证券研究报告 需求持续放量，全年业绩可期 2025 年 8 月 26 日│中国内地 航空航天 纳睿雷达发布半年报，2025 年 H1 实现营收 1.55 亿元（yoy+112.84%）， 归母净利 5694.66 万元（yoy+866.97%），扣非净利 5341.82 万元 （yoy+458.11%）。其中 Q2 实现营收 9670.49 万元（yoy+134.22%， qoq+66.19%），归母净利 3528.10 万元（yoy+2027.66%，qoq+62.84%）。 上半年公司下游需求向好，业绩释放顺畅，公司持续深耕气象\水利方向相 控阵雷达领域，并新拓展了空管、特种领域的相控阵雷达应用场景，未来发 展向好，维持"买入"评级。 下游需求持续向好，费用端下降明显 2025 年上半年公司业绩实现较快增长，主要因新签相控阵水利测雨雷达合 同金额大幅增长，存量相控阵天气雷达订单加速确认落地，且应收款项回款 加快使坏账准备计提减少。核心业务雷达精细化探测系统实现收入 1.54 亿 元，同比增长 112.59%，综合毛利率为 72.45%，同比下滑 6.44pct。公司 期间费用率为 36.11%，较去年同期 ...

Group 1 - Xiangyang Technology Co., Ltd. has invested 520 million yuan in a phased array radar production base project in Nantong Economic and Technological Development Zone, expected to commence production next year [1] - The deep-sea industry is identified as a key growth area, with Nantong Development Zone attracting over 20 deep-sea industry projects worth more than 10 billion yuan in the first half of the year [1] - The company has developed an AI-based shipborne AIP array product, breaking foreign monopolies and enhancing the capabilities of ocean-going vessels [1] Group 2 - Nantong Development Zone is forming a new industrial development pattern characterized by leading enterprises driving growth, supported by park platforms and upstream-downstream collaboration [2] - The zone has seen significant investments in new deep-sea industry projects, including a $130 million green energy ship auxiliary system and a $68 million LNG gasification system [2] - The offshore wind power project, with a total installed capacity of 800 megawatts, is expected to deliver over 2.6 billion kilowatt-hours of clean electricity annually, equivalent to the annual electricity consumption of 2.6 million people [2] Group 3 - Nantong has entered the "trillion club" and aims to double its marine industry scale to over 70 billion yuan within three years, focusing on deep-sea development despite not being directly on the coast [3][5] - The local government is actively supporting deep-sea industry development through initiatives like the "Twelve Measures for Going to Sea" and has resolved over a hundred issues for related enterprises [3] - The development zone has allocated 8,000 acres for future industry clusters, including deep-sea equipment, and is attracting talent with competitive salary offers [4]

Core Viewpoint - Japan's military and steel technology is recognized as world-leading, particularly in precision manufacturing, materials science, and electronic technology, although it faces competition from other major powers like the US, Russia, and China [1][22]. Group 1: Military Technology - Japan has a significant advantage in machine tool technology, with a global market share of over 30% in high-end CNC machine tools, crucial for producing precision components in military equipment [3]. - The country excels in materials technology, producing high-temperature alloys and special steels that are essential for high-performance military applications, with companies like Mitsubishi Heavy Industries and Nippon Steel being key players [5]. - Japan's electronic technology, particularly in radar and communication systems, is highly advanced, with phased array radar technology enhancing naval combat capabilities [6]. - The "Soryu-class" submarines utilize Air-Independent Propulsion (AIP) technology, providing enhanced stealth and operational capabilities [8]. Group 2: Steel Technology - Japanese steel companies like Nippon Steel and JFE Steel produce high-quality steel that is widely used in military, automotive, and construction industries, with innovations in production processes improving efficiency and reducing waste [10][11]. - Japan maintains a 5 to 15-year lead in steel technology, particularly in product quality and environmental practices, despite competition from Germany, South Korea, and China [18]. Group 3: Research and Development - Japan invests heavily in research and development, with R&D spending consistently above 3% of GDP, reaching approximately 3.3% in 2022, which translates into tangible technological advantages [13]. - The country's technological prowess is attributed to decades of accumulated knowledge and continuous investment in innovation since World War II [14]. Group 4: Industry Structure - Japan's military and steel industries benefit from a complete supply chain, with local companies responsible for every production stage, enhancing flexibility in innovation and product upgrades [17]. - The rigorous quality control and work ethic in Japan ensure high reliability in military and steel products [17]. Group 5: Global Impact - Japan's advanced technologies have positively influenced global military and steel industries, with many countries relying on Japanese precision machinery and high-quality materials [20].

