股票研究 /[Table_Date] 2026.02.28 新签装备系统产品订单，十五五有望再谱新篇 高德红外(002414) 高德红外公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 周明頔(分析师) | 010-83939792 | zhoumingdi@gtht.com | S0880525080003 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 公司全年业绩扭亏，盈利能力大幅提升；新签装备系统产品订单，十五 五有望再谱新篇，军贸出海开拓全球增长空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,415 | 2,678 | 4,611 | 7,000 | 8,398 | | (+/-)% | -4. ...

| 北方华创 | -4.19 | -5.23亿元 | 电子 | | --- | --- | --- | --- | | 赛微电子 | -6.19 | -4.95亿元 | 电子 | | 通富微电 | -2.14 | -4.93亿元 | 电子 | | 特变电工 | -1.5 | -4.78亿元 | 电力设备 | | 海光信息 | -3.79 | -4.18亿元 | 电子 | | 高德红外 | -4.43 | -3.98亿元 | 国 防军_ | | 长飞光纤 | -2.25 | -3.97亿元 | 通信 | | 方正科技 | -7.29 | -3.95亿元 | 电子 | | 英维克 | -4.39 | -3.68亿元 | 机械设备 | *数据仅供参考，不构成投资建议 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行 | | --- | --- | --- | --- | | 新易盛 | -5.95 | -22.38亿元 | 通信 | | 工业富联 | -4.68 | -17.03亿元 | 电子 | | 中际旭创 | -5.51 | -16.59亿元 | 通信 | | 胜宏科技 | -4.71 | -9 ...

Investment Rating - The report maintains an "Overweight" rating for the aerospace and military industry [8] Core Views - The successful controlled sea splashdown of the Long March 10 rocket's first stage marks a significant breakthrough in rocket payload capacity, which is crucial for the development of the commercial space sector and the acceleration of satellite deployment [1][11] - The report emphasizes the importance of reusable rocket technology in reducing launch costs and enhancing satellite internet construction, which is expected to benefit the satellite industry chain [15][12] Summary by Sections Industry Overview - The report highlights the advancements in China's reusable rocket technology, which is seen as a key factor in enhancing launch capacity and reducing costs, thereby accelerating satellite deployment [1][15] - The military modernization during the "14th Five-Year Plan" period is expected to shift from quantity to quality, creating structural opportunities in military equipment demand [2] Key Companies - Recommended companies include Torch Electronics, Hongyuan Electronics, AVIC Optoelectronics, Steel Research Nack, Gaode Infrared, Aerospace Intelligence, and AVIC High-Tech, all rated as "Buy" except for AVIC High-Tech, which is rated as "Hold" [3][37] - The report provides target prices for these companies, indicating strong growth potential based on their performance and market conditions [37] Market Performance - The report notes that the aerospace and military sector outperformed the market, with a 2.17% increase in the defense and military index, ranking 8th among 31 sectors [24] - The report includes a detailed analysis of stock performance, highlighting significant gainers and losers within the industry [9][10] Valuation Metrics - As of February 13, 2026, the Shenyin Wanguo defense and military sector index has a PE (TTM) of 97.40, indicating a high valuation relative to historical levels [29][34] - The report provides a breakdown of PE ratios for various sub-sectors within the military industry, indicating varying levels of valuation across different segments [29][36]

时代购买永太高新25%股权，公司股票自2月24日开市起复牌。润泽科技2月13日公告，拟以发行可转债 方式购买广东润惠42.56%股权，股票将于2月24日复牌。 25、*ST立方公告，2021年至2023年年报存在 虚假记载，深交所拟决定终止公司股票上市交易。 26、天风证券2月13日公告，公司涉嫌福建省永安林 业持股变动信息披露违法违规，遭证监会立案调查；公司拟被暂停开展代销私募金融产品业务2年。与 此同时，证监会近日对天风证券为当代集团涉嫌违法提供融资及信息披露违法违规行为实施行政处罚及 市场禁入措施。 27、证监会2月13日公告，1月6日，英集芯在上证E互动平台人为策划"自问自答"，信 息披露构成误导性陈述。近日，证监会已对英集芯立案调查。 28、剑桥科技2月13日在互动平台回复 称，网传"公司光模块被第一大客户思科延迟提供光芯片、业绩不及预期"相关信息与实际经营情况不 符。 29、创识科技2月13日公告，控股股东、实控人张更生犯单位行贿罪，被判处有期徒刑二年；正元 智慧：实控人陈坚犯操纵证券市场罪，被判处有期徒刑三年 30、5连板掌阅科技2月13日公告，第三大 股东量子跃动2月9日至2月12日减持431 ...

