軍工行業(yè)2023年報(bào)及2024年一季報(bào)業(yè)績綜述：營收、利潤變化趨勢分化造船板塊盈利改善明顯

目 錄TOC\o"1-2"\h\z\u1、國防軍工行業(yè)2023年報(bào)及2024年一季報(bào)業(yè)績總體情況 5行業(yè)2023年潤比低于收 5子行中船、空2023營、母利速較快 62024Q1收穩(wěn)有，母凈潤比降 7子行中舶2024Q1營收利明好轉(zhuǎn) 8行業(yè)潤總承壓 9存貨預(yù)賬及同債反景度續(xù) 102023經(jīng)現(xiàn)流比提升存、收款轉(zhuǎn)期幅長 11行業(yè)值前于2016以來位 122、子行業(yè)2023年報(bào)及2024年一季報(bào)業(yè)績總體情況 13航空：23年、24Q1實(shí)現(xiàn)定長 13航天階性潤長壓 15船舶民量齊，利明好轉(zhuǎn) 16陸裝細(xì)領(lǐng)平發(fā)展 17信息：體績壓細(xì)分域化 18新材：段需增放緩 213、行業(yè)增長邏輯及投資建議 224、風(fēng)險(xiǎn)分析 23圖目錄圖1：2023年防工業(yè)營收同長12.73% 5圖2：2023年防工業(yè)歸凈潤比長5.53% 5圖3：2023年防工業(yè)收增排5/31位 5圖4：2023年防工業(yè)利增排13/31位 6圖5：2023年防工分行營收占比 7圖6：2020-2023年防工細(xì)行營收增速 7圖7：2023年防工分行歸凈潤比 7圖8：2020-2023年防工細(xì)行歸凈潤速 7圖9：2024Q1防軍業(yè)營收同長10.27% 7圖10：2024Q1防行業(yè)母利同少14.50% 7圖11：2024Q1國防工業(yè)收增排4/31位 8圖12：2024Q1防行業(yè)潤排20/31位 8圖13：2024Q1防細(xì)分業(yè)業(yè)入比 9圖14：2021Q1-2024Q1防軍細(xì)行營收增速 9圖15：2024Q1防細(xì)分業(yè)母利占比 9圖16：2021Q1-2024Q1防軍細(xì)行歸凈潤增速 9圖17：2019-2023業(yè)潤率況 10圖18：2020Q1-2024Q1業(yè)利率況 10圖19：2019-2023行期間用情況 10圖20：2020Q1-2024Q1業(yè)期費(fèi)率況 10圖21：2023行存比+9.45% 10圖22：2024Q1業(yè)同+6.95% 10圖23：2023行預(yù)款及同債+4.90% 11圖24：2024Q1業(yè)賬款合負(fù)同+9.07% 11圖25：2023軍行金流營比同有下降 11圖26：近5軍行業(yè)Q1經(jīng)性金量續(xù)負(fù) 11圖27：2023行存轉(zhuǎn)天同少5天 12圖28：2024Q1業(yè)周轉(zhuǎn)數(shù)比長16天 12圖29：2023行應(yīng)款周天同加13天 12圖30：2024Q1業(yè)賬款轉(zhuǎn)數(shù)比加34天 12圖31：工業(yè)值（PE-TTM）前于2016以來位 13圖32：子業(yè)值已調(diào)近2較水（估指為PE-TTM） 13表目錄表1：國軍子業(yè)2019-2023年業(yè)入歸凈利潤 6表2：國軍子業(yè)2020Q1-2024Q1營收、母凈潤 8表3：航子業(yè)2023營業(yè)入歸凈潤 14表4：航子業(yè)2024Q1營業(yè)入歸凈潤 14表5：航子業(yè)2023營業(yè)入歸凈潤 15表6：航子業(yè)2024Q1營業(yè)入歸凈潤 16表7：船子業(yè)2023營業(yè)入歸凈潤 16表8：船子業(yè)2024Q1營業(yè)入歸凈潤 17表9：陸子業(yè)2023營業(yè)入歸凈潤 17表10：裝行業(yè)2024Q1營收及母利潤 18表息子業(yè)2023年業(yè)入歸凈潤 18表12：息子業(yè)2024Q1營收及母利潤 20表13：材子業(yè)2023年業(yè)入歸凈潤 21表14：材子業(yè)2024Q1營收及母利潤 22表15：業(yè)點(diǎn)市盈利測估與級 24120232024報(bào)業(yè)績總體情況20231413年，國防軍工行業(yè)實(shí)現(xiàn)營業(yè)收入0億元，同比2.73；實(shí)現(xiàn)歸380+5.53圖1：2023年國防軍工行業(yè)營業(yè)收入同比增長12.73% 圖2：2023年國防軍工行業(yè)歸母凈利潤同比增長5.53%0

