军工行业2023年报及2024年一季报业绩综述：营收、利润变化趋势分化造船板块盈利改善明显

目 录TOC\o"1-2"\h\z\u1、国防军工行业2023年报及2024年一季报业绩总体情况 5行业2023年润比低于收 5子行中船、空2023营、母利速较快 62024Q1收稳有，母净润比降 7子行中舶2024Q1营收利明好转 8行业润总承压 9存货预账及同债反景度续 102023经现流比提升存、收款转期幅长 11行业值前于2016以来位 122、子行业2023年报及2024年一季报业绩总体情况 13航空：23年、24Q1实现定长 13航天阶性润长压 15船舶民量齐，利明好转 16陆装细领平发展 17信息：体绩压细分域化 18新材：段需增放缓 213、行业增长逻辑及投资建议 224、风险分析 23图目录图1：2023年防工业营收同长12.73% 5图2：2023年防工业归净润比长5.53% 5图3：2023年防工业收增排5/31位 5图4：2023年防工业利增排13/31位 6图5：2023年防工分行营收占比 7图6：2020-2023年防工细行营收增速 7图7：2023年防工分行归净润比 7图8：2020-2023年防工细行归净润速 7图9：2024Q1防军业营收同长10.27% 7图10：2024Q1防行业母利同少14.50% 7图11：2024Q1国防工业收增排4/31位 8图12：2024Q1防行业润排20/31位 8图13：2024Q1防细分业业入比 9图14：2021Q1-2024Q1防军细行营收增速 9图15：2024Q1防细分业母利占比 9图16：2021Q1-2024Q1防军细行归净润增速 9图17：2019-2023业润率况 10图18：2020Q1-2024Q1业利率况 10图19：2019-2023行期间用情况 10图20：2020Q1-2024Q1业期费率况 10图21：2023行存比+9.45% 10图22：2024Q1业同+6.95% 10图23：2023行预款及同债+4.90% 11图24：2024Q1业账款合负同+9.07% 11图25：2023军行金流营比同有下降 11图26：近5军行业Q1经性金量续负 11图27：2023行存转天同少5天 12图28：2024Q1业周转数比长16天 12图29：2023行应款周天同加13天 12图30：2024Q1业账款转数比加34天 12图31：工业值（PE-TTM）前于2016以来位 13图32：子业值已调近2较水（估指为PE-TTM） 13表目录表1：国军子业2019-2023年业入归净利润 6表2：国军子业2020Q1-2024Q1营收、母净润 8表3：航子业2023营业入归净润 14表4：航子业2024Q1营业入归净润 14表5：航子业2023营业入归净润 15表6：航子业2024Q1营业入归净润 16表7：船子业2023营业入归净润 16表8：船子业2024Q1营业入归净润 17表9：陆子业2023营业入归净润 17表10：装行业2024Q1营收及母利润 18表息子业2023年业入归净润 18表12：息子业2024Q1营收及母利润 20表13：材子业2023年业入归净润 21表14：材子业2024Q1营收及母利润 22表15：业点市盈利测估与级 24120232024报业绩总体情况20231413年，国防军工行业实现营业收入0亿元，同比2.73；实现归380+5.53图1：2023年国防军工行业营业收入同比增长12.73% 图2：2023年国防军工行业归母净利润同比增长5.53%0

行业营业收入单：元） 14.18%6,68011.61%4,67314.18%6,68011.61%4,6735,9255,3361 %4,18711.05%2.73

0

行业归母净利（位亿） 66.77%38536038066.77%38536038034120512.88%5.53%-6.45%

0%资料来源：， 资料来源：，SW20235/3113/31图3：2023年国防军工行业收入增速排5/31位资料来源：，图4：2023年国防军工行业利润增速排13/31位SW一级行业2023年归母净利润同比增长5.53%5.53%SW传媒SW传媒SWSWSWSWSW汽车SWSWSWSWSW计算机SW通信光大国防军工SW机械设备SW银行SW环保SWSWSWSW钢铁SW医药生物SW煤炭SW电子SWSWSWSWSWSWSW综合SW房地产资料来源：，；注：农林牧渔行业同比转亏，房地产、综合行业总体亏损，社会服务、商贸零售同比扭亏2023速较快个细分子行业进行分析。表1：国防军工子行业2019-2023年营业收入、归母净利润子行业营业收入（单位：亿元）归母净利润（单位：亿元）2019202020212022202320192020202120222023航空1,396.251,522.281,758.771,979.602,333.7146.9773.0899.04101.10123.22航空YOY9.3%15.53%12.56%17.89%55.59%35.53%2.8%21.88%航天300.90320.81380.60432.86445.3017.6821.0923.9824.3522.43航天YOY6.2%18.64%13.73%2.7%19.30%13.68%1.5%-7.87%船舶1,320.181,457.401,572.021,750.702,140.4517.8455.4322.62-5.0935.89船舶YOY10.39%7.6%11.37%22.26%21.7%-5.1%转亏扭亏陆装222.91236.70259.14250.41203.3013.0416.1420.5120.2219.45陆装YOY6.8%9.8%-3.37%-1.8%23.81%27.10%-1.45%-3.80%信息化730.01885.101,050.481,127.661,136.6183.65136.03162.32152.81111.52信息化YOY21.24%18.69%7.5%0.9%62.62%19.32%-5.86%-2.0%新材料217.00251.01315.09384.27420.5925.4239.4356.6766.9167.70新材料YOY15.67%25.53%21.96%9.5%55.10%43.73%18.08%1.7%资料来源：，

