巡飞弹专题报告：战场精确打击利器，采购需求整体提升

Investment Rating - The report maintains a "Recommended" rating for the defense and military industry, specifically focusing on loitering munitions [1] Core Views - Loitering munitions, also known as "suicide drones" or "kamikaze drones," are a fusion of UAV technology, precision-guided munitions, and cruise missile technology, capable of performing reconnaissance, target designation, precision strikes, and damage assessment [2] - Loitering munitions offer cost advantages and high flexibility compared to larger UAVs and cruise missiles, making them suitable for rapid deployment and penetration in various military operations [2] - The development of loitering munitions is trending towards universalization, long endurance, precision, and stealth, with a focus on integrating reconnaissance, surveillance, and strike capabilities [2][62] - Recent geopolitical conflicts have highlighted the effectiveness of loitering munitions, with significant usage by the US, Azerbaijan, and Ukraine, demonstrating their impact on modern warfare [2][66][67] Summary by Sections 1. Loitering Munitions Overview - Loitering munitions are categorized into reconnaissance and attack types, with attack types further divided into main combat and suppression types, each serving different tactical purposes [7][8] - The structure of loitering munitions includes a warhead, guidance system, propulsion system, control system, and stabilization system, allowing for versatile deployment and operation [9][10][11][12][13][14][15][16][17] - Compared to larger UAVs and cruise missiles, loitering munitions are more cost-effective and flexible, with lower operational costs and the ability to be deployed from multiple platforms [18][19][20][21] 2. International Development of Loitering Munitions - The US leads in loitering munition technology, with a well-established product line including the LOCAAS, LAM, Switchblade, Quicklook, and Phoenix Ghost [23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] - Other countries, such as the UK, Israel, Russia, Poland, and Iran, have also developed their own loitering munitions, each with unique capabilities and operational ranges [44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61] 3. Trends in Loitering Munition Development - Future loitering munitions are expected to become more universal, with longer endurance, higher precision, and stealth capabilities, driven by advancements in propulsion, guidance, and data link technologies [62][63][64][65] 4. Geopolitical Impact and Demand - Recent conflicts, such as those in Afghanistan, Nagorno-Karabakh, and Ukraine, have demonstrated the strategic value of loitering munitions, leading to increased procurement by the US military and other nations [66][67][68][69][70][71][72][73]