Investment Rating - The report indicates a recovery in the military industry, particularly in missile and military electronics sectors, suggesting a positive investment outlook for the industry [1][3]. Core Insights - The military industry is actively preparing for production in the first half of 2025, with revenue recovery observed in Q2. The electronic information sector is experiencing alleviated pricing pressures, while the aviation sector is expected to accelerate deliveries in the second half of the year [3][4][14]. - The overall revenue for the military industry in the first half of 2025 was 227.8 billion, a decrease of 6.7% year-on-year, but a recovery of 3.3% in Q2 compared to the previous quarter [6][7]. - The net profit attributable to shareholders for the first half of 2025 was 14.3 billion, down 28.0% year-on-year, but showing a significant recovery of 84.5% in Q2 compared to Q1 [6][7]. Summary by Sections Overall Industry Performance - The military industry is seeing a significant increase in contract liabilities compared to the beginning of the year, indicating a recovery in the upstream revenue sector in Q2 2025 [11][27]. - The first half of 2025 saw a gross margin of 22.1%, a slight decrease of 0.2 percentage points year-on-year, while the net margin was 6.3%, down 1.9 percentage points year-on-year [6][19]. Segment Performance - In the electronic information sector, revenue reached 38.2 billion, with an 8.7% year-on-year increase, while net profit was 2.93 billion, down 2.1% year-on-year [16][19]. - The aviation sector reported revenue of 146.9 billion, a decrease of 12.9% year-on-year, with net profit down 33.4% [16][19]. - The weaponry sector showed a revenue increase of 26.0% year-on-year, with net profit down 6.4% [16][19]. Industry Chain Insights - The downstream sector's contract liabilities increased significantly, reflecting a recovery in the upstream revenue sector in Q2 2025 [27][34]. - The gross margin for the upstream sector was 34.9%, down 2.9 percentage points year-on-year, while the net margin was 12.8%, down 3.9 percentage points [29][30].

行业周报 | 国防军工 证券研究报告 | 行业评级 | 推荐 (维持) | | --- | --- | | 报告日期 | 2025 年 02 月 23 日 | 相关研究 【兴证军工观察】战略看多航天精导产业 链-2025.02.19 【兴证军工】"全国低空交通一张网"正 式启动，统一标准实现高水平布局 -2025.02.18 【兴证军工】体系梗阻破冰在即，结构性 反转可待-2025.02.09 S1220517040001 shikang@xyzq.com.cn S0190519080005 liboyan@xyzq.com.cn S0190524070009 xudongxiao@xyzq.com.cn 行业评级 推荐（维持） 报告日期 2025 年 02 月 23 日 继续战略看多航天精导产业链，十四五末需求 拐点已至 投资要点： 2025-02-10 至 2025-02-21，国防军工（中信）指数上涨 2.20%，在 30 个一级行业指数中涨幅第 15， 跑输上证指数 0.08pct，与沪深 300 指数涨幅相同，跑输创业板指数 2.73pct。 分析师：石康 截至 2 月 21 日，219 个军工标的 ...