各细分行业来看，营业收入方面，2023年航空、船舶、信息化子行业占比较大。收入增速方面，船舶（同比+22.26%）、航空（同比+17.89%）、新材料（同比+9.45%）较高。图5：2023年国防军工细分行业营业收入占比 图6：2020-2023年国防军工细分行业营业收入增速资料来源：， 资料来源：，归母净利润方面，2023年信息化、航空、新材料子行业占比较大。归母净利润增速方面，船舶实现扭亏，航空（同比+21.88%）、新材料（同比+1.17%）实现了正增长。图7：2023年国防军工细分行业归母净利润占比 图8：2020-2023年国防军工细分行业归母净利润增速资料来源：， 资料来源：，2024Q12024Q1，国防军工行业实现营业收入1300亿元，同比+10.27%；实现归母净利润73亿元，同比-14.50%。图9：2024Q1国防军工行业业收入同比增长10.27% 图10：2024Q1国防军工行业归母净利润同比减少14.50%1,400

行业营业收入单：元）

33.66%1,30033.66%1,3001,1791,08595071114.22%8.63%10.27%

行业归母净利（位亿） 90 85

20%0

8070 0

72

17.87%

0.26%

73

资料来源：， 资料来源：，其他行业按照SW一级行业分类选取。与其他行业相比，国防军工行业2024Q1收入增速排4/31位，利润增速排20/31位。图11：2024Q1国防军工行业收入增速排4/31位资料来源：，图12：2024Q1国防军工行业利润增速排20/31位资料来源：，；注：农林牧渔、综合23Q1、24Q1均亏损2024Q16个子行业202Q1-2024Q1收入、利润情况如下。表2：国防军工子行业2020Q1-2024Q1营业收入、归母净利润子行业营业收入（单位：亿元）归母净利润（单位：亿元）2020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q1航空242.36294.00350.33397.69440.9511.4016.3321.3924.9328.56航空YOY21.31%19.16%13.52%10.88%43.23%31.04%16.54%14.56%航天45.1768.4483.0792.2677.471.264.184.855.153.01航天YOY51.53%21.38%11.06%-1.0%23.6%16.02%6.7%-4.6%船舶228.55289.86294.04308.81439.6931.985.481.543.107.32船舶YOY26.83%1.4%5.2%42.38%-8.8%-7.9%10.9%13.9%陆装30.4138.7148.9841.0637.911.513.975.622.181.88陆装YOY27.29%26.54%-1.1%-7.67%16.0%41.68%-6.2%-1.6%信息化116.32194.09222.88239.83203.0211.3530.9636.0532.9415.23信息化YOY66.86%14.83%7.0%-1.3%17.6%16.46%-8.64%-5.7%新材料47.8964.8285.6798.97100.576.3211.3615.7417.1217.03新材料YOY35.36%32.17%15.52%1.2%79.73%38.52%8.7%-0.49%资料来源：，

2024Q1（同比28（同比+10.88子行业增速较快。图13：2024Q1国防军工细分行业营业收入占比 图14：2021Q1-2024Q1国军工细分行业营业收入增速资料来源：， 资料来源：，归母净利润方面，2024Q1航空、新材料、信息化占比较大。归母净利润增速方面，船舶（同比+135.93%）、航空（同比+14.56%）实现同比提升。图15：2024Q1国防军工细分行业归母净利润占比 图16：2021Q1-2024Q1国军工细分行业归母净利润增速资料来源：， 资料来源：，国防军工行业20232024Q120230.09PCT，净利率同比-0.54PCT。2024Q10.70PCT。图17：2019-2023行业利润情况 图18：2020Q1-2024Q1行利润率情况资料来源：， 资料来源：，期间费用率方面，2023年期间费用率同比+0.74pct至6，研发费用率方面同比+0.42pct5.86%。2024Q10.73pct0，研发费用率-0.01ct至3%。图19：2019-2023年行业期费用率情况 图20：2020Q1-2024Q1行期间费用率情况资料来源：， 资料来源：，存货方面，20232024Q120239.45%，2024Q1+6.95%。图21：2023年行业存货同比+9.45% 图22：2024Q1行业存货同比+6.95%0

存货（单位：元） 存货YOY20.46%3,0862,8192,5322,23620.46%3,0862,8192,5322,2361,85613.20%11.36%9.45%

0

存货（单位：元） 存货YOY28.65%3,0623,2752,7342,3861,85514.56%28.65%3,0623,2752,7342,3861,85514.56%12.01%6.95%

资料来源：， 资料来源：，将预收账款及合同负债加和进行分析。2023年及2024Q1同比上升，数值仍处在高位。图23：2023年行业预收账及合同负债同比+4.90% 图24：2024Q1行业预收账款及合同负债同比+9.07%0

预收账款+合负（位亿） 88.70%88.70%2,0412,0002,09854.17%1,3247024.90%-2.01%

100%0%-10%

0

预收账款+合负（位亿） 2,1791,9971,4681,3689.07%-2.68%-6.81%

0%-10%资料来源：， 资料来源：，2023转期小幅增长全年维度来看，2023点，近年来一季度经营性现金流量总体呈净流出状态。图25：2023年军工行业现流占营收比例同比有所提升 图26：近5年军工行业Q1营性现金流量持续为负

