截至6月30日，高德红外股东户数12.84万，较上期增加17.87%；人均流通股26474股，较上期减少 15.16%。2025年1月-6月，高德红外实现营业收入19.34亿元，同比增长68.24%；归母净利润1.81亿元， 同比增长906.85%。 分红方面，高德红外A股上市后累计派现22.79亿元。近三年，累计派现4.87亿元。 机构持仓方面，截止2025年6月30日，高德红外十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股6107.02万股，相比上期减少1077.24万股。华夏军工安全混合A（002251）位居第四大流 通股东，持股5471.02万股，相比上期增加2976.33万股。南方中证500ETF（510500）位居第八大流通股 东，持股2529.59万股，相比上期增加350.58万股。国泰中证军工ETF（512660）位居第十大流通股东， 持股1980.86万股，为新进股东。富国中证军工龙头ETF（512710）退出十大流通股东之列。 责任编辑：小浪快报 9月30日，高德红外涨3.09%，成交额7.65亿元。两融数据显示，当日高德红外获融资买入额6417.12万 元，融资偿还787 ...

证券研究报告：国防军工 | 公司点评报告 发布时间：2025-09-30 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.93 | | --- | --- | | 总股本/流通股本（亿股）42.71 / 33.99 | | | 总市值/流通市值（亿元）509 / 405 | | | 52 周内最高/最低价 | 13.34 / 6.52 | | 资产负债率(%) | 31.5% | | 市盈率 | -113.94 | | 第一大股东 | 武汉市高德电气有限公 | | 司 | | 研究所 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 高德红外(002414) 2025H1 业绩同比高增，完整装备系统内销外贸空 间广阔 ⚫ 事件 8 月 26 日，高德红外发布 2025 年半年报。2025H1，公司实现营 业收入 19.34 亿元，同比增长 68%，实现归母净利润 1.81 亿元，同比 增长 907%。 ⚫ 点评 1、型号项目类产品恢复交付，2025H1公司业绩同比高增。2025H1， 公司原延期的型号项目 ...

国泰君安中证500指数增强A（014155）基金经理为胡崇海、邓雅琨。 9月19日，高德红外涨5.4%，截至发稿，报11.90元/股，成交9.85亿元，换手率2.50%，总市值508.22亿 元。 资料显示，武汉高德红外股份有限公司位于湖北省武汉市东湖开发区黄龙山南路6号，成立日期2004年7 月13日，上市日期2010年7月16日，公司主营业务涉及红外热成像技术为核心的综合光电系统及完整武 器系统的研制与生产。主营业务收入构成为：红外综合光电及完整装备系统96.47%，传统弹药及信息 化弹药2.95%，房屋出租0.27%，其他0.25%，技术服务0.06%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓高德红外。国泰君安中证500指数增强A（014155）二季度持 有股数241.01万股，占基金净值比例为1.21%，位居第一大重仓股。根据测算，今日浮盈赚取约147.01 万元。 国泰君安中证500指数增强A（014155）成立日期2021年12月15日，最新规模14.51亿。今年以来收益 29.36%，同类排名1673/4222；近一年收益66.11%，同类排名1387/3805；成立以来收 ...

9月19日，高德红外涨5.4%，截至发稿，报11.90元/股，成交9.83亿元，换手率2.49%，总市值508.22亿 元。 资料显示，武汉高德红外股份有限公司位于湖北省武汉市东湖开发区黄龙山南路6号，成立日期2004年7 月13日，上市日期2010年7月16日，公司主营业务涉及红外热成像技术为核心的综合光电系统及完整武 器系统的研制与生产。主营业务收入构成为：红外综合光电及完整装备系统96.47%，传统弹药及信息 化弹药2.95%，房屋出租0.27%，其他0.25%，技术服务0.06%。 从基金十大重仓股角度 数据显示，创金合信基金旗下1只基金重仓高德红外。创金合信先进装备股票A（011685）二季度减持 24.04万股，持有股数10.14万股，占基金净值比例为2%，位居第七大重仓股。根据测算，今日浮盈赚取 约6.19万元。 创金合信先进装备股票A（011685）成立日期2021年3月29日，最新规模2879.52万。今年以来收益 20.45%，同类排名2483/4222；近一年收益60.26%，同类排名1599/3805；成立以来收益32.81%。 截至发稿，李晗累计任职时间10年30天，现任基金资产总规 ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 9月19日，高德红外涨5.4%，截至发稿，报11.90元/股，成交9.83亿元，换手率2.49%，总市值508.22亿 元。 国寿安保策略精选混合(LOF)A（168002）基金经理为严堃。 资料显示，武汉高德红外股份有限公司位于湖北省武汉市东湖开发区黄龙山南路6号，成立日期2004年7 月13日，上市日期2010年7月16日，公司主营业务涉及红外热成像技术为核心的综合光电系统及完整武 器系统的研制与生产。主营业务收入构成为：红外综合光电及完整装备系统96.47%，传统弹药及信息 化弹药2.95%，房屋出租0.27%，其他0.25%，技术服务0.06%。 截至发稿，严堃累计任职时间1年267天，现任基金资产总规模4.74亿元，任职期间最佳基金回报 63.91%， 任职期间最差基金回报29.02%。 数据显示，国寿安保基金旗下1只基金重仓高德红外。国寿安保策略精选混合(LOF)A（168002）二季度 持 ...

