文章转自2025年12月28日军工 团队报告，作者：马浩然 投资要点 深控及要的武器装备供应商之一。 制其耕产引国品信防及与重弹智点药能领装控域备制，的产打研品造发，地、广方生泛军产应工与用龙销于头售防企。空业目反。前导公，、司公装是司甲江产突西品击省涵、军盖火工各力控种压股导制集弹、团、空所火中属箭格的弹斗国固与有体舰控发舰股动攻混机防改动等企力作业模战，块场自、景成安，立全承以与担来控了始制军终模方专块多注，项于多重导型点弹主型（战号火装的箭备科弹的研）主生固用产体弹任发药务动、，机特是动种我力弹军与药重 导业目未来业绩有望续创历史新高。 "弹之和（一"航火，天箭发动）动力固机建体动设发力项动模目机块"与产的控品持制广续产泛推品应进：用，已于不列各仅装类能多导够型弹满现、足役火新装箭批备弹产，系任内统务需动交外力付贸，需空发求间动，广机更阔总有。装助公主于司要公是应司国用在内于产少业靶数链弹从上、事的各导延类弹伸助（拓推火展器箭。。）军随固贸着体订"固发单体动落火机地箭动将发力为动模公机块司制及开造总启应装更急科大能研成力生长建产空设的间项企， 弹品药方面具备国内先进水平。目前，公司正在由常规弹药向智能化 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [36]. Core Viewpoints - The company is positioned as one of the few domestic enterprises engaged in the research and production of solid rocket motor propulsion modules and ammunition equipment, with a long-term technological accumulation and advantages in these fields [18][19]. - The company is expected to benefit from the recovery and expansion of the military trade market, driven by frequent geopolitical events and the emergence of new forms of warfare, leading to a clear second growth curve logic [18]. - The company is actively increasing its R&D investment and extending its operations into the downstream aerospace engine assembly field, which will enhance its core competitiveness and expand potential market space [18]. - The implementation of stock incentives, share buybacks, and cash dividends is expected to effectively align the interests of shareholders, the company, and the core team, promoting long-term development and boosting investor confidence [18]. Financial Data Summary - As of May 9, 2025, the company has a total share capital of 175.70 million shares and a total market value of 10,206.50 million [2]. - The company reported a net cash flow from operating activities of -1.05 million, a significant decrease of 5.47 million year-on-year, primarily due to delays in military equipment funding settlements [7]. - The company’s contract liabilities increased by 29.36% to 2.35 million, indicating a robust order backlog, while inventory levels remained high at 2.33 million, down 4.05% [8]. - Revenue from military products in 2024 reached 1.167 billion, a growth of 17.34%, while revenue from civilian products decreased by 20.79% to 29 million [9][11]. - The company expects revenues of 1.459 billion, 1.723 billion, and 1.985 billion for 2025, 2026, and 2027, respectively, with net profits projected at 235 million, 273 million, and 306 million [19][21].