国防军工行业报告：军工行业三季报业绩承压，船舶板块保持较快增长

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The defense industry has faced pressure in Q3 2024, with a total revenue of 374.36 billion yuan, a year-on-year decrease of 4.06%, and a net profit attributable to shareholders of 20.968 billion yuan, down 25.37% year-on-year. The decline in net profit is greater than the revenue drop due to a decrease in overall gross margin and an increase in operating expenses [3][8] - The shipbuilding sector has shown robust growth, achieving a revenue of 130.65 billion yuan, a year-on-year increase of 13.92%, and a net profit of 4.101 billion yuan, up 47.99% year-on-year. In contrast, other sectors such as aviation, aerospace, and defense information technology have experienced significant revenue declines [12][14] Summary by Sections 1. Core Viewpoints - The defense industry has seen a significant performance disparity across its segments, with the shipbuilding sector maintaining strong growth while others face declines. The overall gross margin decreased by 10.26% to 70.53 billion yuan, with a gross margin rate of 18.84%, down 1.30 percentage points year-on-year [3][8] - The report suggests that the industry is expected to transition towards high-quality development, with new technologies and products emerging, creating potential investment opportunities. Additionally, military trade exports are anticipated to become a new growth point for the defense sector [17] 2. Market Overview - The defense sector indices have shown a decline, with the CSI Military Industry Index dropping 1.59% and the Shenwan Military Industry Index falling 3.38% [18] - The top-performing stocks in the defense sector this week included China Great Wall (+53.29%) and New Research Co. (+26.90%) [20] 3. Data Tracking - As of November 1, 2024, the CSI Military Industry Index stands at 10,767.68, with a PE-TTM valuation of 73.21 and a PB valuation of 2.98, indicating that both valuations are at historical mid-levels [22] - The report highlights the performance of specific companies, with notable growth in net profit for companies like China Heavy Industry and China Shipbuilding Emergency [16][14]