经营活动产生的现金流量净额/营业收入10.20%10.20%9.61%8.09%4.88%5.08%

经营活动产生的现金流量净额/营业收入资料来源：， 资料来源：，存货周转方面，20232024Q12023516图27：2023年行业存货周天数同比减少5天 图28：2024Q1行业存货周转天数同比减少16天资料来源：， 资料来源：，应收账款周转方面，2023年行业同比进一步增加13天，2024Q1同比增加34天。图29：2023年行业应收账周转天数同比增加13天 图30：2024Q1行业应收账款周转天数同比增加34天资料来源：， 资料来源：，201630015-162021424430PE-TTM582016图31：军工行业估值（PE-TTM）目前处于2016年以来低位资料来源：，，统计日期至2024年4月30日（PE-TTM）244302图32：各子行业估值大多已调整至近2年较低水平（估值指标为PE-TTM）航空 航天 陆装 舰船 信息化 新材料0资料来源：，，统计日期至2024年4月30日。注：舰船估值数据剔除负值，极值为20231027数据791。220232024总体情况航空：2324Q1202023233417.89%；实现归123.2221.88%。表3：航空子行业2023年营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入2023同比增长归母净利润（单位：亿元）归母净利润2023比增长20192020202120222023201920202021202220231688510.SH航亚科技2.583.013.133.635.4449.93%0.420.600.240.200.9034.6%2002023.SZ海特高新8.089.648.419.1010.5315.81%0.760.327.360.130.4726.9%3688070.SH纵横股份2.112.722.502.873.025.3%0.390.41-0.23-0.26-0.65亏损4600372.SH中航机载83.5287.4798.39111.86290.0715.3%5.566.317.998.7218.8611.3%5000768.SZ中航西飞342.98334.84327.00376.60403.017.1%5.697.776.535.238.6164.51%6600760.SH中航沈飞237.61273.16340.88415.98462.4811.18%8.7814.8016.9623.0530.0730.47%7300775.SZ三角防务6.146.1511.7218.7624.9432.90%1.922.044.126.258.1530.39%8600038.SH中直股份157.95196.55217.90194.73233.3019.81%5.887.589.133.874.4314.37%9600893.SH航发动力252.11286.33341.02370.97437.3417.89%10.7711.4611.8812.6814.2112.12%10600765.SH中航重机59.8566.9887.90105.70105.770.7%2.753.448.9112.0213.2910.55%11000738.SZ航发控制30.9234.9941.5749.4253.247.4%2.813.684.886.887.275.5%12600391.SH航发科技33.8427.2135.0538.0145.1818.85%0.23-0.160.210.470.483.3%13605123.SH派克新材8.8410.2817.3327.8236.1830.06%1.621.673.044.864.921.3%14688239.SH航宇科技5.896.719.6014.5421.0444.69%0.540.731.391.831.861.9%15300424.SZ航新科技14.3512.2411.6013.9715.7913.01%0.68-3.270.260.270.24-1.0%16688297.SH中无人机2.5112.1724.7627.7326.64-3.94%-0.101.652.963.703.03-1.2%17688586.SH江航装备6.758.319.5311.1512.148.9%1.131.942.312.441.93-2.9%18603308.SH应流股份18.6018.3320.4021.9824.129.5%1.312.022.314.023.03-2.5%19300900.SZ广联航空2.683.152.376.647.4011.50%0.751.010.381.501.05-3.2%20002985.SZ北摩高科4.146.8711.329.989.54-4.39%2.123.174.223.142.17-3.7%21002389.SZ航天彩虹31.0129.8829.1438.5828.66-2.7%2.322.742.283.071.53-4.9%22688685.SH迈信林2.492.893.213.242.94-9.36%0.420.510.510.420.15-6.0%23000697.SZ*ST炼石19.8011.319.8612.3615.1622.65%-15.48-4.80-5.55-8.02-2.62减亏24300696.SZ爱乐达1.843.046.145.613.50-3.6%0.781.372.552.130.69-6.6%25688287.SH观典防务1.461.802.302.912.12-2.1%0.420.530.720.870.25-7.3%26600316.SH洪都航空44.2050.6972.1472.5137.27-4.6%0.831.331.511.410.33-7.9%27002933.SZ新兴装备3.693.202.461.914.1611.3%1.370.98-0.02-0.580.14-12.6%28688237.SH超卓航科0.511.221.411.402.7093.39%0.110.640.710.59-0.35亏损29603261.SH立航科技2.382.933.053.702.35-3.5%0.680.690.700.35-0.68亏损30300719.SZ安达维尔5.526.104.754.138.5110.2%0.730.950.10-0.461.13扭亏31300965.SZ*ST恒宇1.902.141.911.84-0.82-14.4%0.780.980.680.33-1.67亏损Σ1,396.251,522.281,758.771,979.602,333.7117.89%46.9773.0899.04101.10123.2221.88%资料来源：，

