国防军工行业报告：多家军工上市公司披露三季报，中国电科和中国电子旗下多家上市公司公告股东增持计划

Industry Investment Rating - The defense and military industry is rated as "Outperform" and the rating is maintained [2] Core Views - 37 defense-related listed companies have disclosed their Q3 2024 financial reports, with 11 companies showing year-on-year growth in net profit attributable to the parent company, while 16 companies experienced a decline [3][8] - China Electronics Technology Group Corporation (CETC) and China Electronics Corporation (CEC) have announced shareholding increase plans for multiple listed companies under their control, reflecting confidence in the companies' development and value [3][10] - The defense industry, after rapid growth from 2020 to 2022, is expected to enter a phase of high-quality development, with new technologies and products creating investment opportunities in emerging combat domains [3][11] Investment Recommendations - Focus on traditional aerospace sectors with sustained growth and above-average growth rates, including companies like AVIC Shenyang Aircraft, AECC Aero Science and Technology, and Aerospace Hi-Tech Holding [3][11] - Pay attention to new trends in the defense industry, such as new technologies, products, and markets, with relevant companies including Guorui Technology, Fenghuo Electronics, and Aerospace Intelligent Manufacturing [3][11] Market Performance - The CSI Defense Index rose by 3.91% this week, outperforming the CSI 300 Index, which rose by 0.79% [12] - Top-performing stocks in the defense sector this week include AVIC Aviation High-Tech (+40.40%), China Aerospace Times Electronics (+35.65%), and AVIC Electromechanical Systems (+31.98%) [14] Valuation Levels - As of October 25, 2024, the PE-TTM valuation of the defense sector is 67.81, and the PB valuation is 3.08, both at mid-range historical levels [16] - Key defense companies like AVIC Shenyang Aircraft and AVIC Electromechanical Systems have PE-TTM valuations of 41.49 and 37.96, respectively [18] Data Tracking - Several defense companies have completed private placements, with notable examples including Platinum Securities and Aerospace Intelligent Manufacturing, which saw their stock prices rise significantly post-placement [20] - Equity incentive plans have been implemented in companies like AVIC Electromechanical Systems and AVIC Shenyang Aircraft, with significant share grants and price incentives [21][22] Key Sub-Sector Updates - Low-altitude economy projects in Wuxi, Jiangsu, have attracted investments totaling 30.2 billion yuan, with 72 key projects signed [23][24] - The US has announced an additional $400 million in military aid to Ukraine, bringing the total aid since the crisis began to over $59.5 billion [25] - Australia has committed to spending 7 billion AUD on purchasing "Standard" missiles from the US to enhance its naval defense capabilities [26] - Nickel prices have dropped by 5.13% on the London Metal Exchange, while titanium sponge prices remain stable at 44,000-45,000 yuan per ton [27][28][29]