证券日报网12月12日讯兆驰股份（002429）在12月10日回答调研者提问时表示，公司光通信业务与LED 产业链协同优势显著：一是产能复用，现有20腔MOCVD设备可全面覆盖Mini显示芯片、红外芯片及光 芯片生产需求，核心资本开支已完成，本次激光芯片投资仅需补充后段辅助设备，显著降低投入成本。 二是技术同源，光芯片的制程工艺与外延生长环节，与公司现有化合物半导体业务技术高度同源，现有 MOCVD及光刻、刻蚀等前段设备可直接复用，工艺兼容性强，助力业务高效落地。三是布局成型，公 司现已高效完成工艺迁移与产线共线验证，光芯片-光器件-光模块垂直一体化布局已初步成型。公司将 以DFB芯片小批量出货为起点，持续突破更高速率光芯片技术，通过垂直一体化优势创造新的收入增长 引擎。 ...

Summary of Gaode Infrared Conference Call Company Overview - Gaode Infrared is one of the few private enterprises in China with complete equipment integration qualifications, covering both civilian temperature measurement devices and military equipment pods. The company has established a presence in five major weapon systems, including anti-tank missiles and air-to-air missiles. By 2025, the revenue from equipment integration is expected to exceed 50% for the first time [2][3][8]. Financial Performance - After facing pressure during the "14th Five-Year Plan" period, Gaode Infrared's profitability is expected to gradually recover starting in 2024. The company anticipates achieving record-high revenue in 2025, with a significant year-on-year increase in net profit attributable to the parent company. Both gross and net profit margins are projected to return to high levels [2][4][5]. - As of the end of Q3 this year, the company's contract liabilities approached 1.3 billion yuan, significantly higher than the previous level of 500-600 million yuan, indicating strong downstream demand [5]. Business Segments and Core Technologies - Gaode Infrared's business is divided into four main segments: infrared chips, complete machine products, equipment integration, and new types of ammunition. The core technology of infrared chips is widely used in precision-guided systems in aerospace [3][6]. - The company has established deep collaborations with automotive manufacturers such as Dongfeng and GAC, with civilian business expected to grow by over 30% in 2025, reaching over 2 billion yuan in revenue [2][6]. Market Expansion - In the domestic market, Gaode Infrared has frequently announced contracts and orders since 2021, transitioning from primarily chip orders to complete equipment system orders. The company showcased its optical systems during the 93rd anniversary parade [7]. - Internationally, the company announced complete equipment system orders valued at over 300 million yuan in March 2024 and nearly 700 million yuan in July 2025. These low-cost precision-guided products are particularly favored by countries in the Middle East and Africa, aiding further international market expansion [7]. Future Outlook - Gaode Infrared possesses unique advantages as the only private entity with complete equipment integration qualifications, enhancing its competitiveness. The integrated expansion from chips to complete weapon systems has increased the value and level of its offerings. The shift from domestic to international markets further broadens the company's growth potential, especially in the low-cost segment, where it has a clear advantage over state-owned enterprises. Therefore, the future development prospects for Gaode Infrared are very optimistic [8].

Summary of Gaode Infrared Conference Call Company Overview - Gaode Infrared is the only private enterprise in the military industry with overall equipment qualifications, providing complete solutions and enhancing customer stickiness through vertical integration [2][3][6] Industry and Market Position - The company has broken the overseas chip blockade, achieving self-control over infrared chips with three domestic production lines, including uncooled, type II superlattice, and indium antimonide [2][4] - Gaode Infrared is actively expanding into overseas markets and is negotiating potential overseas orders, aiming for significant progress by the end of 2025, potentially breaking historical records for single foreign trade orders [2][5] Financial Performance - In 2025, Gaode Infrared's operating performance improved significantly, with contract liabilities rising from approximately 500-600 million yuan to nearly 1.3 billion yuan by Q3 2025, primarily due to a large number of domestic orders [2][8] - The company's revenue for Q3 2025 approached 400 million yuan, exceeding expectations, with civil business focusing on mid-to-upstream optoelectronic systems and chips showing strong profitability [9] Revenue Breakdown - In 2025, Gaode Infrared's revenue from the housing sector is expected to exceed historical peaks, reaching over 2 billion yuan, with 60% of this revenue coming from overall equipment models [10] - The three core subsidiaries contributed 86% of the listed company's revenue, indicating strong internal collaboration [8] Product Development and Innovations - Gaode Infrared has transitioned from being a supplier of basic chips and optoelectronic systems to a system overall supplier in the housing sector [10] - In the military sector, 60% of housing revenue in 2025 comes from overall equipment models, focusing on anti-tank products and expanding into air-ground products and guided missiles [11] Future Profitability Forecast - The projected net profit for Gaode Infrared is expected to reach 800 million yuan, 1 billion yuan, and 1.3 billion yuan in 2025, 2026, and 2027 respectively, with potential for further upward adjustments in profitability due to domestic and foreign demand [12] Strategic Importance - Gaode Infrared's unique position as the only private enterprise with overall equipment qualifications in the military sector highlights its scarcity and strategic importance in the industry [6][7]

