国防军工行业投资策略周报：航空出海加速，新兴领域进展加快，重视军工β回暖

Investment Rating - The industry rating is "Buy" [1] Core Viewpoints - The report emphasizes the acceleration of civil aviation and gas turbine exports, alongside the recovery of domestic large aircraft and equipment demand [1][5] - The domestic core supplier of aviation structural components, AVIC Heavy Machinery, is accelerating its overseas layout [1][5] - The report highlights the potential for new growth in the aerospace industry, supported by low-altitude economic policies and the continuous improvement of the domestic rocket launch supply chain [1][5][6] Summary by Sections Weekly Viewpoints - Focus on civil aviation and gas turbine exports, with a recovery in equipment demand expected [5] - AVIC Heavy Machinery's successful delivery of the first A320 front landing gear component marks a significant milestone [5] - The report notes the successful test launch of SpaceX's Starship and the completion of the second launch pad at Hainan's commercial spaceport [5] Market Outlook - The report anticipates a gradual improvement in the fundamentals of the industry, with sustained high demand in civil aviation and shipbuilding sectors [6] - AVIC Heavy Machinery reported a strong foreign trade growth in Q1 2024, achieving revenue of 264 million CNY, a year-on-year increase of 96.42% [6] Investment Recommendations - The report suggests a low valuation strategy, focusing on the recovery of military industrial stocks [6] - Key companies to watch include AVIC Power, AVIC Control, AVIC Heavy Machinery, and others, with a focus on both "certainty" and "growth" premiums [6][7][8] Company-Specific Insights - AVIC Power is expected to benefit from high-end aviation equipment production and has a projected revenue of 49.76 billion CNY for 2024 [7] - AVIC Control is positioned as a leading supplier of aviation engine control systems, with a projected net profit of 853 million CNY for 2024 [7] - AVIC Heavy Machinery is expected to achieve a net profit of 1.585 billion CNY in 2024, benefiting from the recovery of aviation equipment demand [8]