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航空航天与行业周报：关注珠海航展
Haitong Securities·2024-11-13 00:39

Investment Rating - The industry investment rating is "Outperform the Market" [1][11]. Core Viewpoints - The 15th China International Aviation and Aerospace Exhibition opened on November 12 in Zhuhai, Guangdong, highlighting potential investment opportunities in related aviation manufacturers, low-altitude economy, and commercial aerospace industry chains [2]. - The overall military industry sector saw significant gains, with the military index rising by 12.55% in the week from November 1 to November 8, 2024, outperforming major stock indices [2]. - Specific stocks such as Chenxi Aviation and Lijun Co. experienced substantial increases, with gains of 56.40% and 35.51% respectively [2]. Summary by Sections Military Industry Sector - The military index increased by 12.55%, with an average gain of 11.48% across sample military stocks [2]. - Notable gainers included Chenxi Aviation (56.40%), Lijun Co. (35.51%), and Guangyunda (35.22%) [2]. Aviation Sector - The aviation sector's listed companies rose by an average of 10.97%, with Lijun Co. and Guangyunda leading the gains [2]. - The sector's valuation metrics showed a PE (ttm) of 67.91X and a projected PE (2024E) of 49.87X, indicating a range of valuations among different companies [2]. Shipbuilding Sector - The shipbuilding sector saw an overall increase of 6.34%, with significant gains from Hai Lanxin (13.80%) and ST Ruike (13.04%) [2]. - The sector's PE (ttm) was reported at 86.56X, with a projected PE (2024E) of 58.27X [2]. Information Technology Sector - The information technology sector experienced a rise of 12.25%, with Chenxi Aviation leading with a 56.40% increase [2]. - The overall PE (ttm) for this sector was 72.95X, with a projected PE (2024E) of 63.88X [2]. Aerospace Sector - The aerospace sector's companies rose by 15.80%, with significant gains from Zhenxin Technology (33.45%) and Hezhong Sijuan (26.71%) [2]. - The sector's PE (ttm) was 59.37X, with a projected PE (2024E) of 75.94X [2]. Weaponry Sector - The weaponry sector saw an increase of 9.18%, with North Chemical Co. gaining 19.28% [4]. - The overall PE (ttm) for this sector was 40.31X, with a projected PE (2024E) of 51.71X [4].