Group 1 - The company reported a significant increase in revenue and profit for Q3 2025, with operating income reaching 3.068 billion yuan, a year-on-year growth of 69.27% [1] - Net profit attributable to shareholders was 582 million yuan, reflecting a remarkable increase of 1058.95% compared to the same period last year [1] - The basic earnings per share (EPS) rose to 0.14 yuan, marking a growth of 1055.08% year-on-year [1] Group 2 - The substantial growth in revenue and profit is attributed to the recovery of model project product deliveries and the completion of foreign acceptance for a comprehensive equipment system contract with a trading company [1] - The company has made significant progress in its complete equipment system projects, including contracts worth 685.1 million yuan and 306.8 million yuan signed in July and August 2025, respectively [1] - Contract liabilities increased to 1.296 billion yuan, a 139.74% rise from the previous year, indicating a strong order backlog [1] Group 3 - The company has established a comprehensive research and production layout across the entire infrared industry chain, from core infrared components to complete equipment systems [2] - The company is actively expanding its market presence in the civilian sector, leveraging intelligent sensing technology to support digital transformation across various industries [2] - Profit forecasts for 2025-2027 estimate net profits of 659 million yuan, 775 million yuan, and 879 million yuan, with corresponding EPS of 0.15 yuan, 0.18 yuan, and 0.21 yuan, maintaining a "buy" rating [2]

Core Viewpoint - The financial report of Gaode Infrared for Q3 2025 shows significant growth in revenue and net profit, indicating strong operational performance and effective management strategies [2][3][10]. Financial Data Summary - **Revenue**: The company's operating revenue reached ¥3,067,951,216.73, a 69.27% increase compared to ¥1,812,411,716.30 in the same period last year [3][10]. - **Net Profit**: The net profit attributable to shareholders was ¥581,935,613.80, marking a substantial increase of 1,058.95% from ¥50,212,286.28 in the previous year [3][10][22]. - **Earnings Per Share**: Basic and diluted earnings per share both increased to ¥0.1363 from ¥0.0118, reflecting a growth of 1,055.08% [3][10][23]. Changes in Financial Indicators - **Total Assets**: As of September 30, 2025, total assets increased by 14.05% to ¥10,534,282,721.24 from ¥9,236,284,847.06 at the beginning of the year [3][9]. - **Total Liabilities**: Total liabilities rose to ¥3,605,976,937.23, up from ¥2,912,041,642.62, indicating a growth in financial obligations [3][19]. - **Shareholder Equity**: The equity attributable to shareholders increased to ¥6,928,305,784.01 from ¥6,324,243,204.44, reflecting a healthy growth in the company's net worth [3][19]. Cash Flow Analysis - **Operating Cash Flow**: The net cash flow from operating activities was ¥1,413,649,218.04, a significant recovery from a negative cash flow of -¥26,241,100.27 in the previous year [3][24]. - **Investing Cash Flow**: The net cash flow from investing activities was -¥788,333,584.32, indicating increased investments compared to -¥530,495,810.12 in the prior year [3][24]. - **Financing Cash Flow**: The net cash flow from financing activities was -¥408,991,182.43, a decrease from a positive cash flow of ¥318,604,374.16 in the previous year, reflecting changes in financing strategies [3][24]. Shareholder Information - **Major Shareholders**: The largest shareholder, Wuhan Gaode Electric Co., Ltd., holds 36.39% of the shares, followed by individual shareholder Huang Li with 27.10% [3][13]. - **Shareholding Changes**: There were no significant changes in the shareholding structure of the top ten shareholders compared to the previous period [3][14].

