军工央国企引领专题：资产整合再深化，提质增效焕新颜

Investment Rating - The report recommends the defense and military industry [10] Core Viewpoints - The market capitalization of central state-owned enterprises (SOEs) in the military industry accounts for 73.7%, serving as the industry's ballast. The market share of central SOEs has gradually decreased from 96% in 2007 to a low of 65.9% in 2022, but has rebounded due to significant impacts from state-owned enterprise reforms and stable performance expectations [7][45] - The results of military SOE reforms are substantial, and further reforms are expected to deepen. The military industry has undergone three major reforms, leading to the formation of a system dominated by ten military groups, enhancing the resilience and security of the supply chain amid worsening global geopolitical conditions [7][64] - There is an expectation for capital operations, with a potential revaluation of military listed platforms. The restructuring and integration of military groups are seen as effective paths to enhance core capabilities and stabilize the supply chain [8][85] - The management of market capitalization is improving, with 53 military listed companies having released plans to enhance quality and returns as of November 16, 2024 [8][32] - The military SOEs distributed dividends totaling 12.655 billion yuan in 2023, accounting for 80.5% of the total dividends in the sector [8][49] Summary by Sections 1. Market Capitalization of Military SOEs - As of November 6, 2024, the market capitalization of military central SOEs is 19,546.99 billion yuan, representing 73.7% of the total military sector market capitalization [7][45] - The military sector's total market capitalization is 26,536.95 billion yuan, accounting for 2.72% of the total A-share market [45] 2. Reform Achievements of Military SOEs - The military industry has seen significant reforms, with the establishment of ten military groups that dominate the industry. The reforms have focused on enhancing research capabilities and optimizing industrial layout [7][64] - The latest round of reforms emphasizes both institutional and functional reforms, aiming to improve core competitiveness and align with national strategic goals [76] 3. Capital Operations and Valuation Restructuring - The report highlights the potential for valuation restructuring of military listed companies, with a focus on mergers and acquisitions to enhance core capabilities [8][85] - The asset securitization rates of military groups vary, with some groups achieving over 50%, indicating significant room for improvement in others [86][89] 4. Market Capitalization Management - Military SOEs are increasingly focusing on market capitalization management, with various companies implementing plans to enhance returns and improve governance structures [8][35] - The report notes that 60 out of 76 central SOEs distributed dividends, with many having room to increase their dividend payout ratios in the future [8][49]