军工行业周报：卫星互联网低轨02组卫星发射成功

Investment Rating - The industry investment rating is "Positive" indicating that the overall return of the industry is expected to exceed the CSI 300 index by more than 5% in the next six months [33] Core Viewpoints - The global geopolitical tensions are escalating, leading to a new round of military expansion. China's defense spending has consistently outpaced GDP growth in most recent years, suggesting significant growth potential for future defense budgets, likely to remain above GDP growth for the long term. The year 2025 marks the end of the "14th Five-Year Plan," and the industry is expected to emerge from a two-year downturn, entering a phase of comprehensive recovery. As orders normalize and are gradually released, the military industry may experience a "Davis Double-Click" phase characterized by performance improvement and valuation enhancement. It is recommended to focus on high-quality leading companies in advanced fighter jets, low-altitude economy, domestically produced large aircraft, satellite internet, and underwater offense and defense sectors, which have favorable competitive landscapes and high technological barriers [4][11] Summary by Sections Industry News - On February 11, 2025, China successfully launched the low-orbit satellite internet 02 group satellites using the Long March 8 carrier rocket, marking a significant achievement in satellite internet capabilities aimed at providing broadband communication and internet access services [3][17] Market Performance - In the past week, the CSI 300 index rose by 2.50%, while the aerospace and defense index fell by 0.19%. For the month, the CSI 300 index increased by 5.82%, and the aerospace and defense index rose by 3.65% [12] Company Tracking - Fujida reported a revenue of 762.80 million yuan for 2024, a decrease of 6.42% year-on-year, with a net profit of 50.64 million yuan, down 65.35% year-on-year [23] - Huzhong Sijuan plans to increase its subsidiary's capital by 100 million yuan to support core technology development and optimize asset structure [24] - Optoelectronics Group's controlling shareholder plans to inject 40 million yuan into its subsidiary to support project development [25] - Sry New Materials reported a revenue of 1.33 billion yuan for 2024, a year-on-year increase of 12.78% [26] - Chip Dynamic Technology expects a revenue of 405.13 million yuan for 2024, a year-on-year increase of 27.76% [29]