Core Insights - The A-share market is witnessing a significant number of companies reporting better-than-expected performance in their Q3 2025 results, reflecting economic recovery and industry growth opportunities [1] - A total of 90 stocks have been rated as "better-than-expected" by brokerage reports, with notable representation from industries such as computer, automotive, power equipment, basic chemicals, electronics, and non-ferrous metals [1] - The computer industry has the highest number of outperforming stocks, including leading firms like Hikvision, Tonghuashun, Kingsoft, Dahua Technology, and Dameng Technology [1] Performance Highlights - Over 80% of the 90 stocks reported a year-on-year increase in net profit for the first three quarters, with companies like Gaode Infrared, Wancheng Group, Jinli Permanent Magnet, Shanghai Jahwa, and Dazhong CNC showing significant growth [1] - Gaode Infrared achieved a net profit of 582 million yuan, a year-on-year increase of 1,059% [1] - Wancheng Group reported a net profit of 855 million yuan, a year-on-year increase of 817% [2] Market Trends - In the secondary market, 27 stocks with better-than-expected performance have seen a cumulative increase of over 10% since October, with Okoyi, Dazhong CNC, Beifang Shares, Haixing Power, and Zhongmei Energy leading the gains [2] - Okoyi's stock price increased by 40.3%, reaching a new high for the year, with a net profit of 50 million yuan in Q3, marking a return to profitability [2] Valuation Metrics - There are 23 stocks with a rolling P/E ratio below 30 and a P/B ratio below 2, including Nanjing Bank, Chongqing Bank, Waneng Power, Xinji Energy, and Jingneng Power, with Nanjing Bank having the lowest rolling P/E ratio at 6.4 [2][3] - Nanjing Bank is expected to maintain stable performance growth due to improving revenue growth and asset quality [3] Capital Inflows - 21 stocks have seen net financing purchases exceeding 100 million yuan since October, with notable inflows into leading stocks like Dongfang Fortune, Zijin Mining, CITIC Securities, and Ningde Times [3] - Dongfang Fortune led with a net financing purchase of 1.946 billion yuan, reporting a net profit of 9.097 billion yuan for the first three quarters, a year-on-year increase of 50.57% [3] Trading Activity - Hikvision recorded an average daily trading volume of 3.925 billion yuan since October, a 94.91% increase, and reported a net profit of 9.319 billion yuan for the first three quarters, a year-on-year increase of 14.94% [4] - The company showcased its capabilities at the 2025 China Industrial Expo, highlighting its "IoT perception + AI" products, indicating strong long-term growth potential [4]

Core Insights - A significant number of A-share listed companies reported impressive third-quarter earnings, with several companies showing net profit growth exceeding 10 times year-on-year, including companies like Gaode Hongwei, Shenxinfeng, and Jiangshan Co. [1] - The China Securities Regulatory Commission (CSRC) announced new policies aimed at enhancing investor protection and optimizing the Qualified Foreign Institutional Investor (QFII) system, which is expected to create a more transparent and efficient environment for foreign investors [1][7][8] Company Performance - Gaode Hongwei reported a third-quarter revenue of 1.134 billion yuan, a year-on-year increase of 71.07%, and a net profit of 401 million yuan, up 1143.72% [2] - Shenghong Technology's third-quarter revenue reached 5.086 billion yuan, growing 78.95%, with a net profit of 1.102 billion yuan, an increase of 260.52% [2] - Tongfu Microelectronics achieved a third-quarter revenue of 7.078 billion yuan, up 17.94%, and a net profit of 448 million yuan, increasing by 95.08% [3] - Northern Rare Earth reported third-quarter revenue of 11.425 billion yuan, a 33.32% increase, with a net profit of 610 million yuan, up 69.48% [3] - Shenxinfeng's third-quarter revenue was 2.116 billion yuan, a 9.86% increase, with a net profit of 147 million yuan, up 1097.40% [3] - Jiangshan Co. reported third-quarter revenue of 1.157 billion yuan, a 2.75% increase, and a net profit of 86.73 million yuan, up 11890% [4] - Delinhai's third-quarter revenue was 185 million yuan, a 94.96% increase, with a net profit of 48.73 million yuan, up 1322.74% [4] - Yongmaotai reported third-quarter revenue of 1.655 billion yuan, a 59.65% increase, and a net profit of 30.41 million yuan, up 6319.92% [5] - Nanjing Public Utilities achieved third-quarter revenue of 3.102 billion yuan, a 165.53% increase, with a net profit of 84.62 million yuan, up 2492.12% [5] - Huisheng Biological reported third-quarter revenue of 437 million yuan, a 22.76% increase, and a net profit of 70.72 million yuan, up 1575.79% [5] - Daheng Technology's third-quarter revenue was 453 million yuan, a 26.86% increase, with a net profit of 71.48 million yuan, up 1960.72% [6] Policy Developments - The CSRC released guidelines to strengthen the protection of small and medium investors, which will serve as an action plan for investor protection in the current and future periods [1][8] - The CSRC's chairman announced the launch of reforms for the ChiNext board, aiming to establish listing standards that better align with the characteristics of emerging industries and innovative enterprises [1][7] - The CSRC emphasized the importance of enhancing corporate governance and increasing shareholder returns through dividends and buybacks [7][8]