今日提示 ·证监会近日对天风证券为武汉当代集团涉嫌违法提供融资及信息披露违法违规行为作出行政处罚及市 场禁入事先告知。 ·北交所新股海菲曼24日发行，申购代码920183，发行价19.71元/股，发行市盈率14.99倍，申购上限 47.37万股，主营耳机等电声产品。 上证精选 ·春节期间，阿里、字节、智谱、Kimi、Minimax、Google等大模型厂商纷纷发布新模型和产品。除夕当 天，豆包AI互动总数达19亿次，"豆包过年"活动在除夕帮助用户生成超过5000万张新春主题头像、生成 超过1亿条新春祝福。 ·据猫眼专业版数据，截至2月23日14时11分，2026年2月电影市场总票房已破60亿元，《飞驰人生3》 《惊蛰无声》《镖人：风起大漠》分列2月票房榜前三位。 ·飞猪平台2月23日发布的数据显示，2026年春节假期，该平台国内游订单量再创新高，其中门票订单量 同比去年增长超80%，酒店间夜量同比增长75%。AI预订旅行服务大爆发，飞猪AI订单量比节前增长 800%以上。国内冰雪游热情高涨，跨境游继续强劲增长。 ·2月24日，1年期和5年期以上LPR将公布最新值。 ·苹果公司将于2月24日举行线上年度股东大会 ...

Core Viewpoint - Wuhan Gaode Infrared Co., Ltd. has signed a significant contract worth 1.85142 billion RMB, reinforcing its position as the exclusive supplier in the complete equipment system sector, which is expected to have a substantial positive impact on the company's performance [2][3] Group 1 - The contract amount of 1.85142 billion RMB includes a prepayment of 879.42 million RMB from a previous procurement agreement, marking the official entry into a centralized procurement phase for the specified model [2] - This contract solidifies Gaode Infrared's exclusive supplier status for the model project in 2025, enhancing its competitive edge in the complete equipment system sector [2] - The signing of this contract lays a strong foundation for the company to continue undertaking key national complete equipment system projects during the 14th Five-Year Plan period [2] Group 2 - The company has resumed normal procurement processes for various military orders, which had previously been affected by delays in procurement plans [3] - The contract amount represents 69.15% of Gaode Infrared's audited operating income for the year 2024, indicating a significant contribution to future revenues [3] - The fulfillment of this contract is expected to positively influence the company's performance in the first quarter of 2026, along with a notable year-on-year growth [3]

Financial Data - In January, China's social financing increased by 7.22 trillion yuan, up by 166.2 billion yuan year-on-year, while RMB loans rose by 4.71 trillion yuan, with a total balance of 276.62 trillion yuan, reflecting a year-on-year growth of 6.1% [1] - The weighted average interest rate for new corporate loans in January was approximately 3.2%, down by about 20 basis points year-on-year, while the rate for personal housing loans remained stable at 3.1% [3] - The M2 money supply grew by 9% year-on-year, and M1 increased by 4.9% [1] Real Estate Market - Data from the National Bureau of Statistics indicated that the month-on-month decline in second-hand housing prices in 70 cities narrowed, with first, second, and third-tier cities seeing reductions of 0.4, 0.2, and 0.1 percentage points respectively [1] - Year-on-year, new and second-hand housing prices in 70 major cities continued to decline, with the rate of decrease further widening [1] Stock Market Performance - The A-share market showed a positive trend in the post-Spring Festival period, with the Shanghai Composite Index rising by 4.85% in the first five trading days of 2024, marking the highest increase in nearly a decade [2] - The Shanghai Composite Index closed down by 1.26% at 4082.07 points on the last trading day before the Spring Festival, with a total market turnover of 2 trillion yuan [4] Regulatory Developments - The China Securities Regulatory Commission (CSRC) imposed strict penalties on Tianfeng Securities for illegal financing and information disclosure violations, with fines totaling 25 million yuan [4] - The State Administration for Market Regulation and the Ministry of Commerce announced enhanced supervision of cross-border e-commerce retail imports, focusing on recall regulations [3] Corporate News - Meituan projected a loss of over 23 billion yuan for the previous year, with continued losses expected in the first quarter of this year, primarily due to a significant decline in operating profit in its core local business segment [6] - The Hong Kong Stock Exchange is considering expanding the scope of confidentiality applications beyond technology and biotech sectors to include traditional industries [5]

