20230702-德邦证券-国防军工行业周报_军工板块景气回升_建议持续关注_9页_778kb

Market performance shows strong gains in defense and military sector indices, outpacing broader markets with significant increases in both price and valuation. Valuations remain elevated but offer high safety margins, making the sector attractive for long-term investment. Key views emphasize the ongoing transformation in military-civilian industries and global defense developments, highlighting opportunities in areas like aerospace engines, drones, and information technology. The report recommends focusing on specific themes such as host manufacturers, propulsion systems, and international growth, with a list of preferred stocks. Major risks include order delays and slower reforms. Overall, the defense industry is viewed as a promising area for long-term portfolio allocation due to its resilience and innovation-driven growth potential.

• Market Performance: Defense indices surged, with weekly and year-to-date gains leading across various subsectors.
• Valuation: High PE-TTM levels indicate strong growth prospects with ample safety.
• Investment View: Military-civilian integration and technological advancements create diverse opportunities; recommended themes include laser weapons, unmanned aerial vehicles, and satellite technology.
• Key Recommendations: Focus on companies like航发动力、中航西飞、紫光国微, with detailed valuations provided for targeted investments.
• Risks: Potential delays in military orders, subpar performance, and slower国企 reforms are flagged as key concerns.