【GX军工】国科天成: Pullback is a Chance to Add Positions, Infrared Orders Explode + Capacity Doubles, Industry Boom Erupts, Expectation Gap Huge

English summary

Today the stock price pulled back significantly, and the company's fundamentals have not changed. The pullback is a good opportunity to add positions, and we still see doubled space. 1) # Order blowout: In July alone, 630 million yuan of overseas civilian large orders landed. On July 20, announced signing of uncooled infrared contract, amount not less than 630 million yuan (tax included), accounting for 57% of 2025 revenue, concentrated delivery from Q3. Domestic civilian and special orders are also strong, entering delivery channel in H2. 2) # Company position: Private leader in InSb cooled infrared. The company is a domestic private leader in indium antimonide cooled infrared, deeply bound to core military industry groups, positioning core equipment such as missile seeker heads, fighter optoelectronic pods; meanwhile, uncooled infrared products have been mass-supplied to civilian market, with dual drive of military + civilian, expected to continue benefiting from industry boom. 3) # Infrared industry: National defense + civilian full outbreak, soaring demand at home and abroad. National defense modernization accelerates, optoelectronic equipment penetration rate in various services rises steeply, cooled infrared demand explodes; ...