Group 1 - The core point of the article is that Gaode Hongwei (002414.SZ) has signed a contract for a complete equipment system with a customer, amounting to 1.851 billion yuan [1] Group 2 - The contract represents a significant business development for the company, indicating strong demand for its products [1] - This contract could potentially enhance the company's revenue and market position in the industry [1] - The announcement reflects the company's ongoing efforts to secure large-scale orders, which may contribute to future growth [1]

智通财经APP讯， 高德红外(002414.SZ)发布公告，公司近日与客户签订了某型号完整装备系统总体产 品订货合同，合同金额为18.51亿元。 ...

Group 1: Key Highlights - Zhangyue Technology (掌阅科技) expects AI short drama business revenue to not exceed 1% of its main business revenue in 2025 [1][2] - Actual controller of Jialinjie (嘉麟杰), Li Zhaoting, has been subjected to compulsory measures [1][2] - Jindan Technology (金丹科技) increases investment in a project for an annual production of 75,000 tons of polylactic acid biodegradable materials [1][2] Group 2: Contract Awards - Qinglong Pipe Industry (青龙管业) wins the bid for the first section of the heat supply pipeline project from Pengyang County Wangwa Power Plant to the county [1][2] - Gaode Infrared (高德红外) signs a contract for a complete equipment system [1][2] - ST Xintong (ST信通) signs a server procurement contract worth approximately 400 million yuan [1][2] Group 3: Financial Performance - Hanzhong Precision Machinery (汉钟精机) reports a net profit of 470 million yuan for 2025, a decrease of 45.54% year-on-year [1][2] - Fudan Microelectronics (复旦微电) anticipates a net profit of approximately 232 million yuan for 2025, down about 59.42% year-on-year [1][2] - Ruilian New Materials (瑞联新材) expects a net profit of 311 million yuan for 2025, an increase of 23.48% year-on-year [1][2] Group 4: Equity Transactions - Gongjin Co. (共进股份) plans to transfer 21.8340% equity of Chip Material Technology to Xinchang Technology [1][2] - Shengquan Group (圣泉集团) intends to acquire 13.50% equity of Shangbo Pharmaceutical for 4.29 million USD [1][2] - Changjiang Communication (长江通信) plans to exit 4.66% equity of Hangzhou Chenxiao through a targeted capital reduction [1][2] Group 5: Share Buybacks - Hualing Steel (华菱钢铁) has repurchased 0.8109% of its shares [1][2] - SanNuo Bio (三诺生物) has completed a share buyback plan, repurchasing 2.81% of its shares [1][2] Group 6: Shareholding Changes - Chunqiu Electronics (春秋电子) plans to reduce holdings by no more than 2% [1][2] - Guanghuan New Network (光环新网) intends to reduce holdings by no more than 3% [1][2] - ST Yigou (ST易购) plans to reduce holdings by no more than 2.5% [1][2] - Changjiang Communication (长江通信) plans to sell no more than 1 million shares of Changfei Optical Fiber [1][2] Group 7: Other News - Yingjixin (英集芯) is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [1][2] - Tianfeng Securities (天风证券) has received a notice of investigation from the China Securities Regulatory Commission [1][2] - Chuangshi Technology (创识科技) reports that its controlling shareholder has received a criminal judgment [1][2]