国防军工行业报告：87家军工上市公司披露2024年业绩情况，24家业绩正增长

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - As of February 28, 2025, among the 120 tracked defense industry listed companies, 87 have disclosed their 2024 performance forecasts, with 24 companies showing positive growth year-on-year [5][13] - The shipbuilding sector is experiencing high growth, with companies like China Shipbuilding Defense, China Heavy Industry, and China Power reporting significant performance increases, with growth rates of 680%, 259%, 65%, and 23% respectively [6][13] - In the aerospace and aviation industry, companies such as AVIC Xi'an Aircraft Industry Group and material suppliers like Zhongjian Technology and Huayin Technology are also maintaining rapid growth, with AVIC Xi'an expected to achieve a net profit of 990 million to 1.076 billion yuan, representing a year-on-year increase of 15% to 25% [7][14] Summary by Relevant Sections Industry Overview - The defense industry is expected to see an inflection point in orders as the "Centenary of the Army Building" mission enters its second half, with new technologies and products aimed at enhancing equipment performance or reducing costs [8][19] Performance Overview - The defense sector's performance is reflected in the recent decline of the CSI Military Industry Index by 3.57%, while the overall market indices also experienced declines [20][21] Company Performance - Among the listed companies, 24 reported positive growth, while 29 showed positive but declining performance, and 28 reported losses with an increase in year-on-year losses [5][13] - Specific companies like AVIC Xi'an and Zhongjian Technology are highlighted for their strong performance forecasts, indicating a robust outlook for the sector [7][14] Investment Recommendations - Two main investment themes are suggested: 1) Aerospace and "gap-filling" new focuses, including companies like Feili Hua, Fenghuo Electronics, and others [8][19] 2) New technologies, products, and markets with greater elasticity, including companies like Aerospace Intelligence, Guorui Technology, and others [8][19] Valuation Levels - As of February 28, 2025, the CSI Military Industry Index stands at 10,288.33, with a PE-TTM valuation of 72.96 and a PB valuation of 3.31, indicating that both valuations are at historical mid-levels [26]