国际军贸深度：峰回路转未来可期，质量价值相得益彰

Investment Rating - The report indicates a positive investment outlook for the defense industry, particularly focusing on military aircraft and missile models, which have a broad market potential [29][28]. Core Insights - The U.S. defense industry remains at the forefront, with military trade premiums leading to high gross margins [4]. - The report highlights that the global military trade orders for armored vehicles saw a significant increase of 756.87% in 2022 compared to 2021, followed by a notable decline of 69.28% in 2023 [36]. - The demand for missiles has shown resilience during conflicts, with low-cost precision-guided munitions gaining market share [58]. Summary by Relevant Sections Military Trade Orders - The report outlines that from 2014 to 2023, the global military trade orders for armored vehicles have fluctuated significantly, with tanks occupying the largest share, increasing from 40.78% to 67.57% in recent years [36][50]. - In the sensor trade, radar systems dominate, accounting for 85.06% of military sensor trade orders from 2014 to 2023, with a steady demand expected [52][70]. Company Performance - Companies like AVIC and China Shipbuilding have shown strong overseas revenue performance, with China Shipbuilding reporting 55% of its revenue from international markets in 2023 [19]. - The report notes that the gross margins for military trade companies like AVIC have remained above 27.7% over the past three years, indicating strong profitability potential [28]. Future Outlook - The report suggests that the military trade sector is entering a new era of self-developed equipment exports, with a focus on high-tech and high-value-added products [11][16]. - The emphasis on military-civilian integration is expected to enhance the competitiveness of Chinese defense companies in the global market [16].