2025 年 09 月 01 日 国睿科技(600562.SH) 防务雷达增速喜人，军贸/低空成长可期 事件：2025H1 公司实现营收 17.21 亿元，同比+10.41%；归母净 利润 3.50 亿元，同比+1.15%；扣非归母净利润 3.41 亿元，同比 +1.16%。 军贸增长推动 25Q2 收入快增 36%，盈利能力保持相对稳定 公司 25Q2 军贸项目交付较好，业绩强势反弹。25Q2 营收同比增长 36.2%至 13.58 亿元，归母净利润同比增长 19.2%至 2.74 亿元。盈利 能力方面，25H1 毛利率同比下降 0.1pct 至 41.3%，净利率同比下降 1.9pct 至 20.3%；25Q2 毛利率同比下降 3.6pct 至 40.5%，净利率同 比下降 2.9pct 至 20.2%。 持续聚焦雷达主业，防务雷达实现较快增长 防务雷达业务快速增长推动公司 25H1 业绩增长。分产品看，雷达整 机和子系统实现营收 15.50 亿元，同比+16.57%，毛利率 42.46%，同 比-0.12pct；轨交控制系统实现营收 0.88 亿元，同比-30.59%，毛利 率 23.60%，同比+5. ...

Group 1: Railway Investment Overview - In 2024, China's railway fixed asset investment reached 850.6 billion yuan, a year-on-year increase of 11.26%, with 131.2 billion yuan completed in the first quarter of 2025, up 5.13% year-on-year [1] - The period from 2024 to 2027 is expected to be a peak for railway investment, with an average annual investment exceeding 800 billion yuan [1] - The current railway equipment is in a replacement cycle, with plans to eliminate old diesel locomotives by 2027, leading to accelerated procurement of related equipment [1] Group 2: Industry Players and Performance - China CNR Corporation (China CRRC) has seen significant growth in its high-level maintenance orders for train sets, with new orders amounting to 45.36 billion yuan in 2024, reflecting a high increase [2] - In Q1 2025, China CNR Corporation reported revenue of 48.671 billion yuan, a year-on-year increase of 51.23%, and a net profit of 3.053 billion yuan, up 202.79% [2] - Times Electric (时代电气) is expected to benefit from the peak period of high-level maintenance from 2024 to 2027, as old diesel locomotives are phased out [2] Group 3: Market Opportunities - China Communications Technology Corporation (中国通号) is positioned to benefit from the ongoing replacement cycle of railway equipment, with significant market shares in high-speed rail and urban rail signal systems [3] - The company holds over 60% market share in high-speed rail weak current integration and over 37% in urban rail signal system integration, indicating strong competitive positioning [3] - The demand for upgrading and renovating railway lines is expected to accelerate, providing new growth opportunities for the company [3]