航空子行业2024Q1实现营业收入441亿元，同比+10.88%；实现归母净利润29亿元，同比+14.56%。表4：航空子行业2024Q1营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入24Q1增长归母净利润（单位：亿元）归母净利润24Q1比增长2020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q11600038.SH中直股份19.5232.0016.2532.2733.734.3%0.521.640.110.141.3081.1%2300719.SZ安达维尔0.520.780.611.000.97-3.25%-0.12-0.01-0.130.010.0575.5%3688510.SH航亚科技0.670.590.621.131.6141.77%0.120.030.020.120.3215.4%4600372.SH中航机载12.2919.6123.4624.6756.4312.7%0.751.392.012.114.5411.4%5002023.SZ海特高新1.631.862.232.292.6716.88%-0.480.090.210.130.2610.2%6603261.SH立航科技-0.120.340.240.12-4.5%--0.040.02-0.06-0.10亏损7600893.SH航发动力34.5237.4254.0061.5062.721.8%0.860.340.660.881.5576.03%8300900.SZ广联航空0.130.151.041.582.2441.69%-0.03-0.020.170.250.3120.74%9600765.SH中航重机13.2917.8520.6523.4026.4813.16%0.400.762.082.713.2118.80%10000768.SZ中航西飞64.6066.7975.0979.4384.556.5%0.441.351.552.362.7215.67%11600760.SH中航沈飞57.0157.9078.0391.7594.933.7%5.983.455.116.427.1611.58%12603308.SH应流股份4.244.585.236.076.629.7%0.380.600.660.810.9111.13%13688239.SH航宇科技1.301.973.125.605.783.1%0.170.330.520.510.5610.30%14688685.SH迈信林0.220.660.580.660.706.2%0.010.050.110.070.088.2%15000738.SZ航发控制7.099.2012.1013.4114.155.4%0.911.332.142.442.606.9%16600316.SH洪都航空2.135.607.241.372.6895.10%-0.120.340.05-0.09-0.09亏损17688586.SH江航装备1.051.892.693.053.091.3%0.260.440.570.600.611.0%18300775.SZ三角防务1.431.884.286.596.43-2.28%0.370.751.422.182.09-4.04%19000697.SZ*ST炼石4.432.372.923.634.2416.82%-0.24-0.44-0.85-0.88-0.74亏损20688237.SH超卓航科-0.260.430.600.8642.90%-0.150.260.210.17-1.8%21688287.SH观典防务0.290.330.370.430.4811.20%0.040.060.060.090.06-3.3%22002985.SZ北摩高科1.012.543.683.152.40-2.7%0.581.051.541.350.73-4.6%23605123.SH派克新材1.623.266.119.437.49-2.5%0.240.561.071.430.73-4.3%24002933.SZ新兴装备0.570.210.770.440.9210.7%0.19-0.180.10-0.12-0.06减亏25600391.SH航发科技4.567.057.517.418.119.0%-0.33-0.25-0.25-0.11-0.02减亏26002389.SZ航天彩虹4.204.967.245.094.64-8.87%0.050.190.350.190.03-8.3%27300696.SZ爱乐达0.491.081.771.500.55-6.5%0.260.470.660.56-0.06亏损28688297.SH中无人机-8.058.564.770.61-8.1%-1.761.350.64-0.27亏损29300965.SZ*ST恒宇0.400.440.340.220.3560.19%0.200.210.01-0.020.07扭亏30300424.SZ航新科技2.942.422.604.224.13-2.07%0.000.06-0.16-0.020.14扭亏31688070.SH纵横股份0.180.210.480.800.27-6.8%-0.03-0.12-0.020.01-0.29亏损Σ242.36294.00350.33397.69440.9510.88%11.4016.3321.3924.9328.5614.56%资料来源：，航天子行业分为卫星发射、运营、应用，以及导弹两个方向。下，需求明显增加。带来了新的增长点。航天子行业2023年实现营业收入445亿元，同比+2.87%；实现归母净利润2亿元，同比-7.87。表5：航天子行业2023年营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入2023同比增长归母净利润（单位：亿元）归母净利润2023长20192020202120222023201920202021202220231688333.SH铂力特3.224.125.529.1812.3234.24%0.740.87-0.530.801.4278.10%2688433.SH华曙高科1.552.173.344.576.0632.74%0.180.411.170.991.3132.24%3002683.SZ广东宏大59.0263.9585.26101.69115.4313.51%3.074.044.805.617.1627.68%4301050.SZ雷电微力2.973.427.358.608.862.7%0.831.212.022.773.0510.10%5688523.SH航天环宇2.022.663.064.014.5613.65%0.670.870.831.231.349.7%6600879.SH航天电子137.12140.09159.89174.76187.277.6%4.584.785.496.115.25-1.0%7002977.SZ天箭科技2.772.192.783.431.67-5.2%0.960.821.110.730.50-3.1%8003009.SZ中天火箭7.978.6310.1512.3611.80-4.50%0.991.031.221.440.96-3.4%9600118.SH中国卫星64.6370.0770.5982.4268.81-1.5%3.363.542.332.861.58-4.8%10603131.SH上海沪工9.0710.8613.119.9210.536.0%0.951.221.44-1.27-0.54减亏11300593.SZ新雷能7.728.4314.7817.1414.67-1.4%0.621.232.742.830.97-6.7%12688311.SH盟升电子2.834.234.764.793.31-3.8%0.731.071.340.26-0.56亏损Σ300.90320.81380.60432.86445.302.87%17.6821.0923.9824.3522.43-7.87%资料来源：，航天子行业2024Q1实现营业收入7亿元，同比-16.02；实现归母净利润3亿元，同比-41.66。