研究早观点 2025 年 7 月 25 日 星期五 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,605.73 | 0.65 | | 深证成指 | | 11,193.06 | 1.21 | | 沪深 | 300 | 4,149.04 | 0.71 | | 中小板指 | | 6,934.38 | 1.24 | | 创业板指 | | 2,345.37 | 1.50 | | 科创 | 50 | 1,032.84 | 1.17 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 市场走势 【今日要点】 【山证军工】国防军工 2025 年中期策略-国际局势动荡加剧，我国军 贸大有可为 【行业评论】非银行金融：行业周报（20250714-20250720）：-券商上 半年业绩预喜，北交所执业质量评价公布 【行业评论】化学原料：新材料周报（250714-0718）-新能源"反内卷" 政策密集部署，十大重点行业稳增长方案出 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the embedded computer module industry and expansion into UAV and AI sectors [4][6]. Core Insights - The company reported significant growth in its 1H25 performance, with revenue reaching 290 million yuan, a year-over-year increase of 84.8%, and a net profit of 38 million yuan, up 2147.9% from the previous year [1]. - The order backlog increased by 74% year-over-year, reaching 608 million yuan by the end of Q2 2025, driven by strong customer demand, particularly in the airborne and AI-related product segments [1][2]. - The company is focusing on enhancing its core competitiveness in various technology directions, including next-generation avionics and AI signal processing, which is expected to contribute to revenue growth in 2025 [2][3]. Financial Performance Summary - In 1H25, the company achieved a gross margin of 48.1%, a decrease of 1.9 percentage points year-over-year, while the net profit margin improved by 11.9 percentage points to 13.0% [1]. - The embedded computer revenue breakdown for 1H25 shows airborne revenue grew by 115.3% to 200 million yuan, while other segments like airborne and unmanned equipment saw declines [2]. - The company’s operating cash flow improved to 30 million yuan in 1H25, compared to a negative cash flow of 2 million yuan in the same period last year [3]. Earnings Forecast - The company is projected to achieve net profits of 120 million yuan, 179 million yuan, and 238 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 49x, 33x, and 25x [4][5].

Core Viewpoint - The Chinese military industry is experiencing growth driven by policy direction, geopolitical factors, and technological advancements, showcasing its strength and future potential [2][16]. Group 1: Market Performance - As of May 13, the military sector index (BK0490) closed at 64,179.42 points, down 1.64%, with 78 stocks rising, 19 flat, and 404 declining [2]. - From April 29 to May 12, the defense and military sector saw significant gains, being the top performer among all industries [2]. - By May 12, 142 A-share military companies reported their Q1 2025 results, with 77 companies showing revenue growth, and 47 companies achieving over 20% revenue increase [4]. Group 2: Company Performance - The military sector index (BK0490) reached 65,247.19 points with a 3.18% increase as of May 12, with 371 stocks rising and 96 falling [5]. - AVIC Chengfei, a leading player in the aerospace sector, saw a 20.01% increase in stock price, with a market cap of 256.6 billion yuan and Q1 2025 revenue of 3.309 billion yuan and net profit of 156 million yuan [5]. - Morningstar Aviation's revenue surged by 149.25% to 329.51 million yuan, despite still being in a loss position for Q1 2025 [5]. Group 3: Institutional Investment - Institutional funds have been major drivers of the recent surge in the defense sector, with net purchases of 5.9 billion yuan from institutions [7]. - In Q1 2025, 19 institutions held 404 million shares of Taihao Technology, increasing their holdings by 56.8 million shares [11]. - The social security fund increased its holdings in the defense sector by approximately 16.25 million shares in Q1 2025 [13]. Group 4: Industry Drivers - The military sector's growth is supported by favorable policies, geopolitical tensions, and technological innovations [16]. - The 14th Five-Year Plan emphasizes modernization of the military, focusing on key technologies such as aerospace engines and integrated circuits [16]. - Geopolitical tensions, particularly between Pakistan and India, have heightened the demand for military equipment, showcasing the capabilities of Chinese military technology [17]. Group 5: Future Outlook - The military industry is expected to undergo significant changes driven by the demand for intelligent and unmanned systems, which are becoming crucial in modern warfare [18]. - China's defense budget for 2025 is set at 1,784.665 billion yuan, reflecting a 7.2% increase, indicating the importance of the military sector [18].

Group 1: Market Activity - Eight stocks have sealed orders exceeding 100 million yuan, with Chengfei Integration and Wanxiang Qianchao leading at 494 million yuan and 206 million yuan respectively [2] - The top stocks by sealed order volume include Huaihe Energy, Wanxiang Qianchao, Chengfei Integration, and Huafang Co., with volumes of 257,200 lots, 244,200 lots, 221,900 lots, and 208,900 lots respectively [2] - Multiple stocks experiencing continuous涨停 (limit-up) include Chengfei Integration, Tianjian Technology, and Lijun Co., with Chengfei Integration achieving three consecutive涨停 [2] Group 2: Company Performance - Chengfei Integration reported a revenue of 506 million yuan in Q1, a year-on-year increase of 3.72%, and a net profit of 484,300 yuan, marking a turnaround from losses [3] - ST Yanfeng achieved a revenue of 295 million yuan in Q1, a significant year-on-year increase of 1669.88%, and also turned a profit [5] - Wanli Co. reported a revenue of 668 million yuan for the full year of 2024, a decrease of 3.51% year-on-year, while net profit increased by 1.05% to 35.1 million yuan [7] Group 3: Industry Insights - The military trade export of China is entering a new phase, with opportunities for self-controlled equipment exports, as the country has achieved a net surplus in military trade [2] - The textile industry is undergoing a "supply upgrade" initiative led by the Ministry of Industry and Information Technology and the Ministry of Commerce, aimed at enhancing the textile and apparel sector by 2025 [6] - Companies in the defense and aerospace sectors, such as Tianjian Technology and Lijun Co., are involved in high-tech manufacturing for military applications, including radar-guided missile systems and aerospace components [9]

富士达 20250429 摘要 • 富士达一季度营收同比下滑 1%，归母净利润下降 6.68%，主要受核心军 工项目需求不足影响，但一季度订单同比增长约 20%，预示未来业绩有望 改善。民用产品占营收 40%，军工防务及卫星相关业务占 60%。 • 公司毛利率提升主要受益于军工领域产值增加带来的规模效应，固定成本 摊销降低。尽管 2024 年军工元器件毛利率有所下滑，但 2025 年产品毛 利率基本保持稳定。存货增加反映了订单提升后，公司为项目提前投入。 • 定增终止后，公司将通过银行贷款或其他募资方式继续推动项目，确保生 产场地扩充和设备采购，提升宇航产品产能。研发投入占营收约 8%，用 于军工防护新项目，对公司长期发展至关重要。 • 商业卫星领域，公司已拿到三星 SDS 星座 300 颗订单，2025 年需交付完 毕。千帆星座毛利率稳定在 40%左右，星网因技术要求高、定制化程度高， 毛利率存在不确定性。 • 民用市场需求稳定，公司在华为招标中中标情况与去年持平，主要为 4G、5G 配套产品。新产品方面，高端制造仪器仪表等领域合作内容丰富， 利润空间相对较好。 Q&A 请介绍一下富士达公司 2025 年第 ...