国防军工行业2024年中报业绩综述：军工行业业绩分化明显，航海装备景气持续

Investment Rating - The report suggests a focus on aviation equipment, low-altitude economy, satellite internet, commercial space, ground equipment, ammunition, and missile industry chains and individual stocks [5]. Core Insights - The defense and military industry experienced revenue and profit pressures in 1H2024, with total revenue of 255.93 billion yuan, ranking 25th among 31 industries, and a revenue growth rate of -4.43%, ranking 24th [10]. - The aviation equipment sector showed stable growth, while the aerospace equipment sector faced short-term downturns. Revenue for aviation equipment reached 112.01 billion yuan, with a net profit of 8.18 billion yuan, indicating stable growth [4][10]. - The maritime equipment sector continued to grow, with revenue and net profit increasing by 23.2% and 135.7% respectively, indicating a sustained upward trend in industry prosperity [5][18]. - Military electronics and ground equipment saw profit declines, with military electronics experiencing a revenue drop of 17.3% and a net profit decline of 53.6% [5][18]. Summary by Sections 1. Industry Overview - In 1H2024, the defense and military industry reported a total revenue of 255.93 billion yuan and a net profit of 15.797 billion yuan, with a year-on-year net profit growth rate of -20.14% [10]. - The industry ranked 25th in revenue and 24th in revenue growth among 31 industries [10]. 2. Sub-industry Performance - Aviation Equipment: Revenue of 112.01 billion yuan and net profit of 8.18 billion yuan, showing stable growth [4][10]. - Aerospace Equipment: Revenue and net profit decreased by 24.4% and 21.4% respectively, but gross profit margins improved [4][10]. - Maritime Equipment: Revenue increased by 23.2% and net profit surged by 135.7%, indicating a positive trend [5][18]. - Military Electronics: Revenue decreased by 17.3% and net profit fell by 53.6%, with a slight decline in gross profit margin [5][18]. - Ground Equipment: Revenue and net profit decreased by 24.3% and 46.7% respectively, with a slight decline in gross profit margin [5][18]. 3. Investment Recommendations - Focus on sectors such as aviation equipment, low-altitude economy, satellite internet, commercial space, ground equipment, ammunition, and missile industry chains [5].