Industry Rating - The report maintains an "Overweight" rating for the defense and military industry [3][15] Core Views - The defense and military industry index rose by 2.4% last week (07/29~08/02), outperforming the CSI 300 index by 3.1% [4][8] - Since the beginning of 2024, the defense and military industry index has fallen by 6.6%, underperforming the CSI 300 index by 5.2 percentage points [4][8] - As of 08/02, the PE (TTM) of the defense and military industry is 49.5x, at the 15.0th percentile since 2012, and the PB (LF) is approximately 2.7x, at the 35.1th percentile since 2012 [4][8] - CATL's strategic investment of several hundred million USD in AutoFlight is expected to accelerate the development of eVTOL aviation battery technology, enhancing energy density and performance, which will support longer flight distances and higher payloads for eVTOLs [5][15] - The collaboration between CATL and AutoFlight is seen as a significant step towards advancing low-altitude economy-related industrial chains [5][15] Market Performance - Top performers in the defense and military sector last week include Xingwang Yuda (35.0%), Hangxin Technology (34.1%), China Satcom (18.0%), China Satellite (17.1%), and Zongheng Co (16.2%) [10] - Top performers since the beginning of 2024 include Andawell (45.4%), China Shipbuilding (40.0%), China Shipbuilding Industry (37.3%), Huafeng Technology (30.1%), and Weihai Guangtai (22.6%) [10][14] Key Developments - CATL and AutoFlight signed a strategic investment and cooperation agreement on 08/03/2024, with CATL exclusively investing several hundred million USD to become a strategic investor in AutoFlight [5] - The collaboration aims to enhance eVTOL battery energy density, safety, and stability, leveraging CATL's innovative battery technologies, including its condensed-state battery with an energy density of 500Wh/kg [5]
国防军工行业周报：宁德时代战略投资峰飞航空数亿美元，关注相关产业链发展
Xiangcai Securities·2024-08-07 02:01