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20240527_招商证券_军工行业:子行业分化现象突出航空装备保持稳健增长_28页.pdf

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20240527_招商证券_军工行业:子行业分化现象突出航空装备保持稳健增长_28页.pdf

|2024 05 27 2023A&24Q1/2023 2024Q1 23 24Q1 2023 24 SW 1 2023 SW 23+5.0%10/31+0.4%15/312023 30%31 2 24Q1+2.1%14/31-13.9%20/3124Q1 30%47 1 23+8.6%+9.2%24Q1 0.8%+3.1%2 23+12.3%+396.9%24Q1 35.3%342.5%23 24Q1 24 24 23 23 2023A+14.3%+6.6%24Q1+3.9%+9.3%23A&24Q1 2023A+12.3%+2.9%2024Q1-19.6%-36.5%2023A 24Q1 2023 2023+0.4%-35.1%24Q1%107 2.1 1267.1 1.6 1090.1 1.6%1m 6m 12m 1.5-23.0-27.9-0.8-24.7-21.2 1 20240512 2024-05-13 2 20240421 24 2024-04-22 3 20240414 2024-04-14 S1090514080007-50-40-30-20-10010May/23 Sep/23 Jan/24 May/24(%)军工 沪深300 2-19.2%-61.5%23 24Q1 1 2 1 2024 2 1 2 3 23EPS 24EPS 24PE PB 000768.SZ 65.5 0.31 0.40 58.6 3.3 002025.SZ 20.2 1.64 2.25 19.7 3.1 002179.SZ 74.7 1.58 2.11 16.7 3.5 002389.SZ 15.6 0.15 0.35 44.4 1.9 300114.SZ 23.9 0.17 0.23 179.8 9.9 300455.SZ 7.0 0.13 0.15 64.7 3.9 300855.SZ 9.9 0.84 1.06 23.8 5.2 600038.SH 30.6 0.61 0.99 42.4 2.4 600760.SH 106.1 1.09 1.37 28.2 6.7 600862.SH 27.2 0.74 0.82 23.7 4.1 600879.SH 24.3 0.16 0.22 33.9 1.2 600893.SH 93.6 0.53 0.59 59.3 2.4 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Wind 24 Wind 8 23 23A 22A Yoy 23A 22A Yoy 23A 22A Yoy 1676.9 1538.0 9.0%62.0 53.2 16.6%57.0 44.4 28.4%377.9 362.9 4.1%27.6 24.9 10.8%22.3 16.6 34.5%&258.6 216.6 19.4%38.9 35.2 10.4%36.5 33.9 7.7%&352.7 324.5 8.7%28.1 22.4 25.5%24.3 27.5-11.6%461.2 422.3 9.2%64.6 68.8-6.1%58.1 62.5-7.1%18.5 15.4 20.3%-0.1 0.9-112.7%0.2 0.6-55.9%Wind 9 24Q1 24Q1 23Q1 Yoy 24Q1 23Q1 Yoy 24Q1 23Q1 Yoy 292.2 284.4 2.8%12.1 10.4 15.7%11.3 8.9 27.6%78.2 83.7-6.6%7.8 6.4 22.1%6.7 4.7 41.6%18&50.1 66.2-24.3%7.5 11.1-32.2%7.2 10.7-33.3%&79.9 78.3 2.0%8.0 9.4-14.9%7.0 9.0-22.4%111.6 109.6 1.9%16.6 17.4-4.7%14.8 16.1-8.4%5.0 4.8 3.5%0.3 0.2 61.8%0.3 0.1 97.6%Wind 2 2024 24 24 23 23 23 10 2024 24 23 23 24 23 23 24 23 23 18.6 68.0-73%56.8-67%246.2 238.0 3%219.3 12%275.0 260 6%249.6 10%30.0 361.2-92%222.9-87%300.0 334.5-10%103.3 190%250.0 130 92%56.0 347%67.5 78.5-14%34.9 94%21.1 15.5 36%8.5 149%7.0 7 0%6.9 1%220.0 215.0 2%177.5 24%60.0 62.0-3%41.3 45%130.0 121 7%108.5 20%43.3 42.0 3%37.0 17%1.5 1.2 25%1.1 38%12.0 12 0%11.9 1%45.0 45.0 0%32.3 39%2.2 3.0-27%1.4 53%25.0 25 0%17.5 43%45.0 45.0 0%32.4 39%22.0 22.0 0%12.1 82%45.0 45 0%33.7 34%7.0 6.0 17%3.3 113%2.0 2.0 0%1.0 108%-9.0 9.5-5%7.7 17%1.7 2.2-25%1.3 27%11.0 