Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved significant revenue growth of 688.6% year-on-year in 1H25, with total revenue reaching 520 million yuan and a net profit of 53 million yuan, compared to a loss of 39 million yuan in 1H24 [1]. - The company is focusing on its core business areas, particularly in military trade and low-altitude sectors, which have shown promising progress [1][2]. - The company has successfully expanded its military trade market, generating 341 million yuan in revenue from military exports in the first half of 2025 [2]. - The company has received bulk orders in the low-altitude sector, indicating a strengthening of its competitive edge [2]. Summary by Sections Financial Performance - In 2Q25, the company reported a revenue of 160 million yuan, a year-on-year increase of 320.4%, and a reduced net loss of 4 million yuan compared to a loss of 23 million yuan in 2Q24 [1]. - The gross margin improved by 12.0 percentage points to 24.8% in 1H25, while the net margin increased by 70.0 percentage points to 10.2% [1]. - The company’s expense ratio decreased significantly, with the total expense ratio down 79.3 percentage points to 13.4% [3]. Product and Market Development - Revenue from radar and related equipment surged by 1414.7% to 501 million yuan, while revenue from radar components decreased by 42.8% to 14 million yuan [2]. - The company is actively advancing new model products in the air defense early warning radar sector and has made strides in military trade exports [2]. Cash Flow and Financial Health - The company reported a net cash flow from operating activities of -110 million yuan in 1H25, an improvement from -160 million yuan in the same period last year [3]. - As of the end of 2Q25, accounts receivable increased by 72.8% to 500 million yuan, while inventory decreased by 37.4% to 330 million yuan [3]. Future Earnings Forecast - The company is projected to achieve net profits of 105 million yuan, 193 million yuan, and 400 million yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The current stock price corresponds to a PE ratio of 139x for 2025, 76x for 2026, and 37x for 2027 [4][5].

Core Insights - The company reported a significant decline in both revenue and profit for 2024, with total revenue dropping to 218 million yuan, a decrease of 69.98% year-on-year, and a net loss of 78.23 million yuan, down 176.36% from a profit of 102 million yuan in 2023 [1][4] - Despite maintaining a high level of R&D investment, accounting for 44.44% of total revenue, the overall operational situation remains challenging, with short-term benefits from R&D investments being limited [1][7] Revenue and Profit Decline - The company's total revenue fell sharply from 726 million yuan in 2023 to 218 million yuan in 2024, marking a decline of 69.98% [4] - The net profit turned from a profit of 102 million yuan in 2023 to a loss of 78.23 million yuan in 2024, reflecting a year-on-year decrease of 176.36% [4] - The fourth quarter of 2024 saw a further decline in revenue to 132 million yuan, down 28.75% quarter-on-quarter, and a net loss of 20 million yuan, a staggering drop of 2824.01% [4] Product Structure and Market Dependency - The company's product structure is heavily reliant on radar and related equipment, which generated 89 million yuan in revenue in 2024, a significant decline of 84.89% [5] - The gross margin for radar and related equipment decreased by 26.77 percentage points to 6.47% [5] - The company’s revenue from radar components increased by 4.13% to 111 million yuan, with a gross margin of 27.65%, down 0.69 percentage points [5] Regional Performance - The North China region accounted for the largest share of revenue, generating 164 million yuan in 2024, a decline of 75.27% [6] - The gross margin in North China decreased by 14.65 percentage points to 18.95% [6] - In contrast, the Southwest region saw a revenue increase of 281.63% to 33 million yuan, with a gross margin rise of 25.71 percentage points to 17.73% [6] R&D Investment - The company maintained a high R&D investment of 96.79 million yuan in 2024, representing 44.44% of total revenue [7] - The workforce included 345 R&D personnel, making up 42.23% of total employees [7] - The company added 8 new patents in 2024, including 6 defense patents, bringing the total to 56 invention patents and 83 utility model patents [7]

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具有研发 投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 航天南湖电子信息技术股份有限公司 （荆州市沙市区金龙路 51 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 联席主承销商 （中国（上海）自由贸易试验区世纪大道 1198 号 28 层） （注册稿） 资者应充分了解科创板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 航天南湖电子信息技术股份有限公司 招股说明书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及 ...