证券研究报告 盟升电子 (688311 CH) Q3 军品需求复苏驱动营收快速增长 2025 年 10 月 30 日│中国内地 通信设备制造 | 盟升电子发布三季报：Q3 实现营收 1.28 亿元（ yoy+1727.32%， | | --- | | qoq+30.25%），归母净利-1041.25 万元（yoy+87.69%，qoq+52.88%）。 | | 2025 年 Q1-Q3 实现营收 2.48 亿元（yoy+185.29%），归母净利-4754.54 | | 万元（yoy+62.74%），扣非净利-5630.68 万元（yoy+60.69%）。我们看 | | 好公司发展前景：1）军品：弹载卫导景气复苏，电子对抗和数据链发展持 | | 续向好；2）民品：机载卫通天线突破国内窄体机和 C919 前装市场，低轨 | | 相控阵终端有望跟随星网建设快速发展。维持"买入"评级。 | 军品业务持续复苏，民品卫通、低轨卫星业务加速开拓 根据公司三季报，公司原暂停、暂缓的军品订单恢复执行，下游客户需求增 加，公司收入实现同比快速增长。展望未来，受益精确制导、数据链、电子 对抗等领域需求增长，公司在手订单充沛， " ...

Core Viewpoint - The company achieved significant growth in revenue and net profit in the first half of 2025, driven by favorable market conditions and strategic positioning in emerging industries [1] Financial Performance - The company reported operating revenue of 205 million yuan, representing a year-on-year increase of 73.64% [1] - The net profit attributable to shareholders reached 62.32 million yuan, marking a substantial year-on-year growth of 1006.99% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 52.89 million yuan [1] - Basic earnings per share stood at 0.29 yuan [1] Market Position and Strategy - The company capitalized on the recovery of downstream industries and sustained demand, strengthening its advantages in specialized fields such as data chains, electronic countermeasures, wireless communication terminals, next-generation radios, and phased array communications [1] - The company experienced a significant increase in orders and projects on hand compared to the previous year, supported by strong technical capabilities, a good industry reputation, and high-quality customer service [1] - The company is actively pursuing opportunities in strategic emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology, leveraging its advanced research layout and technological barriers to align closely with customer needs [1]