Minsheng Securities: NNCC's performance exceeded expectations, maintaining a "Buy" rating

Minsheng Securities research report pointed out that NNCC achieved a net profit attributable to the parent company of 116 million yuan in 1H25, compared to -74 million yuan in 1H24; the performance exceeded expectations. By the end of the "14th Five-Year Plan," the company's headquarters delivered major products with a year-on-year increase, and revenue surged year-on-year, turning profits from losses. The company is a core supplier of navigation control and ammunition informationization in the industry, with a good position in the industrial chain, and is grasping the development trend of equipment intelligence/unmanned technology. It is actively deepening research and development in areas such as special communication/data links, connectors, and smart ammunition, which will form a new growth logic in the future. At the same time, the company continues to increase efforts to reduce costs and improve efficiency, promoting operational resilience. The firm maintains a "recommend" rating considering the company's leading position in the industry and its expansion in intelligent/information fields such as data links