国防军工行业报告：62家军工上市公司披露2025年一季报，20家业绩同比增长

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - As of April 27, 2025, among the 120 tracked defense industry listed companies, 101 have disclosed their 2024 annual reports, with a total revenue of 509.105 billion yuan, a year-on-year decrease of 0.67%, and a total net profit attributable to shareholders of 19.436 billion yuan, a year-on-year decrease of 39.72% [5][13] - In the first quarter of 2025, 62 companies reported a total revenue of 41.501 billion yuan, a year-on-year increase of 4.21%, and a total net profit of 2.423 billion yuan, a year-on-year decrease of 4.95% [14][15] - The industry is expected to see an inflection point in orders as the "Centenary Goal of Military Building" enters its second half, with new technologies and products potentially offering greater elasticity in the market [17] Summary by Sections Industry Overview - The closing index for the defense industry is 1415.71, with a 52-week high of 1712.48 and a low of 1113.62 [2] Performance Analysis - The defense sector index increased by 0.47% this week, ranking 22nd among 31 first-level industries [18] - The top ten performing stocks in the defense sector this week include Guorui Technology (+11.95%), Tianjian Technology (+11.41%), and Yingliu Co. (+10.89%) [20] Financial Data Tracking - In 2024, 33 out of 101 companies reported year-on-year growth, with 15 companies achieving a net profit growth rate of over 20% [6][13] - Notable companies with significant growth include China Power, with a revenue of 516.97 billion yuan and a net profit growth of 78.43% [14] Investment Recommendations - Two main investment themes are suggested: 1. Aerospace and "gap-filling" new focuses, including companies like Feilihua, Fenghuo Electronics, and China Aerospace Science and Industry [17] 2. New technologies, products, and markets with greater elasticity, including companies like Aerospace Intelligent Manufacturing and Guangdong Hongda [17] Valuation Levels - As of April 25, 2025, the defense sector's PE-TTM valuation is 81.17, with 71.92% of the time since January 1, 2014, the valuation being lower than the current level [22][25]