国防军工行业：新·视角：军贸，统筹管理，国防工业“量价利”向上突破的必由之路

Investment Rating - The report assigns an "Increase" rating for the defense and military industry [2]. Core Insights - The growth in military trade is driven by the increasing demand for military exports, which is closely tied to national military strategies and comprehensive management practices [3][4]. - The military trade model in the U.S. is characterized by a sustainable order flow due to its strong alignment with national military strategies, allowing for timely market adjustments based on geopolitical changes [3][4]. - The report highlights the importance of military trade as a second growth curve for defense companies, helping them navigate through cyclical downturns in domestic demand [3][4]. Summary by Sections 1. Military Trade Business Model - The military trade business model is heavily influenced by military strategies, leading to a more sustainable and mature development that could form a second growth curve [3][4]. - U.S. military trade is categorized into Foreign Military Sales (FMS) and Direct Commercial Sales (DCS), with DCS potentially generating 2-3 times the value of FMS [3][4]. 2. Profitability - Military trade is seen as a necessary path for defense companies to enhance "volume, price, and profit" [3][4]. - Military products generally have a significant price premium compared to domestic demand, and military orders help reinforce economies of scale and learning curve effects to reduce costs [3][4]. - The report estimates that military trade saved the U.S. at least $6 billion from 1984 to 1991 through cost reductions [3][4]. 3. Sustainability - The report emphasizes that the core of sustainable demand lies in platform-centric sales and lifecycle management, which fosters continuous procurement needs [4]. - Global military trade demand is expected to grow as major countries enhance their equipment construction [4]. - The operational phase of military trade is projected to be a significant source of profit, potentially accounting for over 70% of lifecycle costs [4]. 4. Case Studies: France and South Korea - France's military trade success is attributed to its focus on high-value equipment exports and minimal political conditions, while the South Korean military trade growth is supported by government initiatives and a strong production capacity [4]. 5. Investment Recommendations - The report suggests focusing on leading companies in military trade, including Guorui Technology, AVIC Xi'an Aircraft Industry Group, Hongdu Aviation, AVIC Shenyang Aircraft Corporation, and others [5].