军工行业25年中报业绩综述：行业景气呈现复苏，导弹和军工电子改善明显

军工行业25年中报业绩综述：行业景气呈现复苏，导弹和军工电子改善明显2025/9/112⚫⚫⚫⚫资料来源：Wind，国金证券研究所军工行业整体：25H1行业积极备货备产，Q2营收端修复分赛道：电子信息化降价压力缓解，航空在产品增加下半年交付或加速产业链：下游合同负债较年初大幅增加，25Q2中上游营收端景气恢复体现主要细分赛道表现关联交易与经营计划301军工行业整体：25H1行业积极备货备产，Q2营收端修复4525H1同比25Q2同比环比营收（亿）2,278 -6.7%1,402 3.3%60.1%归母净利润（亿）143-28.0%93 -23.4%84.5%毛利率22.1%-0.2pct21.4%-0.9pct-2.0pct净利率6.3%-1.9pct6.6%-2.3pct0.9pct期间费用率13.9%1.1pct12.2%-0.3pct-4.4pct⚫⚫1,708 1,999 2,287 2,442 2,278 184 219 228 199 143 17.0%14.4%6.8%-6.7%19.2%4.0%-12.6%-28.0%-40%-30%-20%-10%0%10%20%30% - 500 1,000 1,500 2,000 2,500 3,0002021/6/30 2022/6/30 2023/6/30 2024/6/30 2025/6/30营业收入（亿元）归母净利润（亿元）营收YoY归母净利YoY25.7%25.7%25.0%22.3%22.1%10.8%11.0%10.0%8.2%6.3%13.2%12.5%13.0%12.7%13.9%0.0%5.0%10.0%15.0%20.0%25.0%30.0%2021/6/30 2022/6/30 2023/6/30 2024/6/30 2025/6/30毛利率净利率期间费用率资料来源：Wind，国金证券研究所0%20%40%60%80%100%2023/6/302023/12/312024/6/302024/12/312025/6/30存货-原材料存货-在产品存货-产成品6⚫⚫单位：亿元2025/6/302025/3/31较上一季度末增长2024/12/31较年初增长合同负债809 925 -12.5%670 20.7%预付款项806 767 5.1%629 28.3%存货2,894 2,824 2.5%2,618 10.5%在建工程304 314 -2.9%296 2.9%固定资产2,064 2,013 2.6%2,031 1.7%25H1同比25Q2同比环比资本性支出170 0.04%88 8.6%8.3%25H124H125Q224Q225Q1经营性净现金流-372 -684 -297 -145 -75 -177 -342 -118 729 -539 -145 -174 615 -75 -297 67 79 87 154 88 81 86 143 82 88 -800 -600 -400 -200 - 200 400 600 80023Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2经营性净现金流（亿元）资本性支出（亿元） - 20 40 60 80 10023Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2支付税费（亿元）资料来源：Wind，国金证券研究所02分赛道：电子信息化降价压力缓解，航空在产品增加下半年交付或加速725H125Q2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382 8.7%29.3 -2.1%16.6%49.7%1.4%225.8%航空1,469 -12.9%99.3 -33.4%-2.5%61.2%-31.9%50.2%航天153 -11.8%4.1 -69.1%2.9%63.6%-41.3%-15.6%兵器125 26.0%3.4 -6.4%42.7%72.5%-11.8%891.7%舰船149 13.4%7.3 119.3%10.2%64.4%27.0%153.3%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%1681302210042增速在20%-30%6422012211增速10%-20%6503221101增速0-10%9930255020增速-10%-041020223110增速-20%--10%5401133001增速低于-20%12104302326842资料来源：Wind，中船防务公告，国金证券研究所9⚫⚫25H1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42.6%-0.3pct7.7%-0.8pct31.1%-1.8pct航空17.6%-0.6pct6.8%-2.1pct8.9%1.3pct航天27.1%-2.9pct2.7%-5.0pct21.5%0.5pct兵器16.8%-2.2pct2.7%-0.9pct14.4%-2.6pct舰船13.6%0.1pct4.9%2.4pct10.6%-0.2pct25Q2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0.1pct2.2pct-1.5pct5.3pct-3.1pct-7.8pct航空-1.4pct-2.6pct-2.8pct-0.5pct0.1pct-2.8pct航天-7.0pct-7.7pct-1.5pct-1.9pct-2.7pct-8.5pct兵器-0.7pct3.0pct-3.0pct5.9pct-4.2pct-5.2pct舰船0.9pct-0.9pct0.8pct2.0pct0.3pct-2.6pct资料来源：Wind，各公司公告，国金证券研究所0%20%40%60%80%100%存货-原材料存货-在产品存货-产成品10⚫2025/6/30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56.6 1.5%63.8 21.6%434.5 10.0%51.1 14.3%333.8 1.7%792.5 3.7%航空516.0 31.3%500.7 39.7%1,915.8 11.0%204.2 0.7%1,309.2 2.1%2,306.2 6.2%航天55.6 5.8%91.0 5.6%331.4 9.8%24.3 -8.4%220.2 1.5%267.5 16.9%兵器24.8 -15.8%44.4 36.8%86.4 1.0%16.8 12.9%114.7 -1.0%152.4 8.6%舰船156.1 11.9%106.6 7.5%126.0 14.1%7.9 14.9%86.4 -1.9%127.6 7.2%0%20%40%60%80%100%存货-原材料存货-在产品存货-产成品0%20%40%60%80%100%存货-原材料存货-在产品存货-产成品0%20%40%60%80%100%存货-原材料存货-在产品存货-产成品0%20%40