9月17日，高德红外涨0.71%，成交额4.12亿元。两融数据显示，当日高德红外获融资买入额4276.50万 元，融资偿还4062.12万元，融资净买入214.38万元。截至9月17日，高德红外融资融券余额合计8.76亿 元。 截至6月30日，高德红外股东户数12.84万，较上期增加17.87%；人均流通股26474股，较上期减少 15.16%。2025年1月-6月，高德红外实现营业收入19.34亿元，同比增长68.24%；归母净利润1.81亿元， 同比增长906.85%。 分红方面，高德红外A股上市后累计派现22.79亿元。近三年，累计派现4.87亿元。 机构持仓方面，截止2025年6月30日，高德红外十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股6107.02万股，相比上期减少1077.24万股。华夏军工安全混合A（002251）位居第四大流 通股东，持股5471.02万股，相比上期增加2976.33万股。南方中证500ETF（510500）位居第八大流通股 东，持股2529.59万股，相比上期增加350.58万股。国泰中证军工ETF（512660）位居第十大流通股东， 持股1980.86 ...

Group 1 - The core viewpoint of the news is that Gaode Infrared has seen a continuous increase in stock price, with a 6.02% rise over three days, reflecting positive market sentiment [1] - As of September 12, Gaode Infrared's stock price is 11.44 yuan per share, with a total market capitalization of 48.857 billion yuan and a trading volume of 640 million yuan [1] - The company's main business involves infrared thermal imaging technology, accounting for 96.47% of its revenue, with other segments contributing minimally [1] Group 2 - Hai Fu Tong Fund has a significant holding in Gaode Infrared, with its fund, Hai Fu Tong Zhong Zheng 500 Enhanced A, holding 38,700 shares, representing 1.18% of the fund's net value [2] - The fund has achieved a year-to-date return of 26.36% and a one-year return of 56.86%, ranking 1780 out of 4222 and 1653 out of 3800 respectively [2] - The fund manager, Lin Lihe, has a tenure of nearly 2 years, with the best return during this period being 39.24% [3]

Core Viewpoint - The company GaoDe Infrared experienced a decline in stock price and significant trading activity, indicating potential volatility in the market [1] Financing Summary - On August 27, GaoDe Infrared had a financing buy-in amount of 127 million yuan and a financing repayment of 181 million yuan, resulting in a net financing buy of -54.51 million yuan [1] - The total financing and securities balance as of August 27 was 1.059 billion yuan, with the financing balance accounting for 1.98% of the circulating market value, which is above the 90th percentile level over the past year [1] - The company had a securities lending repayment of 25,200 shares and a securities lending sell of 62,000 shares on August 27, with a sell amount of approximately 769,400 yuan [1] Business Performance Summary - For the first half of 2025, GaoDe Infrared reported a revenue of 1.934 billion yuan, representing a year-on-year growth of 68.24%, and a net profit attributable to shareholders of 181 million yuan, showing a remarkable increase of 906.85% [2] - The company's main business revenue composition includes 87.13% from infrared comprehensive optoelectronic and complete equipment systems, 10.68% from traditional and informationized ammunition, 1.60% from technical services, and 0.31% from other sources [1] Shareholder and Dividend Information - As of June 30, 2025, the number of shareholders increased to 128,400, up by 17.87%, while the average circulating shares per person decreased by 15.16% to 26,474 shares [2] - Since its A-share listing, GaoDe Infrared has distributed a total of 2.279 billion yuan in dividends, with 487 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 61.07 million shares, a decrease of 10.77 million shares from the previous period, while Huaxia Military Industry Security Mixed A increased its holdings by 29.76 million shares to 54.71 million shares [3]

Core Insights - The company GaoDe HongRui has experienced significant growth since its IPO on July 16, 2010, with a market capitalization increase from 7.641 billion yuan to 43.263 billion yuan, reflecting a 4.66 times growth in market value [1][7] - Despite the growth in market capitalization, the company's financial performance has shown considerable volatility, with a notable decline in profitability in recent years [3][5] Business Overview - GaoDe HongRui specializes in the research, production, and sales of infrared thermal imaging products, with its core products including infrared comprehensive optoelectronic systems and traditional ammunition [3] - The revenue structure indicates that infrared comprehensive optoelectronic systems account for the highest proportion at 87.13%, followed by traditional and information-based ammunition at 10.68% [3] Financial Performance - In 2020, the company achieved a revenue of 3.334 billion yuan, which decreased to 2.678 billion yuan by 2024, indicating a downward trend in revenue [4] - The net profit attributable to shareholders dropped from 1.001 billion yuan in 2020 to a loss of 444 million yuan in 2024, showcasing a rapid decline in profitability [5] - Over the 15 years since its listing, the company has recorded a cumulative profit decline of 419.35%, with 8 out of 15 years showing profit growth, representing 53.33% of the years [3] Market Performance - The peak market capitalization of GaoDe HongRui reached 81.169 billion yuan on January 11, 2021, with the stock price rising to 50.99 yuan, but by July 15, 2024, the market capitalization had decreased by 37.906 billion yuan, a 46.70% drop from its peak [7]