.4 | | 流通市值（十亿元） | 6.1 | | 每股净资产（MRQ） | 6.4 | | ROE（TTM） | -4.4 | | 资产负债率 | 33.2% | | 主要股东 宁波梅山保税港区中科海讯 | | | 科技投资合伙企业(有限合 主要股东持股比例 | 29.26% | | | 伙) | 股价表现 % 1m 6m 12m 绝对表现 29 163 242 相对表现 ...

随着大数据、人工智能技术的发展，水声装备智能化的需求愈发迫切。中科海讯不断跟踪新技术发展， 将传统水声技术与智能技术相结合，持续进行产品更新，在已有产品基础上完成了基于GPU芯片的高性 能计算平台和水声大数据采集、分析及处理设备的研制，并结合智能声纳、无人集群智能探测等项目验 证了相关算法，为人工智能赋能水声装备奠定了基础。 公告显示，中科海讯长期专注于国家特种电子信息行业声纳装备领域相关产品的研发、生产和销售，围 绕该行业战略发展方向，紧贴最终用户需求，在海洋特种装备领域提供算力、算法、数据、系统等方面 支撑。中科海讯为客户提供信号处理平台、声纳系统、水声大数据、仿真训练系统、无人探测系统、数 据计算中心等产品，主要作用为水声目标探测与识别、水声通信与数据传输、水声导航与测绘等，最终 用户主要为国家特种部门。 本报讯(记者李乔宇)8月27日，北京中科海讯（300810）数字科技股份有限公司(以下简称"中科海讯")披 露2025年半年度报告。公告显示，今年上半年，中科海讯实现营业收入9596.68万元，实现归属于上市 公司股东的净利润-6467.71万元；实现归属于上市公司股东的扣除非经常性损益的净利润-65 ...

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call focuses on China Haifang, a company involved in underwater defense technology and the development of unmanned underwater vehicles (UUVs) [2][3][5]. Core Insights and Arguments - **Advancements in Unmanned Underwater Vehicles**: China has been continuously launching new UUV models, including the CSSC 7,705 and UUV300 series, with plans to showcase them in a military parade on September 3, 2025. This indicates a significant enhancement in China's capabilities in unmanned intelligence and underwater combat [2][3]. - **Government Support for Deep-Sea Technology**: The Chinese government has elevated deep-sea technology to a strategic level, emphasizing its importance alongside commercial aerospace and low-altitude economy. This focus is expected to drive growth and valuation for China Haifang [2][3]. - **Asset Restructuring and Integration**: China Shipbuilding Group has completed significant asset restructuring, positioning China Haifang as a capital operation platform for the electronic information business segment. This may lead to further asset integration, presenting potential investment opportunities [2][4][7]. - **Core Business Focus**: China Haifang specializes in underwater acoustic defense, underwater information construction, sonar systems, and special electronic equipment supply. The company benefits from the application of new sonar systems in naval vessels and the ongoing demand for replacements due to corrosion [5][6]. Market Outlook - **Growth Potential of the UUV Market**: The UUV market is expected to grow significantly, with capabilities for reconnaissance and attack. The anticipated large-scale deployment of UUVs will enhance military strength and could substantially increase revenues and profits for related companies during the 14th Five-Year Plan period [6][8]. Additional Important Points - **Impact of China Shipbuilding Group**: The influence of China Shipbuilding Group on China Haifang's future development is substantial, as it has injected core assets and possesses numerous research institutions and external electronic information assets. This foundation supports future capital operations and potential market value enhancement [7]. - **Investor Considerations**: Investors should pay attention to China Haifang's leading position in underwater defense technology, its involvement in national deep-sea technology strategies, and the potential for further asset integration. The upcoming military parade on September 3 is also crucial for assessing the latest technological advancements and their impact on the company's performance and valuation [8].

Company Overview - Beijing Zhongke Haixun Digital Technology Co., Ltd. was established in 2005 and is headquartered in the Zhongguancun Science Park, focusing on high-tech products in marine engineering and underwater acoustics [1] - The company specializes in the development of high-performance signal processing platforms, sonar systems, simulation systems, and big data applications [1] Stock Performance - Zhongke Haixun has experienced a decline for seven consecutive trading days, with a cumulative drop of -13.41% [1] - The fund "Changcheng Jiujia Innovation Growth Mixed A" has entered the top ten shareholders of Zhongke Haixun and is a new addition in the first quarter of this year [1] Fund Performance - The year-to-date return for Changcheng Jiujia Innovation Growth Mixed A is -2.36%, ranking 1401 out of 2008 in its category [2] - The fund manager, You Guoliang, has been with Changcheng Fund Management Co., Ltd. since August 2019 and has managed various funds [3][4] Fund Manager Background - You Guoliang holds a master's degree and has previously worked at several securities and asset management companies before joining Changcheng Fund [3][4] - He has managed the "Changcheng Jiujia Innovation Growth Flexible Allocation Mixed Fund" since October 2019 [4]

Summary of Deep Sea Technology and Robotics Conference Call Industry Overview - The conference focuses on the **Deep Sea Technology** industry, which has been recognized as a national emerging industry in China's 2025 government work report, indicating increased governmental support and investment opportunities in this sector [2][3]. Key Points and Arguments - **Government Support**: The inclusion of deep sea technology in the national strategy reflects the government's commitment to the marine power strategy, leading to increased market attention and investment opportunities [2][3]. - **Significant Achievements**: China's deep submergence system has made notable progress with the "Jiaolong" and "Fendouzhe" achieving full coverage, and plans to build an ecological space station in the South China Sea, marking a new phase in deep sea technology [5][6]. - **Economic Growth Driver**: Deep sea technology is seen as a crucial driver for economic growth, facilitating industrial upgrades and innovations, particularly in oil and gas resource development and military capabilities [5][6]. - **Shipbuilding Industry Benefits**: The shipbuilding sector is expected to benefit from deep sea technology advancements, with standardized ship types potentially changing traditional valuation systems and increasing order volumes [13][15]. - **Global Leadership**: China holds a leading position in the global shipbuilding industry, with significant demand for deep sea engineering vessels in resource extraction and infrastructure projects [20][17]. - **Distinction from Low Altitude Economy**: Deep sea technology relies heavily on government investment and is primarily driven by state-owned enterprises, contrasting with the low altitude economy which is more market-oriented [21][22]. - **Rapid Industrialization**: The deep sea industry is expected to progress faster than the low altitude economy due to fewer regulatory hurdles and a more straightforward investment process [22]. Additional Important Insights - **Resource Exploration**: There is a significant potential for deep sea mineral resource exploration, with manganese nodules already showing economic viability [19][23]. - **Technological Advancements**: The development of AI and robotics is anticipated to enhance the efficiency of resource extraction in deep sea environments [19]. - **Investment Recommendations**: Key companies recommended for investment include: - **Changying Tong**: Specializes in underwater communication products, crucial for underwater infrastructure [9]. - **Zhongke Haixun**: Focuses on underwater acoustic equipment, playing a vital role in national defense [10]. - **China Marine Defense**: A state-owned enterprise with a dominant position in underwater equipment [11]. - **Zhongke Xingtou**: Engaged in digital earth research, contributing to marine monitoring [12]. Conclusion - The deep sea technology sector is poised for significant growth driven by government support, technological advancements, and increasing global demand for marine resources. The shipbuilding industry, in particular, stands to benefit from these developments, making it a key area for investment and strategic focus in the coming years.