军工行业2025年半年报总结：需求渐明，静待轰鸣

Investment Rating - The industry rating is "Overweight" and has been maintained from the previous rating [6]. Core Insights - The military industry is entering a recovery phase, with a 0.73% year-on-year increase in net profit attributable to shareholders in the first half of 2025 [1]. - Total revenue for 167 key listed companies in the military industry reached CNY 364.89 billion, reflecting a 7.10% increase, with a notable 11.63% growth in Q2 2025 [1][12]. - The overall gross margin for the industry is 18.76%, down 0.28 percentage points, while the net profit margin is 3.56%, down 0.35 percentage points, indicating a slight decline in profitability [1][17]. Summary by Sections Industry Overview - The military industry is showing signs of recovery, with a total revenue of CNY 364.89 billion in H1 2025, up 7.10% year-on-year [1][12]. - The net profit attributable to shareholders reached CNY 20.37 billion, marking a 0.73% increase [1][14]. - The industry is experiencing a slight decline in profitability, with a gross margin of 18.76% and a net profit margin of 3.56% [1][17]. Segment Analysis - Ground equipment leads the revenue and profit growth, with a revenue increase of 32.94% in H1 2025 [2][38]. - The shipbuilding sector saw a profit increase of 124.12%, while the aerospace sector experienced a decline of 24.81% in net profit [2][42]. - The military electronics sector's prepayments increased by 30.76%, indicating a positive outlook for future revenue [2][55]. Key Sub-segments - The demand for ammunition is showing clear signs of recovery, with a revenue increase of 37.45% and a net profit increase of 19.00% in H1 2025 [3][39]. - The carbon fiber segment is the only new material sub-segment showing both revenue and profit growth, with a revenue increase of 10.47% [3][27]. - The middle manufacturing segment in aviation is seeing significant improvements in contract liabilities, indicating a recovery in orders [3][34]. Investment Recommendations - The report suggests focusing on key military electronics companies, ammunition and weapon chains, military trade export concepts, and aerospace sectors [4]. - Specific companies highlighted include Ruichuang Micro-Nano, High-Precision Technology, and others in the military electronics and ammunition sectors [4].