军工行业2026年三季报业绩综述：Q3单季承压，景气结构分化延续

12资料来源：Wind，国金证券研究所3军工行业整体：Q3单季收入利润承压，备产积极、回款同比改善4526Q1-Q3同比26Q3同比环比营收（亿）4,063.8-2.8%1,368.8-12.0%-11.4%归母净利润（亿）172.6-23.2%46.3-37.8%-44.0%毛利率20.2%+0.2pct20.1%+1.4pct-0.0pct净利率4.2%-1.1pct3.4%-1.4pct-2.0pct期间费用率14.6%+1.4pct15.0%+2.2pct+1.6pct资料来源：Wind，国金证券研究所3,442 3,825 3,538 4,181 4,064 341 348 233 225 173 11.1%-7.5%18.2%-2.8%2.1%-33.0%-3.8%-23.2%-40%-30%-20%-10%0%10%20%30% - 1,000 2,000 3,000 4,000 5,00022Q1-Q323Q1-Q324Q1-Q325Q1-Q326Q1-Q3营业收入（亿元）归母净利润（亿元）营收YoY归母净利YoY24.4%24.0%22.4%20.0%20.2%9.9%9.1%6.6%5.4%4.2%12.4%13.4%14.7%13.2%14.6%0.0%5.0%10.0%15.0%20.0%25.0%30.0%22Q1-Q323Q1-Q324Q1-Q325Q1-Q326Q1-Q3毛利率净利率期间费用率6单位：亿元2026/9/302026/6/30较上一季度末增长2025/12/31较年初增长合同负债465.7447.2+4.1%485.2-4.0%预付款项770.0714.5+7.8%755.4+1.9%存货3,225.63,089.3+4.4%2,784.2+15.9%在建工程525.9540.4-2.7%459.6+14.4%固定资产2,446.12,391.5+2.3%2,333.3+4.8%应收款项4,264.84,059.6+5.1%4,152.9+2.7%26Q1-Q3同比26Q3同比环比资本性支出372.3+6.4%104.4-20.3%-17.1%26Q1-Q325Q1-Q326Q325Q326Q2经营性净现金流-317.4-419.8-140.5-12.2-216.2资料来源：Wind，国金证券研究所-112 -166 621 -104 -304 -12 397 39 -216 -141 92 97 168 102 117 131 228 142 126 104 -500 - 500 1,00024Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3经营性净现金流（亿元）资本性支出（亿元） - 10 20 30 40 50 60 70 80 9024Q224Q324Q425Q125Q225Q325Q426Q126Q226Q3支付税费（亿元）分赛道：电子信息化量利齐增，航空受交付放缓拖累726Q1-Q326Q3营业收入（亿元）营收同比归母净利润（亿元）归母净利润同比营收同比营收环比归母净利润同比归母净利润环比电子信息化795.8+11.4%53.0+4.6%+4.5%-12.3%-30.5%-54.6%航空2,143.8-15.0%107.1-29.5%-28.2%-17.4%-39.2%-39.1%航天849.3+27.7%13.5-3.2%+32.1%+3.8%+0.3%-5.2%兵器209.6-1.3%-0.0-100.2%-2.3%-2.9%-102.7%+95.5%舰船65.2-5.3%-1.0-136.4%+0.4%-8.4%-316.0%-794.8%营收增速归母净利润增速电子信息化航空航天兵器舰船电子信息化航空航天兵器舰船增速高于30%114330158640增速在20%-30%7510052000增速10%-20%7420053101增速0-10%111300231000增速-10%-0111013228001增速-20%--10%5511153000增速低于-20%181259135286124资料来源：Wind，各公司公告，国金证券研究所926Q1-Q3毛利率毛利率同比净利率净利率同比期间费用率期间费用率同比电子信息化+40.6%-0.9pct+6.7%-0.4pct+31.7%-0.6pct航空+17.5%+0.9pct+5.0%-1.0pct+11.2%+2.3pct航天+9.1%-1.0pct+1.6%-0.5pct+6.6%-1.1pct兵器+16.1%-2.0pct-0.0%-2.6pct+16.0%+0.4pct舰船+18.2%-4.2pct-1.5%-5.6pct+18.7%+0.7pct26Q3毛利率同比毛利率环比净利率同比净利率环比期间费用率同比期间费用率环比电子信息化-0.4pct+0.4pct-2.7pct-4.9pct+0.0pct+3.3pct航空+2.8pct+0.9pct-0.7pct-1.5pct+3.5pct+2.1pct航天-0.5pct-1.2pct-0.5pct-0.2pct-1.2pct-0.4pct兵器-2.3pct+2.5pct-2.2pct+1.2pct+0.6pct+0.9pct舰船-8.1pct-7.5pct-9.3pct-7.2pct-0.7pct-0.1pct资料来源：Wind，各公司公告，国金证券研究所102026/9/30合同负债（亿元）较年初增长预付款项（亿元）较年初增长 存货（亿元） 较年初增长在建工程（亿元）较年初增长固定资产（亿元）较年初增长应收款项（亿元）较年初增长电子信息化77.1-6.6%101.9+28.0%533.6+13.4%256.0+34.6%538.8+10.5%980.9+4.0%航空281.9-3.2%526.9+0.2%2,117.9+17.7%208.3-3.9%1,451.3+4.7%2,652.3+0.6%航天60.3+12.5%80.2-0.1%400.4+11.6%34.5+21.5%264.5-3.5%344.0+26.1%兵器38.1-23.8%41.9-15.2%115.1+12.2%21.4+15.3%151.9+3.9%172.9-11.2%舰船8.2+7.3%19.1-6.3%58.6+11.6%5.8-1.0%39.5-0.8%114.8+7.5%资料来源：Wind，国金证券研究所资本性支出（亿元）经营性净现金流（亿元）26Q1-Q3同比26Q3同比环比26Q1-Q3去年同期26Q3去年同期上一季度电子信息化170.1+19.9%40.9-31.5%-21.2%-12.4-6.8-16.20.347.9航空160.9-3.3%49.6-14.1%-18.1%-221.7-328.5-107.7-6.0-221.9航天24.2-2.6%8.9+12.6%+16.7%-52.6-47.0-6.2-4.1-3.1兵器13.9+1.7%4.4-2.6%-13.0%-16.0-34.8-4.3-1.3-37.4舰船3.3+4.6%0.6-48.7%