行業(yè)營業(yè)收入單：元） 14.18%6,68011.61%4,67314.18%6,68011.61%4,6735,9255,3361 %4,18711.05%2.73

0

行業(yè)歸母凈利（位億） 66.77%38536038066.77%38536038034120512.88%5.53%-6.45%

0%資料來源：， 資料來源：，SW20235/3113/31圖3：2023年國防軍工行業(yè)收入增速排5/31位資料來源：，圖4：2023年國防軍工行業(yè)利潤增速排13/31位SW一級行業(yè)2023年歸母凈利潤同比增長5.53%5.53%SW傳媒SW傳媒SWSWSWSWSW汽車SWSWSWSWSW計(jì)算機(jī)SW通信光大國防軍工SW機(jī)械設(shè)備SW銀行SW環(huán)保SWSWSWSW鋼鐵SW醫(yī)藥生物SW煤炭SW電子SWSWSWSWSWSWSW綜合SW房地產(chǎn)資料來源：，；注：農(nóng)林牧漁行業(yè)同比轉(zhuǎn)虧，房地產(chǎn)、綜合行業(yè)總體虧損，社會服務(wù)、商貿(mào)零售同比扭虧2023速較快個細(xì)分子行業(yè)進(jìn)行分析。表1：國防軍工子行業(yè)2019-2023年?duì)I業(yè)收入、歸母凈利潤子行業(yè)營業(yè)收入（單位：億元）歸母凈利潤（單位：億元）2019202020212022202320192020202120222023航空1,396.251,522.281,758.771,979.602,333.7146.9773.0899.04101.10123.22航空YOY9.3%15.53%12.56%17.89%55.59%35.53%2.8%21.88%航天300.90320.81380.60432.86445.3017.6821.0923.9824.3522.43航天YOY6.2%18.64%13.73%2.7%19.30%13.68%1.5%-7.87%船舶1,320.181,457.401,572.021,750.702,140.4517.8455.4322.62-5.0935.89船舶YOY10.39%7.6%11.37%22.26%21.7%-5.1%轉(zhuǎn)虧扭虧陸裝222.91236.70259.14250.41203.3013.0416.1420.5120.2219.45陸裝YOY6.8%9.8%-3.37%-1.8%23.81%27.10%-1.45%-3.80%信息化730.01885.101,050.481,127.661,136.6183.65136.03162.32152.81111.52信息化YOY21.24%18.69%7.5%0.9%62.62%19.32%-5.86%-2.0%新材料217.00251.01315.09384.27420.5925.4239.4356.6766.9167.70新材料YOY15.67%25.53%21.96%9.5%55.10%43.73%18.08%1.7%資料來源：，

各細(xì)分行業(yè)來看，營業(yè)收入方面，2023年航空、船舶、信息化子行業(yè)占比較大。收入增速方面，船舶（同比+22.26%）、航空（同比+17.89%）、新材料（同比+9.45%）較高。圖5：2023年國防軍工細(xì)分行業(yè)營業(yè)收入占比 圖6：2020-2023年國防軍工細(xì)分行業(yè)營業(yè)收入增速資料來源：， 資料來源：，歸母凈利潤方面，2023年信息化、航空、新材料子行業(yè)占比較大。歸母凈利潤增速方面，船舶實(shí)現(xiàn)扭虧，航空（同比+21.88%）、新材料（同比+1.17%）實(shí)現(xiàn)了正增長。圖7：2023年國防軍工細(xì)分行業(yè)歸母凈利潤占比 圖8：2020-2023年國防軍工細(xì)分行業(yè)歸母凈利潤增速資料來源：， 資料來源：，2024Q12024Q1，國防軍工行業(yè)實(shí)現(xiàn)營業(yè)收入1300億元，同比+10.27%；實(shí)現(xiàn)歸母凈利潤73億元，同比-14.50%。圖9：2024Q1國防軍工行業(yè)業(yè)收入同比增長10.27% 圖10：2024Q1國防軍工行業(yè)歸母凈利潤同比減少14.50%1,400

