Leike Defense (002413) Limit-Up In-Depth Analysis: Concept-Driven and Capital Game

This analysis is based on tushare_zt_pool data. Leike Defense (002413) hit the limit-up on November 25, 2025, entering the limit-up pool [0]. The company is a high-tech enterprise in the national defense and military industry field. Recently, its stock price has been active due to the addition of the 6G concept, release of military orders, and policy dividends from satellite internet [0].

Leike Defense was founded in 2002 and listed in 2010. Its main business covers five major business groups including radar systems (33.48%), intelligent control (29.83%), satellite applications (20.92%) [0]. It belongs to the national defense and military industry-military electronics sector, involving concepts such as short message communication, space station, and military informatization [0].

2025 first three quarters revenue 933 million yuan (+34% YoY), net profit attributable to parent company -90.6133 million yuan (loss narrowed by 32.61%), gross margin rose to 36.43%, contract liabilities of 218 million yuan (+71% YoY) indicate sufficient orders [0].

On November 25, the closing price was 7.01 yuan, turnover 1.129 billion yuan, total market value 9.232 billion yuan [0]. Key driving factors for the limit-up include:

1. Concept Addition
   : Added 6G concept on November 25, involving breakthroughs in integrated communication and sensing technology [6]
2. Capital Promotion
   : Dragon and Tiger List shows GF Securities Taizhou Donghai Boulevard net bought 137 million yuan [1]
3. Industry Prosperity
   : Satellite internet sector is active; Wuhan Beidou industry scale exceeded 33.9 billion yuan [0]
4. Trading Abnormality
   : Cumulative increase deviation exceeded 20% in three consecutive trading days, triggering abnormal fluctuation announcement [2][3]

1. Multi-Concept Overlay Effect
   : Covers hot tracks such as 6G, military industry, satellite internet, and low-altitude economy simultaneously, attracting cross-sector capital inflow [0]
2. Significant Institutional Participation
   : Dragon and Tiger List shows institutional seats bought in large amounts; limit-up locking funds reached 443 million yuan [1][4]
3. Financial Improvement Signals
   : Revenue growth, loss narrowing, gross margin increase, and contract liability growth indicate gradually improving fundamentals [0]

1. Profit Pressure
   : Still in loss state; sustained profitability to be verified [0]
2. Fading Concept Speculation
   : Short-term increase is too large; if concept popularity declines, stock price may correct [0]
3. Regulatory Attention
   : Has released abnormal fluctuation announcement; need to pay attention to subsequent regulatory measures [2][3]

1. Policy Dividends
   : Satellite internet, commercial aerospace, and 6G technology development receive policy support [0]
2. Order Growth
   : High growth of contract liabilities indicates enhanced certainty of future revenue [0]
3. Industry Prosperity
   : Strong demand in national defense and military industry and satellite application fields; Wuhan Beidou industry scale expands rapidly [0]

Leike Defense’s recent limit-up is mainly driven by concepts and capital. Multi-track layout and institutional participation provide short-term support for the stock price. Financial data shows improvement signs but still in loss; investors need to pay attention to the continuous improvement of fundamentals and changes in concept popularity. Trading层面需注意异常波动后的潜在风险 [0][1][2][3][4][6]