Core Insights - The company reported significant growth in Q3 2023, with revenue reaching 1.134 billion yuan, a year-on-year increase of 71.07%, and net profit attributable to shareholders at 401 million yuan, up 1143.72% [1] - For the first three quarters of 2023, total revenue was 3.068 billion yuan, reflecting a 69.27% increase, while net profit attributable to shareholders was 582 million yuan, marking a 1058.95% rise [1] - The increase in revenue is attributed to the resumption of delayed product deliveries and the completion of foreign acceptance for a contract with a trading company, alongside expansion into civilian markets and rapid demand for infrared chip applications [1][2] Financial Performance - The net cash flow from operating activities surged nearly 55 times year-on-year due to increased cash receipts from sales [1] - However, cash flow from financing activities significantly decreased due to a higher repayment of bank loans compared to the previous period [1] Market Strategy - The company has been focusing on deepening its presence in emerging sectors within the infrared field and enhancing its comprehensive solution capabilities, leveraging smart sensing technology to aid digital transformation across industries [2] - The company is actively pursuing overseas business collaborations and expanding into new markets, with previous years seeing successful bulk deliveries of complete equipment systems to multiple countries [2] Stock Performance - Since July 2023, the company's stock price has accelerated, with a cumulative increase of approximately 31%, although institutional shareholders have been reducing their holdings [3] - As of the end of Q3, notable changes in the top ten shareholders include the addition of Changxin National Defense Military Industry Quantitative Flexible Allocation Mixed Securities Investment Fund as the seventh-largest shareholder, holding 0.56% [3]

Core Insights - Multiple A-share companies reported significant profit growth in their Q3 earnings, indicating a positive trend in the market. Group 1: Company Performance - Jiangshan Co., Ltd. reported a Q3 revenue of 1.157 billion yuan, a year-on-year increase of 2.75%, with a net profit of 86.73 million yuan, up 11,890.01% [1][2] - Yongmaotai's Q3 revenue reached 1.655 billion yuan, a 59.65% increase year-on-year, with a net profit of 30.41 million yuan, up 6,319.92% [1][2] - Nanjing Public Utilities achieved Q3 revenue of 3.102 billion yuan, a 165.53% increase year-on-year, with a net profit of 84.62 million yuan, up 2,492.12% [3][4] - Daheng Technology reported Q3 revenue of 453 million yuan, a 26.86% increase year-on-year, with a net profit of 71.48 million yuan, up 1,960.72% [1][5] - Gaode Infrared's Q3 revenue was 1.134 billion yuan, a 71.07% increase year-on-year, with a net profit of 401 million yuan, up 1,143.72% [1][6] Group 2: Factors Driving Growth - Jiangshan's profit surge was attributed to increased sales volume, reduced costs, and investment gains from stock sales [1] - Yongmaotai's profit growth was driven by substantial revenue increase and improved operational efficiency in its automotive parts business [1][2] - Nanjing Public Utilities' significant profit increase was due to the delivery of larger real estate projects compared to the previous year [3][4] - Daheng Technology's growth was linked to improved performance in machine vision and digital broadcasting systems, along with gains from financial assets [1][5] - Gaode Infrared's revenue boost was due to the resumption of delayed project deliveries and expansion into consumer markets [1][6]

Core Viewpoint - Gaode Infrared (002414.SZ) reported significant growth in Q3 2025, with revenue and net profit showing substantial year-on-year increases due to the recovery of delayed project deliveries and expansion into civilian product markets [1] Financial Performance - Q3 revenue reached 1.134 billion yuan, a year-on-year increase of 71.07% [1] - Q3 net profit was 401 million yuan, reflecting a remarkable year-on-year growth of 1143.72% [1] - For the first three quarters, total revenue amounted to 3.068 billion yuan, up 69.27% year-on-year [1] - Net profit for the first three quarters was 582 million yuan, showing a year-on-year increase of 1058.95% [1] Business Drivers - The significant performance improvement is attributed to the resumption of deliveries for previously delayed model projects [1] - Completion of a comprehensive equipment system export contract with a trading company, which has passed foreign acceptance and delivery [1] - Strong demand in the infrared chip application business, driven by the company's efforts to expand into civilian product sectors [1]