投资要点 10 月28 日盘后，公司披露2025 三季报。2025 年前三季度，公司实现营收7.16亿元，同比增长11.31%； 实现归母净利润1.26 亿元，同比增长17.63%。 受益于国防装备现代化建设的持续推进，以及非制冷红外与光学产品的陆续量产，公司前三季度业绩实 现稳步增长。2025 年前三季度，公司实现营收7.16 亿元、同比增长11.31%，实现归母净利润1.26 亿 元、同比增长17.63%；其中，第三季度公司实现营收3.10 亿元、同比增长16.25%、较第二季度营收增 速抬升10.59 个百分点，实现归母净利润0.59 亿元、同比增长17.93%、较第二季净利润增速抬升1.81 个 百分点，单季度营收及净利润均呈加速增长态势。对于公司2025 年前三季度业绩稳步增长，预计主要 有两个方面原因：（1）据国防部网站发布，2025 年度我国财政安排国防支出预算1.81 万亿元、比上年 执行数增长7.2%；在强军思想指引下，包括红外光电在内的军用装备市场需求持续增加。（2）据公司 2025 半年报披露，非制冷红外产品和光学产品已开始批量供应、为公司贡献收入。 在制冷红外领域，公司锑化物制冷红外基 ...

Core Viewpoint - The report highlights the financial performance and operational strategies of Guoke Tianceng Technology Co., Ltd. for the first half of 2025, showcasing a growth in revenue and net profit, while emphasizing the company's focus on infrared thermal imaging and optical products as core business areas [1][8]. Financial Performance - The company achieved a revenue of approximately 406.54 million yuan, representing a year-on-year increase of 7.81% compared to 377.07 million yuan in the same period last year [2][8]. - The net profit attributable to shareholders was approximately 66.06 million yuan, reflecting a growth of 21.15% from 54.52 million yuan in the previous year [2][8]. - The basic earnings per share decreased by 11.63% to 0.38 yuan from 0.43 yuan [2][8]. - Total assets increased by 10.54% to approximately 2.77 billion yuan from 2.51 billion yuan at the end of the previous year [2][8]. Business Overview - The company primarily operates in the infrared thermal imaging and optical fields, with a focus on both cooled and uncooled infrared detectors [3][4]. - The cooled infrared products include antimony indium series and II-type superlattice series, with the former being widely recognized in the market [4][9]. - Non-cooled infrared products are also being developed, targeting applications in areas such as outdoor observation and security monitoring [4][5]. Competitive Advantages - Guoke Tianceng is one of the few private infrared manufacturers in China that possesses both cooled and uncooled infrared detector production capabilities, establishing a competitive edge in the market [3][9]. - The company has a comprehensive optical design and lens processing capability, having developed over 60 types of lenses, which positions it well in the mid-to-high-end market [5][10]. - The company has established partnerships with major clients in the defense and aerospace sectors, enhancing its market presence and customer base [10]. Operational Strategies - The company employs a sales model primarily based on direct sales, leveraging customer relationships and technical exchanges to secure orders [6][7]. - The production strategy is based on a sales-driven model, aligning production with market demand and customer orders [7]. - Research and development efforts are focused on optimizing existing products and developing new technologies, including avalanche photodetectors and semiconductor lasers [7][10].