Leike Defense (002413) Limit-Up Analysis: Driven by Military Industry Prosperity and Market Reaction

This analysis is based on the Tushare Limit-Up Pool event. Leike Defense (002413) hit the limit-up on November 25, 2025, with a closing price of 7.01 yuan and a turnover of 1.129 billion yuan [0]. The cumulative deviation of the increase over three consecutive trading days reached 20%, making it onto the Dragon and Tiger List [1], where GF Securities Taizhou Donghai Boulevard Branch had a net purchase of 137 million yuan [2]. At the industry level, China’s 2025 defense budget increased by 7.2% to 246 billion US dollars [5], and global military defense investment surged to approximately 28 billion US dollars [6], providing strong growth momentum for the company. The main impacts include increased retail investor attention (number of shareholders: 135,600 +4.58% [0]) and a significant rise in market activity.

Leike Defense (002413) is a listed company focusing on the military electronics field, with businesses covering radar systems (33.48%), intelligent control (29.83%), satellite applications (20.92%), and secure storage (13.05%) [0]. From January to September 2025, the company’s operating revenue was 933 million yuan, a year-on-year increase of 34.00% [0], showing good fundamentals.
In terms of market performance, the company’s stock price hit the limit-up on November 25, 2025, with a closing price of 7.01 yuan and a turnover of 1.129 billion yuan [0]. The cumulative deviation of the increase over three consecutive trading days reached 20%, triggering an announcement on abnormal trading fluctuations [1]. Dragon and Tiger List data shows that GF Securities Taizhou Donghai Boulevard Branch was the main net buyer, with an amount of 137 million yuan [2].
At the industry background level, China’s 2025 defense budget increased by 7.2% to 246 billion US dollars [5], and global military defense investment surged to approximately 28 billion US dollars [6], promoting the development of independent defense networks and military communication technologies. The European military industry is expected to grow at an annual rate of over 10% [7], and the global market continues to improve. In addition, the military cybersecurity market is expected to reach 52 billion US dollars by 2034 [8], and the company’s secure storage business may benefit from this trend.

1. Business-Industry Synergy
   : The company’s core products (radar, satellite applications) are highly aligned with the needs of military modernization, especially the growth opportunities in the fields of independent defense networks [6] and military cybersecurity [8].
2. Market Sentiment Signal
   : The number of shareholders increased by 4.58% to 135,600 [0], reflecting a rise in short-term attention from retail investors towards the company and the military sector.
3. Capital Flow
   : The significant net purchase amount on the Dragon and Tiger List indicates institutional investors’ confidence in the company’s short-term performance [2].

• Risk
  :
  a. Regulatory Risk: The company issued an announcement on abnormal trading fluctuations [1], which may face further regulatory scrutiny.
  b. Short-term Volatility: After consecutive limit-ups, the market may experience profit-taking, leading to stock price fluctuations.
• Opportunity
  :
  a. Industry Dividend: The military industry continues to grow (defense budget +7.2% [5], global investment 28 billion US dollars [6]), and the company is expected to benefit in the long term.
  b. Technical Advantage: The company’s technical accumulation in core business areas (radar, intelligent control) may help it obtain more orders.

Leike Defense (002413)'s limit-up performance is the result of the resonance between the overall prosperity of the military industry and short-term market sentiment. The company has good fundamentals (revenue growth +34% [0]), and its business layout is in line with industry trends, but attention should be paid to short-term fluctuation risks and regulatory dynamics.