国防军工行业报告：福建舰逐步展开试验项目，关注相关投资机会

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [7]. Core Viewpoints - The Fujian aircraft carrier is gradually commencing its testing projects, presenting related investment opportunities. It is China's third aircraft carrier and the first domestically designed and built catapult-type aircraft carrier, with a full-load displacement of over 80,000 tons [9][30]. - The military industry has experienced significant growth from 2020 to 2022, but in 2023, performance disparities among sub-sectors have intensified, indicating a trend towards high-quality development. New technologies and products are emerging, creating numerous investment opportunities in new domains and qualitative combat fields. Additionally, military trade exports are expected to become a new growth point for the military industry [10][35]. - Two main investment themes are suggested: 1) Traditional aerospace sector, focusing on companies with sustainable growth and excess growth rates, including China Aviation Industry Corporation (AVIC), Steel Research High-tech, National Science Military Industry, Tianjian Technology, and others [10][35]. 2) New trends in military technology, emphasizing new technologies, products, and markets, with relevant companies including Guorui Technology, Fenghuo Electronics, Aerospace Intelligent Manufacturing, and others [11][37]. Market Overview - The military industry index has shown a decline, with the CSI Military Industry Index down by 0.77% and the Shenwan Military Industry Index down by 0.66%, while the Shanghai Composite Index decreased by 0.36% [38]. - The top ten performing military stocks this week include Shanghai Hanxun (+12.51%), Tunan Co. (+12.08%), and others, indicating a varied performance landscape within the sector [40]. Valuation Levels - As of December 13, 2024, the CSI Military Industry Index stands at 10,925.58, with a PE-TTM valuation of 75.10 and a PB valuation of 3.06. These valuations are at historical mid-levels, with 67.75% of the time the PE-TTM valuation being lower than the current level since January 1, 2014 [43].