报告期公司预收产品货款大幅增加，期末合同负债较年初增长208.71%至20.92 亿元，为后续业绩提供 坚实支撑，充分彰显了公司后续发展的强劲潜力。25 年公司计划实现营业收入87 亿元，较24 年营收增 长90%，明确特种装备要高质量完成年度装备建设任务。当前营收距离年度目标尚有一定差距，我们认 为四季度公司订单交付或迎爆发，盈利有望进一步好转。 事件：公司发布2025 年三季度报告。 三季度营收增长显著，计提减值短期压制利润释放三季度公司生产经营平稳有序，特种装备和超硬材料 订单加速交付，营收水平同比提升明显。前三季度公司实现营收34.24 亿元，同比+25.95%；其中单三 季度营收12.31 亿元，同比+44.82%。 受营业成本上升（前三年季度营业成本增速32.88%显著高于营收增速）、计提信用及资产减值（减少 前三季度归母净利润6117.38 万元）等不利因素扰动，公司业绩短期承压，但亏损明显收窄。公司前三 季度实现归母净利润-5882 万元，亏损同比收窄2.30%；其中单三季度归母净利润-1811 万元，亏损同比 收窄82.72%。 合同负债大幅增长，后续收入增长动能充足 内需外贸双轮驱动，公司 ...

Investment Rating - Buy (Maintain Rating) [1] Core Viewpoints - The recent military conflict between India and Pakistan has highlighted the effectiveness of Chinese military equipment, particularly in the context of military exports [2][5] - The global arms trade is expected to enter a new cycle of prosperity due to increased demand driven by geopolitical tensions, with China's military exports likely to gain market share [3][4][26] Summary by Sections 1. Overview of the India-Pakistan Conflict - The conflict began with a terrorist attack in India, leading to India's "Operation Zhusha" and Pakistan's counteraction, showcasing the effectiveness of Chinese military equipment used by Pakistan [13][20] 2. Impact on the Military Industry - Global demand for military equipment is increasing, with military spending projected to reach $2.72 trillion in 2024, a 9.4% increase [23][26] - The arms trade saw a significant increase of 29% in 2022, with a projected export value of $28.938 billion TIV in 2024 [3][26] 3. China's Military Export Potential - China's military exports have surged from $1.358 billion TIV in 2021 to $2.982 billion TIV in 2023, with 45% of exports going to Pakistan [4][33] - The report emphasizes the transition of Chinese military equipment into a "DEEPSEEK" era, indicating advancements in technology and capabilities [42] 4. Investment Recommendations - The report suggests focusing on seven key areas for military trade-related investments: aviation equipment, missile systems, radar systems, drones, low-cost munitions, ground equipment, and communication data links [5][67]