表6：航天子行业2024Q1营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入24Q1同比增长归母净利润（单位：亿元）归母净利润24Q1比增长2020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q11603131.SH上海沪工1.042.232.482.032.218.7%0.050.130.110.070.1916.2%2002683.SZ广东宏大9.0414.8717.8919.7621.9110.89%0.360.740.410.510.7547.01%3688433.SH华曙高科--0.781.011.2423.49%--0.190.200.2628.45%4688311.SH盟升电子0.150.200.120.410.14-6.4%-0.060.01-0.12-0.19-0.2211.60%5301050.SZ雷电微力0.292.722.252.463.6247.28%0.040.791.070.900.9910.13%6600879.SH航天电子21.1828.8836.8544.6138.14-1.5%0.361.281.661.821.43-2.4%7688523.SH航天环宇--0.080.250.4471.83%---0.070.060.04-2.2%8002977.SZ天箭科技0.020.530.860.240.2819.99%-0.020.160.190.160.07-5.4%9003009.SZ中天火箭1.152.152.101.812.1217.26%0.190.490.380.280.08-7.8%10688333.SH铂力特0.180.450.901.332.0654.72%-0.17-0.50-0.32-0.280.01-10.7%11300593.SZ新雷能1.002.834.714.972.00-5.8%0.040.510.871.14-0.39-13.9%12600118.SH中国卫星11.1013.5714.0413.373.31-7.2%0.480.560.490.50-0.21-14.8%Σ45.1768.4483.0792.2677.47-16.02%1.264.184.855.153.01-41.66%资料来源：，202123-24船舶子行业2023年实现营业收入2140亿元，同比+22.26%；实现归母净利润36亿元，同比扭亏。表7：船舶子行业2023年营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入2023同比增长归母净利润（单位：亿元）归母净利润2023比增长20192020202120222023201920202021202220231600150.SH中国船舶231.36552.44597.40595.58748.3925.66%4.053.062.141.7229.57162.7%2300589.SZ江龙船艇5.516.136.916.8111.8774.40%0.340.350.410.130.4423.4%3600482.SH中国动力296.91270.14282.09382.98451.0317.77%9.915.436.133.337.7913.3%4601890.SH亚星锚链12.8411.0913.2015.1619.3127.34%0.900.871.211.492.3758.71%5600416.SH湘电股份52.0546.9640.2644.5245.632.1%-15.790.750.792.553.0017.47%6300008.SZ天海防务5.895.2413.9127.3036.0632.13%-3.580.260.261.381.02-2.6%7600072.SH中船科技33.2818.7524.0933.49144.86-2.9%1.381.430.801.101.62-4.9%8600764.SH中国海防40.7446.7048.7442.9235.92-1.3%6.467.488.495.853.09-4.2%9601989.SH中国重工380.57349.06395.39441.55466.945.5%4.10-3.772.20-22.12-7.82减亏10300065.SZ海兰信8.128.719.027.247.544.4%1.030.570.49-7.89-1.16减亏11600685.SH中船防务218.29116.08116.72127.95161.4626.19%5.4836.620.796.880.48-9.0%12688132.SH邦彦技术2.702.793.083.701.81-5.1%0.280.710.790.41-0.52亏损13300810.SZ中科海讯2.411.252.022.181.65-2.50.820.210.110.13-1.57亏损14300600.SZ国瑞科技4.863.852.202.741.96-2.5%0.860.68-2.680.00-0.23亏损15300527.SZ中船应急24.6418.2116.9816.586.03-6.6%1.600.780.67-0.05-2.17亏损Σ1,320.181,457.401,572.021,750.702,140.4522.26%17.8455.4322.62-5.1035.89扭亏资料来源：，船舶子行业2024Q1实现营业收入440亿元，同比+42.38%；实现归母净利润7亿元，同比+135.93%。表8：船舶子行业2024Q1营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入24Q1增长归母净利润（单位：亿元）归母净利润24Q12020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q11600150.SH中国船舶102.09100.54131.1090.44152.7068.84%0.020.920.520.444.0182.1%2300008.SZ天海防务0.851.813.196.316.736.0%0.130.120.060.080.3128.2%3688132.SH邦彦技术0.270.260.571.2812.8%-0.06-0.200.120.3520.0%4300810.SZ中科海讯0.190.340.360.480.503.9%0.030.000.03-0.05-0.14亏损5600482.SH中国动力37.4062.3659.5391.62114.0224.44%-0.341.470.670.340.8816.2%6300589.SZ江龙船艇0.661.021.161.703.5710.5%-0.010.020.040.050.1415.8%7601989.SH中国重工45.2371.2461.1468.23101.6749.00%1.012.030.560.661.3510.6%8601890.SH亚星锚链2.894.493.544.894.49-8.14%0.190.320.270.590.6815.30%9600416.SH湘电股份8.5111.6510.4611.5112