国防军工：积极看多军工，或将再度进入订单预期窗口

Investment Rating - The report maintains a "Strong Buy" rating for the defense and military industry, indicating a positive outlook for the sector [6]. Core Viewpoints - The defense and military industry is expected to enter a new order expectation window, with a significant rebound anticipated following a recent decline in the industry index [6][3]. - The industry index experienced a decline of -12.29% from August 1 to August 27, 2024, followed by a rebound of 3.85% from August 28 to August 30, 2024 [3][6]. - The current allocation of funds in the industry is at a historical low, with the proportion of military investment in Q1 2024 at 0.87% and Q2 at 1.19%, significantly below the average of 1.71% from 2020 to 2023 [6]. - The report anticipates a narrowing of year-on-year performance declines for the third quarter of 2024, as major companies are expected to improve their performance in the second half of the year [6]. Summary by Sections Industry Events - The report highlights that major companies such as AVIC Xi'an Aircraft Industry Group and AVIC Chengdu Aircraft Industry Group are expected to achieve significant revenue and profit growth in the second half of 2024, with projected revenue growth rates of 19% and 27% respectively [6]. - Future order expectations are likely to rise, with various sectors such as aviation, aerospace, and naval defense showing signs of increased demand [6]. - The report suggests focusing on leading companies in the sector, including AVIC Xi'an, AVIC Chengdu, and others involved in precision-guided munitions and naval construction [6].