国防军工周报：高效费比制导炸弹驱动 含能炸药及智能模块需求跃升

Investment Rating - The report maintains an investment rating of "Outperform" for the defense and military industry [1]. Core Insights - The demand for efficient cost-performance guided bombs is surging, aligning with the current trends of low-cost and intelligent warfare [5][6]. - The strategic deterrent effect of guided bombs is significant, with a kill radius reaching nearly 1,000 meters, indicating a substantial increase in wartime demand and production efficiency [7][22]. Summary by Sections Section 1: Overview of Guided Bombs - Guided bombs are preferred for their high destruction capability, long range, high precision, and low cost, making them one of the most widely used conventional weapons in modern high-tech local wars [6]. - The types of guided bombs include various categories such as explosive bombs, fragmentation bombs, incendiary bombs, armor-piercing bombs, cluster bombs, and guided bombs [6]. Section 2: Demand and Production Trends - The production rate of various munitions in Russia has increased significantly, with some factories reporting a fivefold increase in overall production rates compared to 2023 [7]. - The FAB-3000 bomb, with a total mass of 3,067 kg and an explosive charge of 1,387 kg, is designed to target complex and protected important objectives, showcasing the growing demand for high-capacity guided bombs [7]. Section 3: Development History of Guided Bombs - The development of guided bombs has progressed through three main stages: 1. Basic unguided systems with low accuracy [9]. 2. Conventional bombs with passive guidance systems [9]. 3. Advanced smart bombs with composite guidance systems [9]. Section 4: Guidance Systems and Precision - The glide distance and release altitude significantly affect the precision of guided bombs, with higher altitudes generally yielding better accuracy [12]. - JDAM bombs demonstrate a clear advantage in precision compared to conventional bombs, with a much lower miss distance [12]. Section 5: Future Directions - The future of guided bombs is focused on standardization, serialization, and modularization, with the U.S. military developing a comprehensive system of approximately 135 types of guided bombs [13]. - The integration of drones for deploying guided bombs is increasingly common, reflecting a shift in operational tactics [13]. Section 6: Cost and Performance Analysis - The cost of guided bomb kits ranges from approximately 20,000 to 30,000 RMB, depending on performance [16]. - The cost-effectiveness of guided bombs is significantly higher than that of conventional bombs, with laser-guided bombs demonstrating a much lower expenditure for similar operational effectiveness [17]. Section 7: Domestic Developments - China has a rich experience in developing various types of guided bombs, with several models showcased at international airshows [20]. - The demand for energetic materials, particularly black powder, is expected to rise due to the increasing production of guided bombs [34].