.619.1%-0.720.300.501.020.60-4.8%10300527.SZ中船应急1.302.680.951.021.4036.61%-0.220.16-0.61-0.20-0.12减亏11300065.SZ海兰信1.201.321.331.520.47-6.1%-0.16-0.31-0.290.050.02-4.0%12600764.SH中国海防3.088.654.544.373.58-1.9%-0.320.620.150.160.04-7.8%13300600.SZ国瑞科技0.820.610.490.450.5319.63%0.080.04-0.08-0.060.00减亏14600685.SH中船防务22.5218.2411.2818.9928.0747.82%32.23-0.21-0.12-0.270.15扭亏15600072.SH中船科技1.804.664.716.708.06-7.8%0.060.040.050.17-0.98亏损Σ228.55289.86294.04308.81439.6942.38%31.985.481.543.107.32135.93%资料来源：，无论是国内陆战装备更新换代还是国际军贸市场，对先进的装甲车辆都存在需求，实训备战对弹药方面的需求也在提升，整个板块呈现平稳发展态势。陆装子行业2023年实现营业收入203亿元，同比-18.81%；实现归母净利润9亿元，同比-380。表9：陆装子行业2023年营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入2023同比增长归母净利润（单位：亿元）归母净利润2023比增长20192020202120222023201920202021202220231300875.SZ捷强装备2.452.681.982.402.9322.24%0.951.000.31-0.17-0.68亏损2688543.SH国科军工3.085.746.728.3710.4024.25%0.130.630.751.111.4127.26%3300922.SZ天秦装备2.132.302.411.481.554.1%0.530.640.810.270.3219.71%4300722.SZ新余国科2.252.442.933.413.8914.05%0.400.490.620.660.7614.07%5688511.SH天微电子1.522.352.081.121.4024.90%0.451.131.150.450.5010.84%6600967.SH内蒙一机126.81132.34138.16143.49100.10-3.2%5.726.567.478.238.513.2%7000519.SZ中兵红箭53.2264.6375.1467.1461.16-8.90%2.552.754.858.198.281.3%8601606.SH长城军工14.9915.8616.9617.1416.15-5.83%1.001.171.360.800.27-6.5%9688151.SH华强科技16.488.3512.755.865.73-2.21%1.301.763.190.680.08-8.3%Σ222.91236.70259.14250.41203.30-18.81%13.0416.1420.5120.2219.45-3.80%资料来源：，陆装子行业2024Q1实现营业收入37.91亿元，同比-7.6%；实现归母净利润8亿元，同比-13.65。表10：陆装子行业2024Q1营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入24Q1增长归母净利润（单位：亿元）归母净利润24Q1比增长2020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q11688543.SH国科军工--0.621.461.8325.96%---0.080.090.3324.7%2300922.SZ天秦装备0.290.410.310.270.3940.88%0.080.160.100.080.1025.94%3601606.SH长城军工1.711.582.562.141.41-3.3%-0.35-0.32-0.30-0.29-0.35亏损4688151.SH华强科技-2.882.271.921.21-3.7%-1.000.750.170.14-1.3%5600967.SH内蒙一机18.6819.1228.0425.9322.84-1.9%1.471.772.062.141.68-2.5%6300722.SZ新余国科0.230.500.730.650.7921.73%0.000.070.110.130.08-3.4%7688511.SH天微电子0.410.500.500.440.37-1.0%0.180.290.230.170.10-4.9%8000519.SZ中兵红箭9.0613.6613.827.768.8614.13%0.200.972.82-0.34-0.14减亏9300875.SZ捷强装备0.010.060.140.490.21-5.2%-0.060.04-0.070.02-0.06亏损Σ30.4138.7148.9841.0637.91-7.67%1.513.975.622.181.88-13.65%资料来源：，装备换代，因此信息化子行业有望迎来高速发展的机遇。同时，防务装备上的自主研发以及民用领域的应用拓展，也为信息化企业提供了更大的市场空间，例如信息化产品在通信、导航、计算机等领域的应用，为企业收入、利润的提升也起到了重要作用。信息化子行业2023年实现营业收入1137亿元，同比+0.79%；实现归母净利润2亿元，同比-27.02。表11：信息化子行业2023年营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入2023同比增长归母净利润（单位：亿元）归母净利润202320192020202120222023201920202021202220231688439.SH振华风光2.573.615.027.7912.9766.54%0.691.051.773.036.1110.5%2002214.SZ大立科技5.3010.908.054.012.55-3.4%1.363.901.71-1.51-2.92亏损3688011.SH新光光电1.921.241.441.501.628.5%0.600.240.02-0.25-0.39亏损4688002.SH睿创微纳6.8515.6117.8026.4635.5934.50%2.025.844.613.134.9658.21%5688568.SH中科星图4.897.0310.4015.7725.1659.54%1.031.472.202.433.4341.11%6002025.SZ航天电器35.3442.1850.3860.2062.103.6%4.024.344.875.557.5035.11%7300397.SZ天和防务8.6812.235.595.023.51-3.1%0.871.03-0.72-1.51-1.96亏损8688636.SH智明达2.613.254.495.416.6322.58%0.590.861.120.750.9627.70%9002179.SZ中航光电91.59103.05128.67158.38200.7426.75%10.7114.3919.9127.1733.3922.90%10688375.SH国博电子22.2522.1225.0934.6135.673.8%3.673.083.685.216.0616.45%11300416.SZ苏试试验7