2025迪拜国际航空展上，中国航空工业的参展表现成为本届航展的一大亮点。 此外，中国C919大飞机首次在中东亮相，航天飞鹏50架无人运输机订单落定迪拜。据新华社转引中国南方航空公司报道，中国南方航空一架C919飞机于当 地时间14日凌晨1点15分顺利抵达阿联酋迪拜阿勒马克图姆国际机场，参加17日至21日举行的2025年迪拜航空展。据航天飞鹏公众号，航天飞鹏与阿联酋重 要合作伙伴在展会现场正式签署50架无人运输机采购协议。此次签约的无人机产品深度适配中东高温、沙尘等特殊环境，后续将持续深耕阿联酋低空交通网 络建设，为无人低空物流场景提供高效解决方案。 军工ETF（512660）覆盖海陆空天信全产业链，规模居同类产品第一 基本面看，国防军工板块基本面坚实。兴业证券表示，"十五五"期间国防和军队建设精准化要求高，预计结构分化将更加显著。高成长投资方向重点关注： 精确制导武器、新型航空装备、水下装备、无人智能等。此外，在必须走高效益、低成本、可持续发展路子的导向下，竞争格局好，生产力高效、能支撑军 队低成本高效益发展的企业值得关注。 军工ETF（512660）覆盖海陆空天信全产业链，是把握行业配置机会的重要工具，规模 ...

（文章来源：每日经济新闻） 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取涉及航空、航天、船 舶、兵器及军事电子等领域的上市公司证券作为指数样本，以反映中国军工行业上市公司证券的整体表 现。指数成分股呈现中小盘风格，主要聚焦于航空装备与军工电子行业。 兴业证券指出，"十五五"期间国防和军队建设精准化要求高，预计结构分化将更加显著。高成长投资方 向重点关注：精确制导武器、新型航空装备、水下装备、无人智能等。此外，在必须走高效益、低成 本、可持续发展路子的导向下，盈利端要精选竞争格局好，生产力高效、能支撑军队低成本高效益发展 的企业。 ...

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 1.703 billion yuan, a year-on-year increase of 481.19%, and net profit attributable to shareholders at 116 million yuan, up 256.59% [1][2] - The company has increased its R&D investment intensity, with R&D expenses amounting to 140 million yuan, representing an R&D expense intensity of 8.22% [2] - The company is positioned to benefit from the high demand for long-range artillery systems, which are seen as essential for modern military operations [2] Financial Performance - Revenue for the first half of 2025 was 1.703 billion yuan, a 481.19% increase year-on-year [1] - Net profit attributable to shareholders was 116 million yuan, reflecting a 256.59% year-on-year growth [1] - Non-recurring net profit was 111 million yuan, up 229.47% year-on-year [1] - Total liabilities increased to 4.384 billion yuan, a 54.25% rise year-on-year [1] - Cash and cash equivalents decreased to 636 million yuan, down 24.24% year-on-year [1] - Accounts receivable rose to 5.442 billion yuan, a 77.77% increase year-on-year [1] - Inventory stood at 615 million yuan, a decrease of 4.13% year-on-year [1] Industry Outlook - The company is focusing on the development of guided rocket weapon systems, which are crucial in the military sector, particularly for the army [2] - The demand for long-range artillery is expected to remain strong, as it offers a better cost-effectiveness compared to tactical missiles [2] - The company is aligned with the Weapon Industry Group, which is responsible for the development and production of all current and in-development guided rocket equipment for the military [2] Investment Recommendation - The projected EPS for the company for 2025, 2026, and 2027 are 0.18, 0.24, and 0.32 respectively, with corresponding PE ratios of 89.9, 65.4, and 49.8 based on the closing price of 15.88 yuan on August 27 [3]

Group 1 - The core viewpoint highlights the positive performance of the defense ETF and its associated index, driven by significant gains in drone-related stocks following recent geopolitical events and market forecasts for the military drone sector [1] - The defense ETF (512670.SH) rose by 0.42%, while the associated index, the CSI Defense (399973.SZ), increased by 0.68% [1] - Key component stocks such as Haige Communication, AVIC Shenfei, and Aerospace Rainbow saw notable increases, with Haige Communication rising by 5.79% and AVIC Shenfei by 1.33% [1] Group 2 - According to research from Shenwan Hongyuan Securities, the defense and military industry is expected to face short-term profit pressure in 2024 and the first quarter of 2025, with net profit attributable to shareholders projected to decline by 23.00% and 2.94% respectively [2] - Despite short-term challenges, the fundamental logic of the industry remains strong, with stable operational indicators and guaranteed prosperity [2] - High-end combat capabilities (e.g., AVIC Shenfei, Aerospace Electronics) are expected to have stable demand and high earnings certainty, while new combat capabilities (e.g., Haige Communication, Aerospace Electronics) are identified as future growth directions with significant elasticity [2]

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting a "Buy" recommendation for the sector in 2024 and 2025 [3][4]. Core Insights - The overall performance of the military industry is temporarily under pressure, with a projected decline in net profit of 23.00% for 2024 and 2.94% for Q1 2025. However, the long-term growth trend remains intact [3][4][22]. - The report highlights the differentiation in performance across various segments, with the naval and aerospace sectors showing significant growth, while others face challenges [3][4][48]. - The industry is expected to benefit from stable demand for high-end military capabilities and the emergence of new technologies, which will drive future growth [4][5]. Summary by Sections 1. Industry Performance - The military industry experienced a decline in revenue and net profit in 2024 and Q1 2025, with net profit dropping by 23.00% and 2.94% respectively [22]. - Revenue for 2024 is projected at 622.1 billion, with a slight decline of 1.16% year-on-year, while Q1 2025 revenue is expected to be 122 billion, down 0.89% [19][22]. - The industry is witnessing a stable growth in operational indicators, indicating a sustained level of industry prosperity [4][28]. 2. Revenue and Profit - The aerospace segment contributes the most to the industry's revenue and net profit, accounting for 44% and 39% respectively in 2024, and 40% and 36% in Q1 2025 [40][41]. - The naval equipment sector shows a strong growth rate, with revenue growth of 10.81% in 2024 and 10.10% in Q1 2025 [48][57]. - The report notes that over half of the companies in the industry faced temporary performance pressures, but the naval segment has shown resilience [48] . 3. Profitability Metrics - The overall profitability of the military industry is slightly declining, with gross and net profit margins for 2024 at 19.99% and 6.12% respectively, showing a decrease from previous years [26][27]. - The military electronics segment maintains the highest profitability, with a gross margin of 39.41% in 2024 [26][27]. 4. Operational Indicators - Key operational metrics such as inventory, accounts payable, and contract liabilities have shown stable growth, indicating a robust demand outlook [28][29]. - The military industry recorded a 2.90% increase in inventory and a 9.99% rise in accounts payable in 2024, reflecting strong procurement activities to meet downstream orders [28][29]. 5. Key Investment Targets - The report recommends focusing on two main investment combinations: high-end military capabilities and new technology-driven military solutions, highlighting specific companies within these categories [4][5].