军工行业周报：“千帆星座”首批18颗商业组网卫星发射成功

Investment Rating - The industry investment rating is "Positive" with expectations of returns exceeding the CSI 300 index by more than 5% over the next six months [30]. Core Insights - The military industry sector is currently at a historically low average valuation, indicating significant long-term investment value. The demand for military products is in its early stages of explosive growth, and a new industry boom cycle is anticipated. Leading companies across the supply chain are expected to have substantial growth potential. China's defense spending has consistently outpaced GDP growth in most years, suggesting further growth potential in defense expenditure, likely to remain above GDP growth in the long term. As personnel adjustments are implemented, military product orders are expected to normalize and gradually release, leading to performance improvements and valuation increases, referred to as the "Davis Double Play." It is recommended to focus on leading companies in niche areas with favorable competitive landscapes and high technological barriers [4][9]. Summary by Sections Industry News - The successful launch of the first batch of 18 commercial networking satellites for the "Qianfan Constellation" on August 6, 2024, marks a significant milestone. This project aims to deploy 108 satellites this year and complete the first phase of 1,296 satellites by the end of 2027, providing low-latency, high-speed, and reliable satellite internet services globally. The project includes three generations of satellite systems, with the first generation expected to complete 648 satellites by the end of 2025 for regional coverage, and the second generation to complete another 648 satellites by the end of 2027 for global coverage. The future third generation aims to create a network of 14,000 satellites for multi-service integration with direct mobile connectivity [3][14]. Company Tracking - New Emerging Equipment reported a revenue of 214.26 million yuan for the first half of 2024, a year-on-year increase of 69.95%, with a net profit of 10.26 million yuan, up 47.19% [19]. - Galaxy Electronics reported a revenue of 511.10 million yuan, a decrease of 10.24%, but a net profit increase of 32.29% to 135.88 million yuan [20]. - Electric Science Chips reported a revenue of 489.99 million yuan, down 13.63%, with a net profit decrease of 28.95% to 38.38 million yuan [21]. - Mei An Sen reported a revenue of 232.32 million yuan, an increase of 15.15%, with a net profit of 32.21 million yuan, up 13.62% [22]. - Maxin Lin announced a share reduction plan, intending to reduce 2.91 million shares due to operational needs [23]. - Li Chuang Optoelectronics reported a total revenue of 154.68 million yuan, a decrease of 6.77%, but a net profit increase of 5.18% to 22.60 million yuan [24]. - Huace Navigation reported a revenue of 1.48 billion yuan, an increase of 22.86%, with a net profit of 251.24 million yuan, up 42.96% [25]. - Aerospace Intelligent Equipment reported a revenue of 475.99 million yuan, a decrease of 9.15%, with a net profit decrease of 9.04% to 20.40 million yuan [26]. - Gaode Infrared signed a significant contract worth 199.06 million yuan, which is expected to positively impact its operating performance [27]. - Guanglian Aviation signed a major sales contract worth 55.78 million yuan, which will also positively affect its annual operating performance [28].