国防军工行业2024年半年报总结：行业整体业绩短期承压，关注长期投资机会

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry for 2024 [3] Core Insights - The overall performance of the military industry is under short-term pressure, but long-term investment opportunities are still present [3] - The industry has experienced a decline in revenue and profit margins, with a notable differentiation in performance across various segments [4][5] - Key investment themes include high-end combat capabilities and new quality combat capabilities, focusing on stable growth and emerging technologies [4][5] Summary by Sections 1. Revenue and Profit - The military industry reported a revenue of 2,758 billion yuan in 2024H1, marking a year-on-year decrease of 3.20% and a decline in net profit by 16.42% [22][23] - The performance across weaponry segments shows significant variation, with the naval equipment sector demonstrating strong growth [4][40] - The downstream assembly segment has seen an increase in profitability, while upstream raw materials and components have faced challenges [3][4] 2. Profitability Indicators - The overall gross margin and net margin of the military industry have slightly decreased, with 2024H1 gross margin at 20.47% and net margin at 7.93% [27] - The military electronics segment leads in profitability, with a gross margin of 39.00% in 2024H1 [4][27] - Profitability varies significantly across the industry chain, with upstream segments showing relatively strong margins [4][27] 3. Operational Indicators - The industry is experiencing low growth in operational indicators, indicating a bottoming phase [4][29] - Inventory and accounts payable have increased, reflecting the industry's efforts to meet downstream orders [29][31] - Prepayments and contract liabilities have shown slight growth, suggesting a gradual recovery in order fulfillment [31][29] 4. Key Focus Stocks - High-end combat capability stocks include AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and others [3][4] - New quality combat capability stocks include Aerospace Dongfang, Leshi Information, and several others [4][5]