.8811.8515.0218.0521.1717.26%0.871.231.902.703.1416.44%12000733.SZ振华科技36.6839.5056.5672.6777.897.9%2.986.0614.9123.8226.8212.58%13688709.SH成都华微1.423.385.388.459.269.4%-0.110.471.732.813.1110.61%14688272.SH*ST富吉1.653.273.181.112.0988.77%0.140.860.76-0.88-0.96亏损15600562.SH国睿科技11.6036.0634.3232.2532.821.7%0.424.665.265.495.999.0%16002338.SZ奥普光电4.024.415.476.277.7323.35%0.440.490.470.820.875.3%17002465.SZ海格通信46.0751.2254.7456.1664.4914.84%5.195.866.546.687.035.1%18600435.SH北方导航22.9330.0639.9238.3935.65-7.16%0.450.631.341.851.923.8%19688788.SH科思科技6.746.556.102.332.361.8%2.181.771.76-1.97-2.03亏损20300516.SZ久之洋5.737.237.297.447.703.0%0.620.680.780.820.831.0%21600184.SH光电股份23.3224.9233.1225.1322.01-1.4%0.620.520.620.710.69-2.69%22002049.SZ紫光国微34.3032.7053.4271.2075.656.6%4.068.0619.5426.3225.31-3.84%23300252.SZ金信诺26.7719.6127.3421.3119.98-6.25%0.71-0.660.47-3.78-3.27减亏24688081.SH兴图新科2.001.931.571.441.494.3%0.520.33-0.46-0.79-0.68减亏25002935.SZ天奥电子8.679.1610.4312.1111.09-8.42%1.111.011.181.130.87-2.5%26300447.SZ全信股份6.257.139.4010.9210.37-5.05%1.371.391.631.891.34-2.4%27688084.SH晶品特装1.102.854.222.802.25-1.4%-3.740.590.610.450.31-3.4%28688552.SH航天南湖6.677.727.979.537.26-2.8%0.872.301.311.571.02-3.6%29001270.SZ铖昌科技1.331.752.112.782.873.4%0.670.451.601.330.80-3.9%30688522.SH纳睿雷达1.051.311.832.102.121.8%0.710.670.971.060.63-4.2%31603712.SH七一二21.4126.9634.5140.4032.68-1.1%3.455.236.887.754.40-4.2%32300726.SZ宏达电子8.4414.0120.0021.5817.06-2.9%2.934.848.168.524.72-4.6%33688776.SH国光电气3.554.465.909.117.45-1.2%0.420.951.651.660.90-4.5%34688682.SH霍莱沃1.692.293.303.363.9417.26%0.350.450.610.500.27-4.2%35000561.SZ烽火电子13.4513.8715.0216.0014.70-8.11%0.910.991.110.980.52-4.4%36688175.SH高凌信息2.523.984.955.173.56-3.1%0.411.091.190.880.46-4.9%37300114.SZ中航电测15.4517.6019.4319.0516.77-1.9%2.122.633.071.930.98-4.1%38002413.SZ雷科防务11.2512.1616.2213.6413.18-3.39%1.371.72-2.41-9.35-4.43减亏39688053.SH思科瑞1.051.662.222.431.95-1.6%0.340.750.970.970.43-5.7%40603678.SH火炬电子25.6936.5647.3435.5935.04-1.55%3.816.099.568.013.18-6.2%41603267.SH鸿远电子10.5417.0024.0325.0216.76-3.0%2.794.868.278.052.72-6.1%42002829.SZ星网宇达3.996.857.6810.747.71-2.2%0.121.101.612.150.54-7.9%43300101.SZ振芯科技4.725.777.9411.828.52-2.9%0.050.811.513.000.73-7.8%44300123.SZ亚光科技22.0618.1315.8816.8615.89-5.79%2.800.35-11.99-12.01-2.83减亏45300474.SZ景嘉微5.316.5410.9311.547.13-3.1%1.762.082.932.890.60-7.3%46300581.SZ晨曦航空2.392.712.242.332.330.2%0.490.630.270.360.06-8.8%47002414.SZ高德红外16.3833.3435.0025.2924.15-4.49%2.2110.0111.115.020.68-8.5%48301213.SZ观想科技1.401.571.540.961.026.4%0.520.570.580.18-0.02亏损49300045.SZ华力创通6.416.456.653.857.1084.27%-1.480.28-2.28-1.100.18扭亏50688282.SH理工导航2.263.063.182.050.22-8.3%0.670.710.730.56-0.23亏损51301306.SZ西测测试1.652.022.463.042.91-4.29%0.330.500.670.65-0.52亏损52300456.SZ赛微电子7.187.659.297.8613.0065.39%1.152.012.06-0.731.04扭亏53688066.SH航天宏图6.018.4714.6824.5718.19-2.9%0.841.292.002.64-3.74亏损54301302.SZ华如科技3.205.266.868.333.62-5.5%0.710.921.181.34-2.22亏损55300762.SZ上海瀚讯5.466.417.294.013.13-2.9%1.151.672.350.86-1.90亏损56600990.SH四创电子36.7139.4231.4327.2119.27-2.1%1.111.701.840.66-5.53亏损57600071.SH凤凰光学11.2812.7315.9318.6517.91-3.95%0.040.140.110.05-0.84亏损58000547.SZ航天发展40.3944.3642.2535.6418.63-4.7%6.648.086.510.36-19.50亏损Σ730.01885.101050.481127.661136.610.79%83.65136.03162.32152.81111.52-27.02%资料来源：，

