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中信建投:當前軍工行業已逐步進入新一輪增長週期
格隆匯 11-25 07:45
中信建投指出,目前軍工行業處於從業績預期到業績兑現的轉折點,924以來板塊最高升幅達50%,反映的是新週期增長預期,25Q1即將進入業績兑現階段,板塊結構性、分化性特點或將愈加明顯。“十四五”後期訂單有望逐步下發,積壓疊加新增需求,25Q1有望迎來行業經營拐點。當前軍工行業已逐步進入新一輪增長週期,由“量價齊升”過渡到“量增價穩”階段,由“平台放量”過渡到“建體系,補短板”階段,由“全面增長”過渡到“結構性增長”階段。行業未來增長主要呈現結構性特徵,傳統領域增長穩定,新域新質領域增長有望遠超行業均值,建議配置端向新領域龍頭及有新增長曲線的傳統龍頭傾斜。
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