14.0-21%9.5 15%20 20.0 0%24.6-19%130 130.0 0%113.5 15%200 200 0%78.2 156%45.5 44.0 3%41.3 10%1.5 1.0 50%1.3 19%-38.4 39.3-2%31.7 21%2.7 3.1-13%3.0-13%-23.0 22.0 5%10.5 118%2.2 1.6 38%1.1 95%-10.0 24.0-58%18.5-46%14.0 12.0 17%8.6 62%20.0 7 186%6.9 189%Wind 2 1 18&2023A+14.3%+6.6%24Q1+3.9%+9.3%23A 24Q1 19 25 26 Wind Wind 11 23A Yoy 24Q1 Yoy 23A Yoy 24Q1 Yoy 600893.SH 437.3 18%62.7 2%14.2 12%1.5 76%600391.SH 45.2 19%8.1 9%0.5 3%0.0-80%000738.SZ 53.2 8%14.2 6%7.3 6%2.6 7%&600765.SH 105.8 0%26.5 13%13.3 11%3.2 19%605123.SH 36.2 30%7.5-21%4.9 1%0.7-49%688239.SH 21.0 45%5.8 3%1.9 1%0.6 10%300775.SZ 24.9 33%6.4-2%8.1 30%2.1-4%688510.SH 5.4 50%1.6 42%0.9 350%0.3 153%603308.SH 24.1 10%6.6 9%3.0-25%0.9 11%000534.SZ 9.8 24%2.9 3%1.8 74%0.7 12%600456.SH 69.3 4%18.3-3%5.4-2%1.6 16%688122.SH 41.6-2%7.9-14%7.5-30%1.1-47%600399.SH 85.7 10%20.7 3%3.6 84%1.1 90%300034.SZ 34.1 18%8.0 29%3.2-5%0.9 58%300855.SZ 13.8 34%3.5 6%3.3 30%0.9 9%688231.SH 12.1 27%3.2 31%0.6-41%0.3 7%688281.SH 9.2 36%2.5 33%3.4 0%1.1 29%688563.SH 28.0 20%6.8 17%5.8 30%1.5 22%Wind 23 23 24Q1 24 24Q1&23 24Q1 23 24Q1 20 27 Wind 28 Wind 29 Wind 21 12 23 23A 22A Yoy 23A 22A Yoy 23A 22A Yoy 482.52 408.99 17.98%14.70 13.14 11.81%12.31 8.70 41.50%53.24 49.42 7.74%7.27 6.88 5.55%6.88 6.02 14.40%&193.37 170.45 13.45%29.11 25.16 15.72%27.34 24.17 13.09%327.74 295.39 10.95%37.55 37.99-1.16%34.51 34.63-0.33%Wind 13 24 Q1 24Q1 23Q1 Yoy 24Q1 23Q1 Yoy 24Q1 23Q1 Yoy 70.83 68.92 2.78%1.53 0.77 97.95%0.99-0.45 319.21%14.15 13.41 5.54%2.60 2.44 6.89%2.55 2.41 5.74%&47.80 46.15 3.56%6.91 6.95-0.63%6.49 6.80-4.59%80.36 76.58 4.93%10.16 9.24 9.98%8.99 8.44 6.50%Wind 23 0.26pct 11.08%2016 2017 2 1 23A 24Q1 2 23 3 23A 24Q1 14 2023A 2023A%2023Q4 2023Q4%2024Q1 2024Q1%1056.9 14.3%327.3 11.0%213.1 3.9%22 842.1 15.2%274.7 13.1%165.3 5.2%214.8 11.2%52.6 1.3%47.8-0.3%6.8 53.6%1.7 21.3%1.6-24.5%13.4 11.4%4.0 13.7%3.5 1.7%50.6 18.7%17.5 39.4%10.9-3.3%38.1 11.1%10.4-21.8%7.2 1.7%3.4 71.1%1.4-17.8%1.1-30.4%-9.5 16.9%-7.0 39.6%-0.1-55.3%-0.7-218.9%-0.1-139.7%0.4-148.8%5.5 12.7%0.5-21.6%0.6-80.5%103.6 4.3%19.3-14.1%25.1 9.2%1.5 2.0%0.6 48.9%0.5 56.9%103.9 5.5%19.3-9.7%25.5 10.0%11.5 3.6%1.5-8.3%3.4 13.4%92.4 5.7%17.8-9.8%22.1 9.5%Wind 3 2023A+12.3%+2.9%2024Q1-19.6%-36.5%2023A 24Q1 1 2 3 15 30 31 Wind Wind 23 15 23 24Q1 23A 24Q1 23A 24Q1 23A 24Q1 23A 24Q1 001270.SZ 2.9 0.2 0.8-0.1 3%-51%-40%-222%688375.SH 35.7 6.9 6.1 1.2 3%-1%16%4%301050.SZ 8.9 3.6 3.1 1.0 3%47%10%10%002935.SZ 11.1 1.1 0.9-0.1-8%-15%-23%16%002025.SZ 