Raycom Defense (002413) Comprehensive Analysis of Limit-Up Reasons and Growth Value

The event occurred on November 25, 2025 (UTC+8), which was a critical window when military industry demand was released, satellite internet deployment accelerated, and low-altitude economy policies were implemented.

This analysis is based on the limit-up event of Raycom Defense (002413) released by Tushare Limit-Up Pool [1]. As a core supplier of military informatization, satellite navigation, and radar systems, the company’s limit-up mainly benefited from the upward momentum of the military industry, accelerated construction of satellite internet, and policy catalysis for the low-altitude economy. The long-term growth logic is clear, but short-term performance pressure and risk factors need attention.

• Military Industry Recovery
  : Delayed order releases at the end of the 14th Five-Year Plan in 2025, combined with the 2027 Centennial Army Building Goal, demand rigidity has increased; Shanxi Securities predicts that military industry performance will bottom out and rebound in the second half of the year [2].
• Satellite Internet Acceleration
  : Domestic constellation deployment has entered a normalized stage, with a plan to launch 648 satellites in 2025 [3], and Raycom Defense, as a supporting enterprise, directly benefits.
• Low-Altitude Economy Opportunities
  : Policies in many regions support the unmanned equipment industry, and the company’s radar and microwave component products align with the trend of battlefield unmannedization [0].

Raycom Defense’s main business covers radar systems, satellite navigation, microwave components, and other fields, with core barriers such as complete military product qualifications and participation in major national projects [0].

• Cross-Domain Synergy
  : The叠加 effect of satellite internet and military demand is significant, and the company’s products serve two high-growth tracks simultaneously.
• Growth Certainty
  : Industry policies and technological trends form long-term support, and short-term performance pressure does not change the core growth logic.

• Risk of delayed release of military orders [0]
• Competitive pressure from technological iteration [0]
• Fluctuations in accounts receivable and cash flow [0]
• Potential risk of goodwill impairment [0]

• Dividends from the new boom cycle of the military industry [2]
• Hundreds of billions of market space for satellite internet [3]
• Explosive demand for unmanned equipment in the low-altitude economy [0]

Raycom Defense is at the intersection of three high-growth fields: military informatization, satellite internet, and low-altitude economy, with clear long-term growth logic. In the short term, attention should be paid to the rhythm of order landing and performance inflection points. Investors should dynamically evaluate investment value based on industry trends and company fundamentals.