Industry Investment Rating - Buy (Maintained Rating) [7] Core Views - AI applications are rapidly developing, and the integration of AI with military technology is becoming an innovation hotspot, enhancing the intelligence level of weapon systems [2] - Ground robots, especially quadrupedal robots, have significant potential in military applications due to their unique combat advantages [2][36] - The global trend of unmanned equipment is resonating, with China's special robot market expected to reach $3.4 billion by 2024, maintaining high growth [3][14] - Military robots, particularly those with AI capabilities, are expected to play a crucial role in future battlefields, with smart decision-making being a key technological element [7][13] Sector Performance - The military sector index fell by 0.83% this week, outperforming the ChiNext Index but underperforming the Shanghai Composite and CSI 300 indices [4][101] - The military sector's PE ratio is 99.38, at the 55.34% percentile of its 5-year historical PE range [4][128] - Sub-sector valuations: Aerospace equipment PE at 168.89 (88.6% percentile), Aviation equipment PE at 64.4 (46.6% percentile), Military electronics PE at 258.78 (98.4% percentile), Ground armament PE at 85.1 (97.6% percentile), and Naval equipment PE at 101.3 (26% percentile) [4][130] Key Companies and Stocks - Top gainers this week: AVIC Electromechanical Systems (+8.1%), Kinghonor (+7.2%), Guangqi Technology (+6.7%), China Shipbuilding Industry Corporation (+4.8%), Jingjia Microelectronics (+3.9%) [8][110] - Top losers this week: Hexin Tongda (-14.7%), Aowei Communication (-10%), Jieqiang Equipment (-9.8%), Hi-Target (-9.2%), Ganhua Sci-Tech (-8.5%) [8][110] - Companies to watch: China Ordnance Equipment Group, Jingpin Special Equipment, Xinxing Equipment, Zhenxin Technology, Nengke Technology, Chengdu Huawei [76] Technological Advancements - AI-powered military robots are expected to revolutionize future battlefields, with smart decision-making being a critical factor [7][89] - Key technologies for military robots include human-like intelligence, self-concealment, long endurance, and advanced AI chips [65] - Ground robots, especially quadrupedal robots, are expected to see rapid deployment due to their adaptability and combat capabilities [82][86] Global Trends - The US, Russia, and France are leading in military robot development, with significant investments in unmanned systems [69] - The US Department of Defense has released multiple versions of the Unmanned Systems Integrated Roadmap, with plans to invest $5.5 billion in unmanned systems by 2024 [69][95] - China's military robot market is expanding rapidly, with key research institutes and private enterprises driving innovation [70][74] Investment Recommendations - Focus on companies related to China Ordnance Equipment Group and those with capabilities in military robot or core component production [76] - Key players include Jingpin Special Equipment, Xinxing Equipment, Zhenxin Technology, Nengke Technology, and Chengdu Huawei [76]
军工行业研究：未来战场新宠，军工AI赋能具身智能机器人
国金证券·2024-12-23 01:46