军工材料1月月报：24年年底频签大单，板块复苏预期渐明朗

Investment Rating - The report maintains an "Overweight" investment rating for the defense materials sector [4]. Core Insights - The defense materials sector is experiencing a recovery, with significant contracts being signed, indicating a positive outlook for the industry as it enters a new growth cycle in 2025 [2][34]. - The establishment of Shenzhen Light and Fast World Technology Co., Ltd. marks a strategic move into the low-altitude economy, focusing on eVTOL and drone applications, which are expected to drive demand for composite materials [3][31]. - The expansion of military materials into civilian applications, such as in smartphones, is creating new growth opportunities for companies in the sector [38]. Summary by Sections Recent Events and Announcements - Several defense materials companies have signed large contracts recently, including a 4.24 billion yuan contract by Zhongjian Technology and a 36.64 billion yuan contract by Guangwei Composite [2][34][37]. - The establishment of Shenzhen Light and Fast World Technology Co., Ltd. aims to leverage composite material technology for low-altitude economic applications [3][31]. Development Trends - The supply capacity for high-performance military materials has improved significantly, with a focus on multi-functional materials becoming increasingly important [39][40]. - New manufacturing processes, such as additive manufacturing and specialized processing, are rapidly developing, enhancing the capabilities of military materials [41]. - The civilian market for high-end materials is emerging as a second growth driver, with applications in renewable energy and aerospace [42]. Future Industry Outlook - The military materials sector is expected to benefit from clear production requirements and a backlog of demand that will materialize as orders are fulfilled [49][50]. - The domestic market for large aircraft is expanding, with significant opportunities for local suppliers as the C919 enters commercial operation [12][45]. - The low-altitude economy is projected to grow significantly, with estimates suggesting a market size exceeding 1 trillion yuan by 2026, driven by increased demand for drones and eVTOLs [43][44].