激浊扬清，周观军工第98期：国防信息化与中航光电

Industry Overview - The modern warfare system is evolving towards informatization and intelligence, with the establishment of the Information Support Force to coordinate the construction of the network information system [34][39] - The evolution of warfare from mechanization to informatization and intelligence has led to the shift of dominance from land, sea, and air power to information and intelligent power [35] - The Information Support Force is a newly established strategic branch, crucial for the high-quality development of the military and winning modern wars [92] Key Companies AVIC Optoelectronics - AVIC Optoelectronics has expanded its military applications from aviation to aerospace, ships, ground, and naval fields, achieving full coverage in military products and covering civilian fields such as communication, new energy vehicles, and rail transit [15] - The company has implemented a "vertical integration" strategy in the defense sector, expanding from connectors to cable assemblies and now providing comprehensive interconnection solutions, enhancing its supporting level and customer stickiness [22][136] - AVIC Optoelectronics has increased its investment in the research and production of optical transmission devices, microwave photonic devices, and liquid cooling components, solidifying its core advantages in the "optical-electrical-liquid" layout [142][143] - The company's revenue in 2024Q3 was 4.898 billion yuan, a year-on-year increase of 6.45%, but a quarter-on-quarter decrease of 5.52%, with net profit attributable to the parent company decreasing by 10.14% year-on-year and 7.89% quarter-on-quarter due to fluctuations in defense demand [134] CETC 712 - CETC 712 has achieved full military branch and full spectrum coverage in military communications, with its core advantages lying in the 30-300MHz ultra-shortwave range [117] - The company has a complete R&D and production layout, from terminals to integrated systems, and from single-network communication to collaborative communication, meeting the needs of users' informatization construction [148] Technological Advancements - The value proportion of avionics systems in military aircraft has significantly increased, from 10%-20% in second and third-generation fighters to over 40% in fifth-generation fighters [6][98] - The U.S. military has continuously upgraded its battlefield communication networks and information systems, evolving from C2 to C4ISR and now focusing on the development of Link-16E, aiming to replace Link-4 and Link-11 by 2030 [38][53][147] Market Trends - The military industry is currently in a weak recovery phase, with future investment elasticity expected to come from ammunition equipment following the mass production of new weapon platforms [32] - The focus is on the research-to-production transition of key models such as the J-35, with ammunition consumption being the largest source of future investment elasticity in the military sector [32][121] Strategic Investments - AVIC Optoelectronics' high-end interconnection technology industrial community project has a planned total investment of 2.72 billion yuan, with a construction period of 3 years, aiming to enhance the R&D and production capabilities of micro-miniature low-profile integrated transmission connectors, optical transmission devices, and liquid cooling components [140][141]