格隆汇1月23日｜方正证券研报指出，高德红外深耕红外领域二十余年，完成全产业链科研生产布局； 内需外贸双轮驱动，军民业务共振有望迎来爆发。目前公司主营业务涵盖红外焦平面探测器芯片、红外 热成像整机及综合光电系统、完整装备系统总体、传统非致命性弹药及信息化弹药四大板块，已成为国 内装备制造与光电系统领域最具竞争力的企业之一。25年随着采购计划延期因素的消除及民品业务的需 求扩容，公司业绩实现暴力反转。在智能驾驶领域，公司全力推进与合资车企品牌和主流新势力品牌的 技术交流，争取试点项目，建立技术标杆案例。随着前期创新成果产业化不断落地，公司在新兴市场的 业务空间有望持续打开。公司作为红外领域及装备系统总体领域龙头企业，在内需外贸双轮驱动下，军 民品业务有望共振迎来爆发。首次覆盖，给予"推荐"评级。 ...

Core Viewpoint - The company has established a comprehensive research and production layout in the infrared field, focusing on the core infrared detector chip technology and expanding along the industrial chain, making it one of the most competitive enterprises in the domestic equipment manufacturing and optoelectronic systems sector [1] Group 1: Business Overview - The company was founded in 1999 and went public in July 2010, focusing on the localization of infrared thermal imaging technology [1] - The main business includes infrared focal plane detector chips, infrared thermal imaging systems, comprehensive optoelectronic systems, and traditional non-lethal munitions [1] - The company has built a technology innovation platform covering dozens of professional directions, from core infrared components to complete equipment systems [1] Group 2: Financial Performance - In 2024, the company faced performance pressure due to project procurement delays and price reductions, but is expected to see a significant turnaround in 2025 with a projected net profit of 582 million yuan, a year-on-year increase of 1059% [2] - The gross profit margin and net profit margin reached 57.91% and 18.97%, respectively [2] Group 3: Market Opportunities - The company has gained various qualifications for complete equipment systems and has made significant progress in multiple categories and fields, establishing itself as a key supplier in the domestic market [2] - The company has formed strategic partnerships for foreign trade and is recognized internationally, breaking the long-standing monopoly of Western giants in the field [3] - The company is actively integrating infrared technology with emerging technologies such as IoT, autonomous driving, and artificial intelligence, which is expected to open up new business opportunities in emerging markets [3] Group 4: Profit Forecast - The company is projected to achieve revenues of 47.14 billion yuan, 86.67 billion yuan, and 116.69 billion yuan from 2025 to 2027, with corresponding net profits of 7.06 billion yuan, 14.02 billion yuan, and 19.73 billion yuan [4] - The company is rated with a PE of 103.01, 51.83, and 36.84 for the years 2025, 2026, and 2027, respectively [4]