行業(yè)營業(yè)收入單：元）

33.66%1,30033.66%1,3001,1791,08595071114.22%8.63%10.27%

行業(yè)歸母凈利（位億） 90 85

20%0

8070 0

72

17.87%

0.26%

73

資料來源：， 資料來源：，其他行業(yè)按照SW一級行業(yè)分類選取。與其他行業(yè)相比，國防軍工行業(yè)2024Q1收入增速排4/31位，利潤增速排20/31位。圖11：2024Q1國防軍工行業(yè)收入增速排4/31位資料來源：，圖12：2024Q1國防軍工行業(yè)利潤增速排20/31位資料來源：，；注：農(nóng)林牧漁、綜合23Q1、24Q1均虧損2024Q16個子行業(yè)202Q1-2024Q1收入、利潤情況如下。表2：國防軍工子行業(yè)2020Q1-2024Q1營業(yè)收入、歸母凈利潤子行業(yè)營業(yè)收入（單位：億元）歸母凈利潤（單位：億元）2020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q1航空242.36294.00350.33397.69440.9511.4016.3321.3924.9328.56航空YOY21.31%19.16%13.52%10.88%43.23%31.04%16.54%14.56%航天45.1768.4483.0792.2677.471.264.184.855.153.01航天YOY51.53%21.38%11.06%-1.0%23.6%16.02%6.7%-4.6%船舶228.55289.86294.04308.81439.6931.985.481.543.107.32船舶YOY26.83%1.4%5.2%42.38%-8.8%-7.9%10.9%13.9%陸裝30.4138.7148.9841.0637.911.513.975.622.181.88陸裝YOY27.29%26.54%-1.1%-7.67%16.0%41.68%-6.2%-1.6%信息化116.32194.09222.88239.83203.0211.3530.9636.0532.9415.23信息化YOY66.86%14.83%7.0%-1.3%17.6%16.46%-8.64%-5.7%新材料47.8964.8285.6798.97100.576.3211.3615.7417.1217.03新材料YOY35.36%32.17%15.52%1.2%79.73%38.52%8.7%-0.49%資料來源：，

2024Q1（同比28（同比+10.88子行業(yè)增速較快。圖13：2024Q1國防軍工細(xì)分行業(yè)營業(yè)收入占比 圖14：2021Q1-2024Q1國軍工細(xì)分行業(yè)營業(yè)收入增速資料來源：， 資料來源：，歸母凈利潤方面，2024Q1航空、新材料、信息化占比較大。歸母凈利潤增速方面，船舶（同比+135.93%）、航空（同比+14.56%）實(shí)現(xiàn)同比提升。圖15：2024Q1國防軍工細(xì)分行業(yè)歸母凈利潤占比 圖16：2021Q1-2024Q1國軍工細(xì)分行業(yè)歸母凈利潤增速資料來源：， 資料來源：，國防軍工行業(yè)20232024Q120230.09PCT，凈利率同比-0.54PCT。2024Q10.70PCT。圖17：2019-2023行業(yè)利潤情況 圖18：2020Q1-2024Q1行利潤率情況資料來源：， 資料來源：，期間費(fèi)用率方面，2023年期間費(fèi)用率同比+0.74pct至6，研發(fā)費(fèi)用率方面同比+0.42pct5.86%。2024Q10.73pct0，研發(fā)費(fèi)用率-0.01ct至3%。圖19：2019-2023年行業(yè)期費(fèi)用率情況 圖20：2020Q1-2024Q1行期間費(fèi)用率情況資料來源：， 資料來源：，存貨方面，20232024Q120239.45%，2024Q1+6.95%。圖21：2023年行業(yè)存貨同比+9.45% 圖22：2024Q1行業(yè)存貨同比+6.95%0

存貨（單位：元） 存貨YOY20.46%3,0862,8192,5322,23620.46%3,0862,8192,5322,2361,85613.20%11.36%9.45%

0

存貨（單位：元） 存貨YOY28.65%3,0623,2752,7342,3861,85514.56%28.65%3,0623,2752,7342,3861,85514.56%12.01%6.95%

資料來源：， 資料來源：，將預(yù)收賬款及合同負(fù)債加和進(jìn)行分析。2023年及2024Q1同比上升，數(shù)值仍處在高位。圖23：2023年行業(yè)預(yù)收賬及合同負(fù)債同比+4.90% 圖24：2024Q1行業(yè)預(yù)收賬款及合同負(fù)債同比+9.07%0

預(yù)收賬款+合負(fù)（位億） 88.70%88.70%2,0412,0002,09854.17%1,3247024.90%-2.01%

100%0%-10%

0

預(yù)收賬款+合負(fù)（位億） 2,1791,9971,4681,3689.07%-2.68%-6.81%

0%-10%資料來源：， 資料來源：，2023轉(zhuǎn)期小幅增長全年維度來看，2023點(diǎn)，近年來一季度經(jīng)營性現(xiàn)金流量總體呈凈流出狀態(tài)。圖25：2023年軍工行業(yè)現(xiàn)流占營收比例同比有所提升 圖26：近5年軍工行業(yè)Q1營性現(xiàn)金流量持續(xù)為負(fù)