Summary of Key Points from Conference Call Records Industry Overview - The global focus of military spending is shifting, presenting opportunities for Chinese military trade, with China's arms exports increasing to 10% in 2023, up from 5% a few years ago [1][3] - The military industry is expected to see a turning point in 2025 due to heightened global security tensions and increased demand for military equipment [2][18] Core Insights and Arguments - China's defense budget as a percentage of GDP is low at approximately 1.3%, compared to Russia (7.1%), the US, South Korea, the UK, and India, indicating significant potential for future growth in defense spending [1][4] - The importance of gold as a safe-haven asset is highlighted amid global political and economic turmoil, with expectations of price increases due to ongoing geopolitical conflicts [1][5][10] - Companies like Su Testing and Guangdian Measurement are leading in military testing and measurement, showing strong order growth and profit elasticity, with profit expected to grow by 34.2% in 2025 [1][6][8] Company-Specific Insights - Su Testing is expected to face profit pressure in 2024 but is projected to improve sequentially in 2025, with an estimated profit of approximately 3.1 billion yuan [8] - Donghua Testing is experiencing rapid order growth in defense and military sectors, with expected net profits of 1.7 billion, 2.26 billion, and 2.98 billion yuan from 2025 to 2027, reflecting strong growth rates [9] - The management reform and stock incentive measures at Su Testing are anticipated to enhance profit growth, with a projected profit of around 4.1 billion yuan in 2025 [7] Additional Important Content - The military industry is experiencing a resurgence in demand due to geopolitical uncertainties, with China's military capabilities showcased at exhibitions [18] - The communication sector within the military industry is seeing strategic asset allocations driven by improved industry conditions and increased military trade activity [19][20] - Companies like Haige Communication are diversifying into satellite communication and navigation, with significant growth potential in these areas [21] - Shanghai Hanyun has turned profitable in Q1 2025, benefiting from low-orbit satellite communication business growth [22][23] - The 712 Company has made strides in military and civilian communications, expanding its market share through key project wins [24]

Key Insights - The report highlights the overall upward trend in various industries, including oil and petrochemicals, building materials, electronics, textiles, automotive, non-bank financials, and environmental protection, while sectors like electric equipment, machinery, food and beverage, pharmaceuticals, home appliances, banking, real estate, public utilities, and retail are experiencing a downward trend [2][3][5] Industry Overview - The semiconductor photomask market is dominated by US and Japanese companies, with a strong demand for domestic alternatives due to low domestic production rates [3] - The global photomask market reached USD 5.2 billion by 2022, showing consistent growth from 2012 to 2020 [3] - The CDMO sector is projected to generate revenue of CNY 83.191 billion in 2024, a decrease of 2.92% year-on-year, while the first quarter of 2025 shows a recovery with a revenue increase of 11.35% year-on-year [5] - The CRO sector is expected to face challenges in 2024 due to high base effects, but a significant recovery is anticipated in Q1 2025, with a net profit increase of 104.57% year-on-year [5] Company Performance - The report indicates that the company achieved a revenue of CNY 67.46 billion in 2024, reflecting a year-on-year growth of 13.24%, with a net profit of CNY 9.40 billion, up 2.86% year-on-year [11] - In Q1 2025, the company reported a revenue of CNY 16.66 billion, a slight increase of 1.41% year-on-year, and a net profit of CNY 2.57 billion, which is a 10.94% increase year-on-year [11] - The company has successfully launched its 500,000th five-in-one electric drive shell, enhancing its production capacity for products over 3000T [11] - The company is expected to achieve net profits of CNY 12.63 billion, 15.22 billion, and 17.99 billion from 2025 to 2027, with corresponding P/E ratios of 13.0, 10.8, and 9.1 [11] Market Trends - The report notes a significant increase in the demand for AI and robotics, with companies in these sectors expected to see a recovery in their stock prices following recent adjustments [10] - The report emphasizes the importance of domestic companies enhancing their R&D capabilities through acquisitions and talent acquisition to catch up with foreign competitors in the photomask industry [3] - The report also highlights the increasing importance of the AI industry, with Meta's Q1 2025 revenue reaching USD 42.3 billion, a 16% year-on-year increase, and a significant rise in AI-related advertising effectiveness [20]

Investment Rating - Industry rating is maintained at "Outperform the Market" [1] Core Insights - The report highlights the significant performance of domestic phased array radar systems in military applications, particularly during recent conflicts, showcasing their capabilities in target detection and tracking [3][4] - The successful military applications of phased array radar are expected to facilitate its expansion into civilian markets, providing a technological foundation for rapid growth in related industries [4] - The report recommends "Nairui Radar" for its advanced radar technology and potential in air traffic management and airport sectors, emphasizing its strategic acquisitions to enhance supply chain control and reduce costs [5] Summary by Sections Industry Overview - The phased array radar systems have demonstrated superior performance in military engagements, with capabilities to detect targets up to 170 kilometers away and track multiple targets simultaneously [3] - The integration of these radar systems into various military platforms enhances operational effectiveness and situational awareness in combat scenarios [3] Market Potential - The civilian applications of phased array radar are expanding, with uses in meteorology, aviation, and environmental monitoring, indicating a broad market potential [4] - The establishment of a high-resolution weather observation network in the Guangdong-Hong Kong-Macao Greater Bay Area exemplifies the growing civilian use of this technology [4] Company Focus - "Nairui Radar" is highlighted for its self-developed multi-functional phased array radar technology, with promising applications in air traffic control and airport operations [5] - The company is positioned to benefit from domestic policies supporting low-altitude economy and the demand for new or upgraded airport infrastructure, suggesting optimistic long-term growth prospects [5]

