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研報掘金丨中郵證券:以伊戰爭持續,軍貿行情有望擴散
中郵證券研報指出,世界迎百年未有之大變局,俄烏、巴以、印巴、以伊等局部戰爭/衝突不斷,中國軍貿有望迎來大發展。該行認爲軍貿行情有望從軍機整機、雷達相關標的擴散到導彈、彈藥、軍機產業鏈等,建議關注高德紅外、廣東宏大、光電股份、北化股份、天秦裝備、理工導航、佳力奇等。展望2025年,“建軍百年奮鬥目標”任務進入下半場,軍工行業訂單有望迎來拐點,在服務於提升裝備性能或降低裝備成本的新技術、以新域新質作戰力量爲代表的新產品、軍貿和軍用技術轉化帶來的新市場方向或蘊含更大彈性。建議關注以下兩條投資主線:1)航空航天主線和“查漏補缺”新重點:包括菲利華、烽火電子、高德紅外、國科軍工、中國海防、中科海訊、中航沈飛、航發動力、中航高科、光威復材、鋼研高納、圖南股份、芯動聯科、北方導航等;2)蘊含更大彈性的新技術、新產品、新市場:包括航天智造、航天南湖、國睿科技、中科星圖、長盈通、華秦科技、晶品特裝、上大股份、航天彩虹、廣東宏大、臻鐳科技、鋮昌科技、海格通信、納睿雷達、潤貝航科、聯創光電、國光電氣等。
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