[Table_Page] 公告点评|军工电子Ⅱ 证券研究报告 | [Table_Title] 睿创微纳（688002.SH） | | --- | 收入利润高增，多维感知龙头景气可期 [Table_Summary] 核心观点： | 盈利预测： | | | | | | | --- | --- | --- | --- | --- | --- | | [单位Table_Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 3,559 | 4,316 | 6,050 | 7,900 | 10,300 | | 增长率（%） | 34.5% | 21.3% | 40.2% | 30.6% | 30.4% | | EBITDA | 761 | 1,080 | 1,543 | 2,159 | 2,960 | | 归母净利润 | 496 | 569 | 1,105 | 1,625 | 2,274 | | 增长率（%） | 58.2% | 14.8% | 94.2% | 47.1% | 39.9% | | EPS（元/股） | 1.11 | 1.25 ...

作为深耕红外、微波、激光等多维感知领域的领军企业，睿创微纳凭借核心技术自研与全产业链布局，在2025年交出了一份超预期的业绩答卷。近日，该公 司发布的2025年年度业绩预告显示，预计实现归母净利润约11亿元，同比增长93%左右，较大幅超越国内券商此前预测值，展现出强劲的盈利增长动能，其 中第四季度更出现净利润激增359.55%。 在成为全球热成像微测辐射热计市场的出货量与收入双料冠军同时，睿创微纳持续以近20% 的研发强度筑牢技术壁垒，推动红外、微波、激光等多维感知 +AI研发平台建设，叠加海内外市场需求爆发、新业务赛道持续拓宽等多重利好，不仅推动股价近一年涨幅超160%，更巩固了其"国产红外芯片第一股"的行 业地位，开启了多元协同的高质量增长新阶段。 净利润和股价均翻倍增长 作为专业从事专用集成电路、特种芯片设计与制造技术开发的国家高新技术企业，睿创微纳深耕红外、微波、激光等多维感知领域，掌握多光谱传感研发的 核心技术与AI算法研发等能力，为全球客户提供MEMS芯片、ASIC处理器芯片、红外热成像全产业链产品和激光、微波产品及光电系统，广泛应用于夜视 观察、人工智能、卫星通信、自动驾驶、无人机载荷、机器视觉 ...

业绩报喜， 睿创微纳 （688002.SH）股价继续大涨。 1月23日，睿创微纳涨停，公司股价报123.31元/股，上涨20.00%，总市值达567.5亿元。 消息面上，睿创微纳发布了2025年年度业绩预告，预计实现归属于母公司所有者的净利润（以下简 称"归母净利润"）为11亿元左右，创下新高，同比增长93%左右。 睿创微纳表示，公司持续加大研发投入与新产品开发力度，积极开拓市场，扩大销售规模，保持订单充 足和及时生产交付。2025年全年营业收入突破60亿元。 长江商报记者注意到，作为一家研发驱动型企业，睿创微纳坚持客户需求先导、技术创新领先，近年 来，公司保持高强度研发投入，将约20%的营业收入投入到研发中。 目前，睿创微纳已形成红外业务为主，微波、激光等多维感知领域逐步突破的新格局，有力支撑了公司 持续快速发展。 四季度归母净利预计增长359.55% 睿创微纳2025年赚翻了。 业绩预告显示，睿创微纳预计2025年年度实现归母净利润为11亿元左右，与上年同期（法定披露数据） 相比，将增加5.31亿元左右，同比增长93%左右；预计归属于母公司所有者的扣除非经常性损益的净利 润（以下简称"扣非净利润"）为10 ...

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]