Group 1 - The core viewpoint is that the recent India-Pakistan air conflict serves as a significant milestone for China, prompting a reevaluation of its national capabilities and technological advancements [5]. - The belief that China's technological strength has surpassed that of the United States is gaining traction, with evidence suggesting that the technological gap is closing or has already been bridged [2][3][4]. - The advancements in military technology, particularly in missile systems and radar capabilities, indicate that China has been operating from a position of strength, which was not widely recognized until recent events [2][3]. Group 2 - The narrative surrounding the development of China's high-tech industries has shifted, with the perception that external pressures have inadvertently accelerated domestic advancements rather than stifling them [2]. - The importance of using updated data for accurate assessments of technological progress is emphasized, contrasting outdated perceptions that may lead to erroneous conclusions about national capabilities [3][4]. - The showcasing of military technology during national events, such as the 2017 National Day parade, highlights China's advancements that were previously underestimated [2][3].

导读： 揭秘航空航天领域的科学仪器，它们是航天任务的幕后英雄，支撑材料分析、环境模拟、测控通信等关键环节。值此航天日之际，仪器信息网特别盘点梳 理航空航天领域应用到的科学仪器。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 4月2 4日，我们迎来了第十个中国航天日。从1 9 7 0年4月2 4日我国成功发射第一颗人造地球卫星 "东方红" 1 号，到如今中国空间站全面开启建 设、"天问一号" 实现行星际探测跨越，我国航天事业取得了举世瞩目的辉煌成就。在这场星辰大海的征途中，除了航天人的不懈努力，还有众 多科学仪器在默默发挥着关键作用，无数科学仪器与检测设备默默支撑着每一次发射、每一刻驻留、每一项实验，它们堪称助力航空航天的幕 后英雄。值此航天日之际，仪器信息网特别盘点梳理航空航天领域应用到的科学仪器，参考仪器信息网的仪器分类体系，通过案例与数据，揭 秘这些"幕后英雄"的科技力量。 材料分析仪器：筑牢航天材料根基 航空航天材料需具备高强度、低密度、耐高温、耐辐射等特性。材料分析仪器可对材料微观结构、成分及性能进行精确分析，为材料研发、 ...

Investment Rating - The report highlights the low-altitude economy as a strategic emerging industry with significant growth potential, supported by government policies and market forecasts [2][21]. Core Insights - The low-altitude economy is expected to become a new driving force for economic and social development, with a projected market size of approximately 5,060 billion yuan by the end of 2023, potentially reaching 1 trillion yuan by 2026 [2][3]. - The industry encompasses various sectors, including aircraft manufacturing, low-altitude flight, air traffic management, and comprehensive services, indicating a long industrial chain with strong radiating effects [3][4]. - The report emphasizes the importance of eVTOL (electric Vertical Take-Off and Landing) aircraft as a key component of the low-altitude economy, with commercial applications expected to improve traditional aviation financial models [4][27]. Summary by Sections Policy and Market Environment - The central government has prioritized the low-altitude economy as a strategic emerging industry, leading to a surge in supportive policies from various government levels [2][21]. - The establishment of the Low Altitude Economy Development Department by the National Development and Reform Commission marks a significant milestone in the strategic planning and coordination of the industry [17][18]. Industry Structure and Development - The low-altitude economy spans multiple industries, with a focus on aircraft manufacturing and air traffic management as foundational elements [3][4]. - The report identifies a robust industrial foundation in China, particularly in drone and new energy technologies, positioning the country for rapid growth in the low-altitude economy [11][10]. Application Scenarios - The report outlines diverse application scenarios for the low-altitude economy, including logistics, tourism, agriculture, and emergency services, with eVTOL expected to lead in commercial deployment [4][30]. - The demand for commercial drones is anticipated to rise significantly, driven by government initiatives and the expansion of low-altitude logistics routes [33][31]. Technological Advancements - The report discusses the critical role of technological innovation in the low-altitude economy, particularly in the development of eVTOL and autonomous flight systems [13][39]. - The integration of advanced automotive electronics into low-altitude flight control systems is expected to enhance the development of the industry [45][44]. Future Outlook - The low-altitude economy is projected to reshape transportation and logistics, creating new employment opportunities and driving economic diversification [16][14]. - The report anticipates a growing demand for civil helicopters, with a forecasted increase in the fleet size and significant opportunities for domestic manufacturers [35][36].