信息化子行业2024Q1实现营业收入203-15.355亿元，同比-53.75。表12：信息化子行业2024Q1营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入24Q1同比增长归母净利润（单位：亿元）润24Q12020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q11688636.SH智明达0.340.541.010.680.49-2.3%-0.020.090.09-0.01-0.11亏损2301306.SZ西测测试-0.430.500.501.0912.8%-0.090.08-0.06-0.36亏损3000561.SZ烽火电子0.591.851.592.411.39-4.2%-0.53-0.15-0.35-0.19-0.59亏损4300581.SZ晨曦航空0.230.520.240.300.01-9.6%-0.090.020.06-0.08-0.15亏损5688066.SH航天宏图0.170.701.952.752.21-1.4%-0.36-0.45-0.50-0.89-1.51亏损6002214.SZ大立科技3.052.931.410.410.30-2.7%1.151.010.08-0.46-0.77亏损7688002.SH睿创微纳2.313.814.457.9010.0727.47%0.850.960.140.821.2957.56%8000547.SZ航天发展7.689.4510.085.424.33-2.1%1.231.881.44-1.15-1.75亏损9688776.SH国光电气-1.051.951.661.59-3.85%-0.280.420.200.2940.83%10300762.SZ上海瀚讯0.410.630.170.770.68-1.8%-0.070.08-0.20-0.08-0.10亏损11688439.SH振华风光--1.853.243.487.3%--0.871.291.408.7%12600071.SH凤凰光学2.013.453.903.633.958.4%-0.060.04-0.13-0.21-0.22亏损13688375.SH国博电子-3.596.056.986.93-0.62%-0.601.001.161.214.2%14600562.SH国睿科技1.038.345.885.725.62-1.82%-0.030.750.861.121.162.0%15002025.SZ航天电器7.6011.1915.0917.8316.14-9.47%0.731.191.592.202.262.8%16002465.SZ海格通信7.868.729.3810.3411.4410.67%0.320.480.520.420.430.9%17688788.SH科思科技0.031.120.270.110.1425.24%-0.230.31-0.26-0.54-0.54亏损18300416.SZ苏试试验1.772.833.444.384.421.3%-0.010.160.290.440.42-4.87%1968852H航天南湖--0.120.510.28-4.9%---0.27-0.17-0.16减亏20300516.SZ久之洋0.711.170.910.730.64-1.4%0.020.130.090.050.04减亏21688084.SH晶品特装--0.300.140.08-3.9%---0.02-0.10-0.09减亏22300114.SZ中航电测3.234.164.093.583.26-8.97%0.340.400.250.230.20-1.8%23002935.SZ天奥电子0.360.650.711.251.07-1.5%-0.14-0.10-0.12-0.11-0.09减亏24002338.SZ奥普光电0.761.431.161.901.72-9.25%0.110.160.170.210.17-1.8%25688709.SH成都华微---2.191.39-3.3%---0.750.59-2.7%26002179.SZ中航光电18.0033.8639.6753.4240.13-2.8%1.646.247.379.937.51-2.4%27301302.SZ华如科技-0.080.150.190.3793.04%--0.31-0.32-0.54-0.40减亏28603267.SH鸿远电子2.755.937.034.354.29-1.44%0.732.182.591.020.72-2.7%29688011.SH新光光电0.150.290.140.280.3318.09%-0.020.09-0.09-0.07-0.05减亏30300045.SZ华力创通1.701.521.480.911.7491.54%0.210.130.020.020.01-3.9%31301213.SZ观想科技-0.100.050.100.1557.83%-0.05-0.05-0.020.010.01-3.3%32603712.SH七一二2.643.474.104.724.903.8%0.090.170.210.250.16-3.4%33603678.SH火炬电子6.0511.538.436.426.521.7%0.692.581.941.260.74-4.2%34300726.SZ宏达电子1.453.794.293.873.10-1.9%0.411.711.761.450.78-4.8%35002049.SZ紫光国微6.469.5213.4115.4111.41-2.9%1.903.245.315.843.07-4.4%36300447.SZ全信股份0.972.163.043.222.77-1.8%0.110.390.550.630.33-4.3%37688522.SH纳睿雷达--0.270.350.31-1.3%--0.070.080.04-5.1%38688175.SH高凌信息-0.630.460.200.4110.7%-0.060.02-0.11-0.05减亏39688682.SH霍莱沃0.340.450.540.760.59-2.1%0.030.040.030.040.02-5.9%40688568.SH中科星图0.381.001.452.684.1956.43%-0.20-0.05-0.010.050.02-6.1%41300101.SZ振芯科技0.681.702.011.921.39-2.6%0.050.380.680.510.16-6.8%42688053.SH思科瑞-0.420.510.640.29-5.0%-0.180.190.230.05-8.4%43300474.SZ景嘉微1.182.123.620.651.0866.28%0.250.490.77-0.71-0.12减亏44000733.SZ振华科技8.8813.0818.8621.0210.14-5.7%1.112.476.077.351.02-8.1%45002414.SZ高德红外4.516.567.424.434.685.7%1.592.393.120.630.08-8.7%46600990.SH四创电子1.501.932.352.113.3960.84%-0.61-0.47-0.79-0.70-0.08减亏47300397.SZ天和防务2.851.470.940.811.3566.96%0.250.15-0.07-0.220.07扭亏48688272.SH*ST富吉-0.590.150.310.7614.0%-0.07-0.17-0.190.07扭亏49002829.SZ星网宇达0.981.120.491.230.45-6.4%0.100.18-0.080.21-0.12亏损50300456.SZ赛微电子1.611.991.731.912.7041.62%0.070.340.240.15-0.12亏损51300252.SZ金信诺4.375.295.836.494.66-2.2%-0.200.030.080.20-0.22亏损52001270.SZ铖昌科技-0.050.200.400.20-5.7%--0.040.110.12-0.15亏损53600184.SH光电股份1.144.325.033.172.30-2.6%-0.190.160.200.07-0.09亏损54688282.SH理工导航-0.480.690.080.1136.88%-0.060.140.11-0.18亏损55002413.SZ雷科防务1.332.043.303.012.38-2.9%0.180.200.260.17-0.31亏损56600435.SH北方导航1.914.385.755.840.79-8.5%-0.160.010.350.25-0.50亏损57300123.SZ亚光科技4.393.602.733.182.22-3.3%0.310.21-0.550.05-0.13亏损58688081.SH兴图新科0.020.050.260.430.18-5.8%-0.13-0.19-0.020.00-0.13亏损Σ116.32194.09222.88239.83203.02-15.35%11.3530.9636.0632.9415.23-53.75%资料来源：，新材料板块主要包含行业上游碳纤维、石英纤维、预浸料、钛合金、高温合金等非金属与金属材料。新材料板块的增长主要来源于新型装备对于新型材料的需求以及材料的自主研发需求。合金等材料相关标的业绩增长明显。新材料子行业2023年实现营业收入421亿元，同比+9.45%；实现归母净利润68亿元，同比+1.17%。表13：新材料子行业2023年营业收入及归母净利润序号证券代码证券简称营业收入（单位：亿元）营业收入2023同比增长归母净利润（单位：亿元）归母净利润202320192020202120222023201920202021202220231600399.SH抚顺特钢57.4162.7274.1478.1585.759.2%3.025.527.831.973.6284.39%2002625.SZ光启技术4.816.378.5911.6814.9427.98%1.151.632.713.775.8354.87%3600862