Core Viewpoint - The military industry sector is currently attracting market attention and is expected to experience a recovery in performance due to improving demand and order fulfillment [1][4]. Group 1: Industry Performance - The military industry has shown significant signs of performance bottoming out, with a notable increase in advance payments and contract liabilities, reaching 177.2 billion yuan by the end of Q1 2025, a 5.36% increase from the beginning of the year [3]. - The revenue growth rates for the military sector from 2021 to Q1 2025 are 18.3%, 10.3%, 4.5%, -1.7%, and -3%, while the net profit growth rates are 28.2%, 7.5%, -8.8%, -41%, and -24.6% respectively, indicating a narrowing decline in profits in Q1 2025 [3]. Group 2: Market Dynamics - The military sector is expected to benefit from a dual-cycle economic environment driven by domestic demand growth and military trade needs, leading to a favorable outlook for the industry [1][5]. - The military ETF (512660) is currently the largest and most liquid in the sector, with a market size of 14.28 billion yuan and an average daily trading volume of 650 million yuan over the past month [2]. Group 3: Future Outlook - The military sector is anticipated to see a continuous recovery in performance as orders are fulfilled, supported by active themes such as low-altitude economy, commercial aerospace, deep-sea technology, and military intelligence [4][5]. - The combination of active themes and improving performance is expected to drive the overall market for the military sector in the coming period, supported by strategic initiatives like the "14th Five-Year Plan" and "Centenary Goals" [5].

今日军工板块高开低走，全市场规模最大、流动性最好的军工ETF（512660）跌超2%，成交额超4.7亿 元，盘中资金持续涌入，连续5天吸金超5亿。 截至5月9日，军工ETF（512660）最新规模 142.8亿元、近一个月日均成交额6.5亿元，连续5天吸金超5 亿。该基金紧密跟踪中证军工指数，涉及航空航天装备、军工电子、船舶、兵器等军工相关领域的龙头 公司，反映军工行业公司的整体表现。截至2025年5月8日，中证军工指数5连阳，自去年9.24以来指数 反弹超35%。 近期，军工板块受到市场资金的关注和追捧。随着年报一季报落地，军工板块业绩底部特征相对显著， 随着后续订单落地和交付，业绩有望逐季恢复。内需增长叠加军贸需求，军工行业有望迎来内外需双循 环景气周期。 中航证券认为，年初以来，低空经济、商业航天、深海科技、大飞机、军事智能化等主题高度活跃。展 望后市，这些大军工新域新质主题仍将会不断深化、反复演绎；同时，伴随着军工基本面有望迎来持续 回暖，主题活跃+业绩提振，将构成未来较长一段时间的二重奏，共同推动军工整体行情的再次到来。 叠加"十四五任务冲刺"+"建军百年目标"+"自主可控国产替代"三重逻辑催化，军 ...

Group 1: Business Overview - The company's primary business is ship design and construction, with marine engineering accounting for over 90% of revenue [2] - In 2024, the defense equipment business revenue reached 1.8 billion RMB, a 170% increase compared to 2023 [2] - The strategic focus includes special unmanned vessels, intelligent ship systems, and underwater security [3] Group 2: Profitability and Financial Outlook - The gross margin for the defense equipment business in 2024 is projected to be negative due to adjustments on contracts from 2015-2019, affecting approximately 28 million RMB in revenue [4] - Excluding this adjustment, the gross margin would be around 7.2% [4] - The profitability of special vessels is linked to contract margins and production volume, with higher production leading to lower fixed cost allocation [5] Group 3: Product and Market Development - The defense equipment business includes special defense vessels, intelligent systems, and underwater security systems [6] - The company has signed over 40 contracts for 5,200-ton multi-purpose bulk carriers and nearly 20 contracts for 5,900-ton multi-purpose bulk carriers in 2024 [7] - The shipbuilding market is expected to remain favorable, driven by fleet renewal needs and low-carbon policies [8] Group 4: Future Prospects - The government’s focus on deep-sea technology is expected to enhance demand for deep-sea engineering vessels [8] - Future innovations in deep-sea farming and floating wind power technology may create new vessel demands [8] - Traditional marine engineering vessels will continue to be essential for deep-sea resource development [8]

