国防军工行业2024年中报总结：军工板块业绩短暂承压，需求景气有望改善

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The military industry performance has been temporarily under pressure due to various factors, but demand is expected to improve [1] - In H1 2024, the military industry reported a revenue of 295.72 billion CNY, a year-on-year decrease of 1.39%, and a net profit attributable to shareholders of 17.54 billion CNY, down 21.77% year-on-year [6][10] - The gross profit margin for H1 2024 was 19.58%, a slight decrease of 1.27 percentage points compared to the previous year, while the expense ratio increased by 0.81 percentage points to 12.71% [11][45] - The inventory turnover days and accounts receivable turnover days have slightly decreased compared to H1 2023, indicating a potential improvement in operational efficiency [19][33] Summary by Sections 1. H1 2024: Short-term Performance Under Pressure, Expected Improvement with Order Release - The military industry has experienced a temporary decline in performance, with revenue and net profit growth rates decreasing [6][45] - The gross profit margin has slightly decreased, and the expense ratio has increased, indicating a need for improvement in efficiency [11][12] - The operational capacity has shown signs of pressure, but cash quality has improved [19][33] 2. Sector Analysis: Shipbuilding Sector Leads Performance - The shipbuilding sector has shown outstanding revenue and net profit growth, with a revenue increase of 22.27% in H1 2024 [22][25] - The aerospace sector achieved a gross profit margin that reached a five-year high, while other sectors experienced declines in net profit [28][29] 3. Holdings Analysis: Defense Sector Heavyweight Holdings - As of Q2 2024, the defense sector's heavy holdings accounted for 3.44% of active funds, with a market value of 58.864 billion CNY, reflecting a slight increase from Q1 2024 [37][38] - The top five heavy holdings included China Shipbuilding, AVIC Optical, AVIC Shenyang Aircraft, Aero Engine Corporation of China, and Aerospace Electric [38][46] 4. Key Stocks and Investment Recommendations - The report suggests a focus on undervalued strategies and emphasizes the recovery of military beta, with specific stocks highlighted for potential investment [46]