军用数据链：武器装备神经，联合作战基石

Investment Rating - The industry investment rating is "Overweight" indicating that the industry growth level is expected to exceed the performance of the CSI 300 index in the next six months [4][263]. Core Insights - Military data links are essential for operational data transmission, acting as the nervous system of weapon systems and the foundation for joint operations in future information warfare [1][2]. - The demand for military data links is expected to grow significantly as the military transitions from focusing on hard power to soft power, benefiting from the integration of new combat equipment and increased penetration of existing equipment [2][8]. - The data link industry is characterized by a stable gross margin due to its multi-specification and small-batch production nature, with a strong demand for encryption services in the aftermarket [8][206]. Summary by Sections Data Link Overview - Military data links are defined as communication systems that connect various weapon systems or command systems, ensuring efficient data transmission for combat operations [66][68]. - The necessity of data links is highlighted by their role in transforming traditional hierarchical communication structures into network-centric operations, enhancing information sharing and situational awareness [74][86]. Data Link Demand Characteristics - Tactical data links are primarily used for command and control, with a focus on standardization and interoperability among different military branches [139][142]. - General data links address the limitations of tactical data links in terms of data capacity, enabling high-speed transmission of intelligence and control signals for unmanned systems [173][176]. - Specialized data links cater to specific weapon platforms, with a focus on existing systems' retrofitting needs [198][200]. Industry Structure and Competitive Landscape - The data link industry is composed of tactical data link systems, encryption devices, terminal equipment, and transceiver devices, with terminal equipment holding a core position [8][206]. - The industry is predominantly led by military enterprises, with limited participation from private companies, focusing on differentiated competition within their respective fields [213][219]. - Key players in the data link market include major military contractors such as Raytheon and L3 Harris, which dominate the market share [219][226]. Related Listed Companies - Key companies involved in the data link industry include: - Transceiver Segment: Guobo Electronics, New Jingang, and Leidian Micro [9][212]. - Encryption Segment: Jiayuan Technology and Electric Science Network Security [9][212]. - System-Level Suppliers: Qiyi Er, Haige Communication, and Shanghai Hanhui [9][212].