军工行业2026年中报业绩综述：业绩阶段性放缓，景气结构性分化

12资料来源：Wind，国金证券研究所3军工行业整体：26H1收入增速放缓，Q2费用端驱动盈利环比修复4526H1同比26Q2同比环比营收（亿）2,693.9+2.7%1,544.9-2.2%+34.4%归母净利润（亿）129.7-14.9%85.2-15.3%+91.2%毛利率20.2%-1.4pct20.1%-0.3pct-0.3pct净利率4.8%-1.0pct5.5%-0.8pct+1.6pct期间费用率14.3%+0.9pct13.3%+1.4pct-2.4pct资料来源：Wind，国金证券研究所2,282 2,580 2,396 2,622 2,694 232 243 179 152 130 13.1%-7.1%9.4%2.7%4.6%-26.3%-14.9%-14.9%-30%-20%-10%0%10%20% - 500 1,000 1,500 2,000 2,500 3,0002022/6/30 2023/6/30 2024/6/30 2025/6/30 2026/6/30营业收入（亿元）归母净利润（亿元）营收YoY归母净利YoY24.2%23.7%22.5%21.6%20.2%10.2%9.4%7.5%5.8%4.8%12.0%12.6%13.9%13.4%14.3%0.0%5.0%10.0%15.0%20.0%25.0%30.0%2022/6/302023/6/302024/6/302025/6/302026/6/30毛利率净利率期间费用率6单位：亿元2026/6/302026/3/31较上一季度末增长2025/12/31较年初增长合同负债445.2554.3-19.7%483.0-7.8%预付款项714.3767.4-6.9%755.2-5.4%存货3,084.12,990.1+3.1%2,779.2+11.0%在建工程540.4512.9+5.4%464.6+16.3%固定资产2,384.62,348.6+1.5%2,347.2+1.6%应收款项4,051.63,934.4+3.0%4,143.3-2.2%26H1同比26Q2同比环比资本性支出271.7+22.2%125.9+7.7%-13.6%26H125H126Q225Q226Q1经营性净现金流-176.9-406.7-216.3-303.739.4资料来源：Wind，国金证券研究所0%20%40%60%80%100%2024/6/30 2024/12/31 2025/6/30 2025/12/31 2026/6/30存货-原材料存货-在产品存货-产成品-428 -111 -166 681 -103 -304 -48 412 39 -216 105 92 97 168 105 117 127 228 146 126 -500 - 500 1,00024Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2经营性净现金流（亿元）资本性支出（亿元） - 20 40 60 80 10024Q124Q224Q324Q425Q125Q225Q325Q426Q126Q2支付税费（亿元）分赛道：电子信息化量利齐增，航空承压、在产品增加下半年交付或加速726H126Q2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525.0+16.0%42.2+30.2%+13.6%+41.8%+22.3%+307.4%航空1,447.3-6.7%78.6-25.1%-11.2%+39.4%-25.3%+46.8%航天537.5+25.3%8.5-5.1%+22.8%+26.5%+22.0%+59.8%兵器140.8-0.8%0.0-99.3%-19.9%+1.3%-122.5%-197.0%舰船43.3-8.5%0.3-86.1%-15.6%+14.4%-92.5%-7.8%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%15123301911643增速在20%-30%6111042110增速10%-20%6530072001增速0-10%131310365000增速-10%-09904142000增速-20%--10%6501117000增速低于-20%14857128246112资料来源：Wind，中船防务公告，国金证券研究所926H1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+40.2%-1.2pct+8.0%+0.9pct+31.0%-1.2pct航空+17.5%-1.8pct+5.4%-1.3pct+10.7%+1.7pct航天+9.5%-1.2pct+1.6%-0.5pct+6.9%-1.1pct兵器+15.5%-1.8pct+0.0%-2.7pct+15.6%+0.3pct舰船+20.5%-2.2pct+0.7%-3.7pct+19.2%+1.5pct26Q2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-1.5pct+1.7pct+0.8pct+7.2pct-0.9pct-7.2pct航空-0.2pct-1.9pct-1.1pct+0.3pct+1.9pct-2.0pct航天-0.6pct+0.2pct-0.0pct+0.4pct-0.7pct-0.6pct兵器-3.2pct-1.0pct-5.8pct-2.6pct+2.6pct+0.9pct舰船-3.4pct+1.3pct-6.1pct-0.1pct+2.2pct-1.4pct资料来源：Wind，各公司公告，国金证券研究所102026/6/30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72.6-9.9%93.7+18.0%495.6+6.4%268.7+41.3%500.3+4.2%934.8+0.2%航空264.4-9.2%487.0-7.4%2,014.4+11.9%209.3-5.6%1,433.7+1.9%2,544.1-3.5%航天61.0+13.7%74.1-7.7%406.6+13.3%31.4+10.7%265.5-3.1%310.0+13.6%兵器39.4-21.0%39.0-21.1%109.8+7.0%25.0+34.7%146.0-0.2%153.5-21.1%舰船7.8+3.3%20.5+0.5%57.8+10.9%6.0+2.8%39.2-1.6%109.2+1.8%资料来源：Wind，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%60%80%100%存货-原材料存货-在产品存货-产成品11资本性支出（亿元）经营性净现金流