国防军工行业2025半年报总结：基本面逻辑确定行业景气度向好

Investment Rating - The report suggests increasing attention to the military industry, focusing on elastic and thematic varieties [4][5]. Core Viewpoints - The military industry is experiencing a positive trend in overall performance, with revenue and net profit showing year-on-year increases of 11.39% and 5.03% respectively in the first half of 2025 [3][21]. - The profitability of various equipment sectors has slightly declined, with the military electronics sector maintaining a high profitability level [4][22]. - Operational indicators are showing stable growth, indicating a sustained industry outlook [4][26]. Summary by Sections 1. Industry Performance - The military industry has seen a recovery in its overall prosperity, with revenue and performance increasing year-on-year [12][17]. - The gross profit margin and net profit margin have decreased, indicating pressure on industry profitability [22]. - Long-term positive trends in the industry fundamentals remain unchanged, with operational indicators achieving stable growth [26]. 2. Revenue and Profit - Performance across different sectors shows divergence, with the naval equipment sector maintaining rapid growth in revenue and profit [38][44]. - The aviation sector contributes the most to industry revenue and net profit, accounting for 45% and 54% respectively in the first half of 2025 [38][44]. - The downstream assembly segment holds the largest share of industry revenue and net profit, at 46% and 36% respectively in the first half of 2025 [57][62]. 3. Profitability Indicators - The overall profitability of the military industry is under short-term pressure, with a slight decline in profitability across various sectors [4][22]. - The military electronics sector leads in profitability, while other sectors show minor fluctuations [4][22]. 4. Operational Indicators - The military industry has achieved stable growth in operational indicators, with significant increases in inventory, accounts payable, and contract liabilities [26][30]. - The growth in pre-receivable accounts and contract liabilities indicates strong downstream demand, ensuring future performance [26][30]. 5. Key Companies to Watch - High-end combat capabilities: Companies such as AVIC Shenyang Aircraft Corporation, AVIC Chengdu Aircraft Corporation, and others are highlighted as key players [4][5]. - New quality combat capabilities: Companies like Unisoc, Raycus Laser, and others are also noted for their potential [4][5].