Core Viewpoint - The A-share military industry sector continues to rise, with nearly 20 stocks hitting the daily limit or increasing by over 10%, indicating a potential for further market performance driven by active themes and improving fundamentals [1] Summary by Relevant Categories Market Trends - Since the beginning of the year, themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence have been highly active [1] - The military industry is expected to experience a sustained recovery in fundamentals, leading to a dual boost from active themes and performance improvements [1] Investment Recommendations - Focus on sectors that have previously experienced significant declines and where pessimistic expectations are fully reflected, such as military electronics and military materials [1] - Pay attention to index-weighted stocks in major indices like CSI 300 and A500 that are related to the military sector [1] - Monitor the "double hit" in the industry as the "14th Five-Year Plan" orders and performance gradually materialize, along with the clarity of the "15th Five-Year Plan," which will enhance both performance and valuation [1] - Consider sectors with special industry premiums, such as mergers and acquisitions, market value management expectations, geopolitical stimuli, and new productivity and combat capabilities [1]

Core Viewpoint - The military industry sector in A-shares is experiencing a continuation of its upward trend, with nearly 20 stocks hitting the daily limit or rising over 10%. However, the financial performance of military companies shows signs of slowing down, indicating challenges ahead for the sector [1][2]. Group 1: Financial Performance - In 2024, among 239 listed military companies, 88 reported a year-on-year increase in net profit attributable to shareholders, while 151 experienced a decline [1]. - The median revenue growth rate for military enterprises in 2024 is negative for the first time since 2012, and the median net profit growth rate is the lowest in nearly 20 years [1]. - The Q1 2025 financial data for military companies indicates a continuation of the 2024 trend, with further revenue slowdown and negative net profit growth [1]. Group 2: Industry Outlook - The demand for the military industry remains real and urgent, with expectations that downstream demand may be deferred until the end of the "14th Five-Year Plan," setting the stage for a potential rebound [2]. - Recent announcements of large orders from many upstream military companies signal a positive trend in order recovery within the military sector [2]. - The military industry is expected to undergo a revaluation, benefiting from improved asset quality, new growth areas, larger business scales, and higher market ceilings [2]. Group 3: Market Dynamics - The overall sentiment and fundamentals of the military industry are anticipated to recover continuously, with no significant negative factors expected in the near term [2]. - The second half of the year is projected to perform better than the first half, with quarterly performance expected to improve [2]. - Themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence are expected to remain active and deepen, contributing to a potential resurgence in the military sector [2][3].

华源证券近日发布深海科技系列（一）：深海通常指水深超过200米的海域，深海科技 是指用于探索、开发和利用深海资源，并研究深海极端环境的一系列先进技术和跨学科体 系。其定义不仅包含技术工具，更承载国家战略安全、经济新增长极和国际竞争格局重塑的 多重使命。 以下为研究报告摘要： 2025年3月12日政府工作报告首提"深海科技"，对标商业航天及低空经济，"深海科 技"首次被正式列入国家未来产业发展重点。"深海"在政府报告中并非首次提及，其内涵在 政策支持下逐渐丰富。作为国家战略性新兴产业的核心领域，深海科技正从科研探索向产业 化加速迈进，叠加2024年海洋经济突破10万亿元的产业基础，深海资源开发、装备制造新能 源及信息技术等多个产业迎来系统性发展新 机遇。 深海通常指水深超过200米的海域，深海科技是指用于探索、开发和利用深海资源，并 研究深海极端环境的一系列先进技术和跨学科体系。其定义不仅包含技术工具，更承载国家 战略安全、经济新增长极和国际竞争格局重塑的多重使命。 深海科技为多个产业带来发展新机遇 深海科技主要有六大产业方向：深海能源与矿产；深海高端装备制造：深潜器与作业平 台、水下机器人；深海信息技术；深海 ...

丨证券研究报告丨 联合研究丨公司点评丨海油工程（600583.SH） [Table_Title] 海上工作量显著提升，盈利能力持续改善 报告要点 [Table_Summary] 公司发布 2025 一季报， 2025 年一季度，公司实现营业收入 50.96 亿元，同比减少 10.15%； 利润总额达到 6.27 亿元，同比增加 11.17%；实现归母净利润 5.41 亿元，同比增加 13.85%。 公司稳步推进国内外油气工程建设，海上安装工作量提升显著；盈利能力持续改善，2025Q1 单 季度毛利率是 2020 年以来最高水平；新签订单趋缓，但在手订单充足未来工作量仍有保障； 海洋油气资源潜力巨大，中海油增储上产公司有望充分受益；大力发展深海科技，公司有望受 益。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 魏凯 赵智勇 王岭峰 臧雄 SAC：S0490520080009 SAC：S0490517110001 SAC：S0490521080001 SAC：S0490518070005 SFC：BUT964 SFC ...