62.1 16.1 7.5 2.3 3%-9%35%3%002179.SZ 200.7 40.1 33.4 7.5 27%-25%23%-24%688385.SH 35.4 8.9 7.2 1.6 0%10%-33%-14%002446.SZ 11.9 2.8 0.5 0.3-17%-19%-78%-53%688270.SH 2.8 0.5 0.7-0.1 16%29%-33%-178%300366.SZ 16.7 1.0-4.7-0.6-17%-73%-735%-463%688066.SH 18.2 2.2-3.7-1.5-26%-19%-242%-69%688568.SH 25.2 4.2 3.4 0.0 60%56%41%-62%002025.SZ 62.1 16.1 7.5 2.3 3%-9%35%3%002179.SZ 200.7 40.1 33.4 7.5 27%-25%23%-24%600879.SH 187.3 38.1 5.2 1.4 7%-15%-14%-21%000733.SZ 77.9 10.1 26.8 1.0 7%-52%13%-86%688102.SH 11.8 2.9 1.0 0.2 19%14%26%13%Wind 4 2023+0.4%-35.1%24Q1-19.2%-61.5%23 24Q1 1 IISS 1040 2 SIPRI 2010 2020 31%28%17%24 32 33 Wind Wind 16 23 24Q1 23A 24Q1 23A 24Q1 23A 24Q1 23A 24Q1 688297.SH 26.6 0.6 3.0-0.3-4%-87%-18%-142%002389.SZ 28.7 4.6 1.5 0.0-26%-9%-50%-86%600879.SH 187.3 38.1 5.2 1.4 7%-15%-14%-21%300900.SZ 7.4 2.2 1.0 0.3 12%42%-30%21%603261.SH 2.3 0.1-0.7-0.1-37%-49%-295%-84%688070.SH 3.0 0.3-0.6-0.3 5%-66%-148%-2065%301213.SZ 1.0 0.2 0.0 0.0 7%58%-112%-37%Wind 1 2024 5 24 SW 8.70%300 13.67 31 24 23 2022 34 SW 2024 35 SW 2024 Wind 2024 5 24 Wind 2024 5 24 25 2 2024 5 24()8.70%PE(TTM)53.76 5 11.08%()9.12%PE(TTM)65.29 5 32.16%36 37 2024 5 24 2024 5 24 PE 2024PE 2016 70-200 40-60 35 24 35 17%23 PE PEG%2023 2024E 2025E 2024E 2025E-4.81 1,106 30.07 30.47 48 29 24 1.18 0.96 8.27 674 8.61 64.41 129 60 48 1.91 1.54-1.93 977 14.21 12.17 77 62 53 3.32 2.87 14.83 322 4.43 14.11 83 45 38 1.23 1.04-2.95 251 3.03-18.27 68 76 65 3.60 3.05-5.92 600 18.86 39.62 69 29 26 1.76 1.60*-9.55 78 1.93-20.90 32 32 27 1.40 1.16*3.82 272 7.27 5.55 39 32 27 1.90 1.61&*-22.03 86 4.92 1.33 18 15 13 0.99 0.86*-16.12 59 1.86 1.21 32 18 13 0.31 0.23*16.31 179 8.15 30.39 29 18 14 0.76 0.62*-13.90 44 0.69-67.62 21-*-4.82 787 33.39 22.86 29 19 16 0.89 0.73*-22.04 254 26.82 12.57 11 13 11-1.69-1.42*-7.58 203 7.50 35.11 37 21 17 0.80 0.63*-4.41 247 0.98-49.05 128 184 152 6.39 5.25*-20.44 99 4.72-44.61 12 17 14 0.78 0.64*-7.56 112 3.18-60.27 14 26 20 0.83 0.66*-30.51 80 2.72-66.15 10 22 14 0.51 0.33*-10.13 135 5.44-2.29 24 19 16 0.75 0.62*-18.99 280 7.52-30.33 26 28 22 0.90 0.71*-5.85 72 1.96 5.96 39 25 18 0.58 0.43*-31.17 132 3.62 84.43 67 20 15 0.38 0.29 26*-13.32 137 3.19-5.17 41 33 26 1.12 0.88-10.76 107 3.30 29.64 42 25 21 1.02 0.82*2.82 194 3.35 0.48 58 38 28 0.88 0.67-9.89 278 10.31 34.90 36 24 21 1.42 1.24*-3.62 126 2.89-51.44 21 32 26 1.11 0.92-6.98 256 5.76 30.23 58 37 30 1.42 1.15

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