国防军工行业2024年三季报业绩综述：航空装备稳定放量，航海装备景气持续

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [1] Core Insights - The defense and military industry experienced a revenue of 376.29 billion yuan in Q3 2024, ranking 25th among 31 major industries, with a revenue growth rate of -5.4% and a net profit of 21.34 billion yuan, also ranking 24th with a year-on-year decline of -27.91% [2][10] - The aviation equipment sector is benefiting from the low-altitude economy, while the maritime equipment sector shows steady growth. The aerospace equipment sector is expected to benefit from breakthroughs in satellite internet and the gradual advancement of military informationization [3][17] Summary by Sections 1. Industry Overview - The defense and military industry faced pressure on revenue and profits in Q3 2024, with significant declines in net profit across various segments [10] 2. Sub-industry Performance - Aviation Equipment: Achieved stable revenue growth, with Q3 2024 revenue of 164.6 billion yuan and net profit of 11.38 billion yuan [2] - Aerospace Equipment: Experienced declines in revenue and net profit by 31.1% and 16.4% respectively, although gross margins showed improvement [2][17] - Maritime Equipment: Continued to grow, with revenue and net profit increasing by 15.1% and 32.6% respectively, indicating a positive industry outlook [2][16] 3. Investment Recommendations - Focus on sectors such as aviation equipment, low-altitude economy, satellite internet, commercial aerospace, ground equipment, and missile supply chains for potential investment opportunities [3]