Core Viewpoint - The company, Jili Rigging, is focusing on technological innovation and expanding its market presence in response to national industrial policies and market demands, aiming for high-quality development through a comprehensive innovation system [1][2][6] Group 1: Financial Performance - In the reporting period, the company achieved a revenue of 2.214 billion yuan, with significant contributions from various product lines: engineering and metal rigging (1.022 billion yuan), synthetic fiber lifting slings (340 million yuan), steel wire ropes and rigging (697 million yuan), and chains and rigging (43 million yuan) [1] - The company has set a revenue target of 2.569 billion yuan for 2025, representing a year-on-year growth of 16.02%, with a projected net profit of 33.8 million yuan, reflecting a substantial increase of 173.72% [5] Group 2: Technological Innovation - The company is enhancing its core technologies by increasing R&D investments, focusing on advanced products such as long and heavy-duty lifting devices and underwater remote control systems, maintaining its technological leadership in the industry [2][3] - As of now, the company holds 341 effective patents, including 61 invention patents and 280 utility model patents, and has established national-level R&D platforms [2] Group 3: Market Expansion and Strategic Initiatives - The company is actively promoting new materials and products, particularly in the deep-sea economy, with three main product lines supporting its market expansion efforts [3] - The company is also investing in its subsidiary in Henan to establish a specialized steel wire and rigging production base, with ongoing projects aimed at increasing production capacity [4] - The marketing strategy is aligned with international expansion, national policy guidance, and infrastructure development, including the establishment of a subsidiary in Saudi Arabia to enhance its international market presence [4] Group 4: Future Outlook - The company aims to achieve high-quality development by focusing on strategic emerging industries such as marine engineering and deep-sea technology, while also enhancing its product offerings and market share [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a strong performance in Q1 2025, with revenue reaching 36.026 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 544 million yuan, up 550% year-on-year [6][9]. - The container segment continues to see profit release, while the offshore engineering segment is experiencing an upward cycle [2][6]. - The company is expected to benefit from the development of deep-sea technology, with a strong order backlog in various business segments [2][11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 36.026 billion yuan, a year-on-year increase of 11%, and a net profit of 544 million yuan, which is a significant increase of 550% year-on-year. The net profit excluding non-recurring items was 523 million yuan, up 132% year-on-year [6][9]. - The sales volume of dry cargo containers reached 531,200 TEU, a year-on-year growth of approximately 7.44%, while refrigerated container sales surged to 36,400 TEU, a year-on-year increase of about 291.40% [11]. Business Segments - The offshore engineering segment is performing steadily, with new effective orders amounting to 60 million USD in Q1 2025, and a total order value of 6.3 billion USD, with oil and gas business orders accounting for two-thirds [11]. - The energy, chemical, and liquid food equipment business saw a revenue increase of 24.2% to 5.765 billion yuan, driven by strong delivery capabilities and a robust order backlog [11]. Future Outlook - The company is well-positioned to benefit from the growth in deep-sea oil and gas and renewable energy sectors, with a comprehensive layout in offshore engineering and special ship manufacturing [11]. - The forecast for net profit attributable to shareholders is 3.48 billion yuan and 4.47 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 12 and 9 times [11].

Core Viewpoint - The company reported a solid performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, driven by both rail transit equipment and emerging equipment sectors [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 4.537 billion yuan, a year-on-year increase of 14.81% [1]. - The net profit attributable to shareholders reached 631 million yuan, up 13.42% year-on-year, while the non-recurring net profit was 597 million yuan, reflecting a growth of 29.52% [1]. - The overall gross margin for Q1 2025 was 33.50%, an increase of 3.84 percentage points year-on-year, attributed to a higher proportion of high-margin rail transit electrical equipment [2]. Group 2: Business Segments - The rail transit equipment segment generated revenue of 2.347 billion yuan, a year-on-year increase of 10.72%, with rail transit electrical equipment revenue at 1.923 billion yuan, up 18.89% [2]. - The emerging equipment segment reported revenue of 2.171 billion yuan, a growth of 20.88% year-on-year, with significant contributions from basic components and industrial converters [2]. - The semiconductor business, particularly in the new energy vehicle market, saw a revenue increase of 22.63% in Q1 2025 [3]. Group 3: Future Outlook - The company is expected to benefit from the high demand in rail transit maintenance and the replacement of old diesel locomotives, alongside the rapid growth of the emerging equipment sector [3]. - Forecasts indicate that the company will achieve net profits of 4.357 billion yuan, 4.841 billion yuan, and 5.234 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 3.18, 3.54, and 3.82 yuan [3].