20231119_招商证券_军工行业研究报告:子行业业绩分化明显看好航空装备行情修复_27页.pdf
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15.9 5.6-0.4-0.5 14%-8%-149%-169%688568.SH 14.0 6.8 1.0 0.7 69%79%45%40%002025.SZ 52.0 15.8 6.0 1.7 11%0%35%24%002179.SZ 153.6 46.0 28.9 9.4 23%8%27%21%600879.SH 129.6 33.2 5.1 1.2 5%-7%2%-15%000733.SZ 60.3 17.2 20.6 5.3 6%-8%10%-11%688102.SH 8.7 3.1 0.7 0.2 21%33%17%152%Wind 4 15 5 7 2023Q3+0.7%+13.4%2023Q3 29 30 Wind Wind 22 31 32 ROA/ROE Wind Wind 12 2023 Q3 2023 23Q3 2023 23Q3 2023 23Q3 2023 23Q3 002179.SZ 153.6 46.0 28.9 9.4 23%8%27%21%600760.SH 346.3 114.8 23.6 8.7 14%10%36%40%600765.SH 79.7 24.6 10.3 2.5 3%-7%12%-30%002389.SZ 17.2 5.8 1.4 0.3-19%-11%59%65%600855.SH 8.6 3.1-0.7-0.3-19%-26%-220%-6077%600501.SH 24.0 7.6 0.2 0.0-6%-18%-58%-78%600967.SH 78.4 17.4 5.9 1.5-26%-50%-1%-8%600435.SH 24.0 6.8 1.8 0.4-16%-43%19%1%002189.SZ 16.6 5.1-1.2-0.4-34%-31%-395%-47%002935.SZ 6.4 2.3 0.2 0.1 16%36%-47%-41%600990.SH 10.8 3.4-0.9-0.5-27%-44%-73%-622%002268.SZ 17.2 5.8 0.8 0.6-16%-18%53%73%002544.SZ 38.9 12.8 0.6 0.0-6%-15%-47%-102%000733.SZ 60.3 17.2 20.6 5.3 6%-8%10%-11%000066.SZ 80.5 30.4-8.3-2.0-15%-2%-83%-23%Wind 2023 2023 2 15 261 1309.05 13.45/13 2023(/)(%)300696.SZ 2023-02-08 300 1.02%688682.SH 2023-05-06 24 0.47%000768.SZ 2023-02-08 1,639.50 0.5922%002025.SZ 2023-03-02 420.8 0.93%23(/)(%)600765.SH 2023-10-30 1,338.80 0.91%688511.SH 2023-06-29 143.4596 1.79%688636.SH 2023-05-17 38.1068 0.51%688143.SH 2023-06-03 60 0.64%688231.SH 2023-08-11 550 2.23%688582.SH 2023-10-27 334.21 0.84%301050.SZ 2023-09-28 850 4.88%5 2023Q3-2.4%-6.4%2023Q3 1 IISS 1040 2 SIPRI 2010 2020 31%28%17%33 34 Wind Wind 14 2023 Q3 2023 23Q3 2023 23Q3 2023 23Q3 2023 23Q3 688297.SH 13.2 1.2 2.4 0.3-39%-75%-32%-76%24 002389.SZ 17.2 5.8 1.4 0.3-19%-11%59%65%600879.SH 129.6 33.2 5.1 1.2 5%-7%2%-15%300900.SZ 5.4 2.2 1.0 0.4 35%47%27%36%603261.SH 1.3 0.3 0.0 0.0-4%-15%-85%-70%688070.SH 2.0 0.6-0.2-0.2 8%-19%-198%-163%301213.SZ 0.5 0.2 0.1 0.0 9%-44%-49%-49%Wind 1 2023 11 17 SW 2.48%300 5.36 31 14 23 2022 35 SW 2023 36 SW 2023 Wind 11 17 Wind 11 17 2 2023 11 17()2.48%PE(TTM)52.04 5 3.82%()4.38%PE(TTM)65.01 5 31.43%25 37 38 2023 11 17 2023 11 17 PE 2023PE 2016 70-200 40-60 35 23 35 15%23H PE PEG%2022 2023E 2024E 2023E 2024E 3.22 1,183 23.64 35.85 51 40 31 1.45 1.13-10.64 630 8.04 22.29 120 69 55 1.09 0.86-11.78 991 10.31 6.46 78 67 56 3.24 2.69-17.35 225 2.93 504.10 58 44 24 1.05 0.57*1.76 306 2.43-32.30 83 63 47 1.96 1.46*-14.31 657 16.50 41.83 75 28 23 0.33 0.27*3.67 95 1.86-16.24 39 30 25 1.18 0.96-16.36 281 5.96 9.98 41 35 29 1.68 1.39&*-28.33 326 10.27 12.22 27 21 17 0.76 0.59*-34.71 105 4.23 20.61 22 17 13 0.58 0.45*-33.63 76 1.67 24.47 41 30 18 0.59 0.36*-23.27 160 6.16 31.49 26 19 15 0.61 0.48*-26.31 57 1.02-50.41 27 24 18 1.04 0.76-8.62 852 28.94 26.64 31 24 19 0.93 0.73*-38.02 386 20.58 10.45 16 14 11 0.65 0.53-18.83 244 5.95 34.71 44 31 24 0.83 0.63*340.92 267 0.99-49.05 138 107 87 4.10 3.36*-20.64 142 3.86-41.69 17 18 15 2.91 2.33*-29.76 131 2.92-59.32 16 23 18-5.22-4.04*-39.62 141 2.46-63.15 18 22 16 7.17 5.40*-14.94 163 5.49 6.89 29 22 18 0.76 0.60-25.10 325 5.83-32.13 30 23 18 1.68 1.33*-7.30 73 1.51 11.35 40 29 22 0.85 0.64*-32.15 191 2.82-5.58 97 37 25 0.39 0.26*-26.29 163 2.35 8.44 48 37 27 1.12 0.82-14.87 121 2.61 40.94 47 34 24 0.95 0.69*-18.66 216 2.70 35.39 65 47 35 1.31 0.97 3.33 319 8.44 25.84 42 32 25 1.01 0.81*-34.41 141 2.45-23.54 24 23 18 1.52 1.19-19.69 285 5.03 25.02 64 51 38 1.61 1.18 Wind 11 17*wind 26 39 PE/PEG Wind 11 17 1 2 3 4 5&1 2 3 27 6-12 A 300 500 20%5-20%5%5%