經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額/營業(yè)收入10.20%10.20%9.61%8.09%4.88%5.08%

經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額/營業(yè)收入資料來源：， 資料來源：，存貨周轉(zhuǎn)方面，20232024Q12023516圖27：2023年行業(yè)存貨周天數(shù)同比減少5天 圖28：2024Q1行業(yè)存貨周轉(zhuǎn)天數(shù)同比減少16天資料來源：， 資料來源：，應(yīng)收賬款周轉(zhuǎn)方面，2023年行業(yè)同比進(jìn)一步增加13天，2024Q1同比增加34天。圖29：2023年行業(yè)應(yīng)收賬周轉(zhuǎn)天數(shù)同比增加13天 圖30：2024Q1行業(yè)應(yīng)收賬款周轉(zhuǎn)天數(shù)同比增加34天資料來源：， 資料來源：，201630015-162021424430PE-TTM582016圖31：軍工行業(yè)估值（PE-TTM）目前處于2016年以來低位資料來源：，，統(tǒng)計(jì)日期至2024年4月30日（PE-TTM）244302圖32：各子行業(yè)估值大多已調(diào)整至近2年較低水平（估值指標(biāo)為PE-TTM）航空 航天 陸裝 艦船 信息化 新材料0資料來源：，，統(tǒng)計(jì)日期至2024年4月30日。注：艦船估值數(shù)據(jù)剔除負(fù)值，極值為20231027數(shù)據(jù)791。220232024總體情況航空：2324Q1202023233417.89%；實(shí)現(xiàn)歸123.2221.88%。表3：航空子行業(yè)2023年?duì)I業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入2023同比增長歸母凈利潤（單位：億元）歸母凈利潤2023比增長20192020202120222023201920202021202220231688510.SH航亞科技2.583.013.133.635.4449.93%0.420.600.240.200.9034.6%2002023.SZ海特高新8.089.648.419.1010.5315.81%0.760.327.360.130.4726.9%3688070.SH縱橫股份2.112.722.502.873.025.3%0.390.41-0.23-0.26-0.65虧損4600372.SH中航機(jī)載83.5287.4798.39111.86290.0715.3%5.566.317.998.7218.8611.3%5000768.SZ中航西飛342.98334.84327.00376.60403.017.1%5.697.776.535.238.6164.51%6600760.SH中航沈飛237.61273.16340.88415.98462.4811.18%8.7814.8016.9623.0530.0730.47%7300775.SZ三角防務(wù)6.146.1511.7218.7624.9432.90%1.922.044.126.258.1530.39%8600038.SH中直股份157.95196.55217.90194.73233.3019.81%5.887.589.133.874.4314.37%9600893.SH航發(fā)動力252.11286.33341.02370.97437.3417.89%10.7711.4611.8812.6814.2112.12%10600765.SH中航重機(jī)59.8566.9887.90105.70105.770.7%2.753.448.9112.0213.2910.55%11000738.SZ航發(fā)控制30.9234.9941.5749.4253.247.4%2.813.684.886.887.275.5%12600391.SH航發(fā)科技33.8427.2135.0538.0145.1818.85%0.23-0.160.210.470.483.3%13605123.SH派克新材8.8410.2817.3327.8236.1830.06%1.621.673.044.864.921.3%14688239.SH航宇科技5.896.719.6014.5421.0444.69%0.540.731.391.831.861.9%15300424.SZ航新科技14.3512.2411.6013.9715.7913.01%0.68-3.270.260.270.24-1.0%16688297.SH中無人機(jī)2.5112.1724.7627.7326.64-3.94%-0.101.652.963.703.03-1.2%17688586.SH江航裝備6.758.319.5311.1512.148.9%1.131.942.312.441.93-2.9%18603308.SH應(yīng)流股份18.6018.3320.4021.9824.129.5%1.312.022.314.023.03-2.5%19300900.SZ廣聯(lián)航空2.683.152.376.647.4011.50%0.751.010.381.501.05-3.2%20002985.SZ北摩高科4.146.8711.329.989.54-4.39%2.123.174.223.142.17-3.7%21002389.SZ航天彩虹31.0129.8829.1438.5828.66-2.7%2.322.742.283.071.53-4.9%22688685.SH邁信林2.492.893.213.242.94-9.36%0.420.510.510.420.15-6.0%23000697.SZ*ST煉石19.8011.319.8612.3615.1622.65%-15.48-4.80-5.55-8.02-2.62減虧24300696.SZ愛樂達(dá)1.843.046.145.613.50-3.6%0.781.372.552.130.69-6.6%25688287.SH觀典防務(wù)1.461.802.302.912.12-2.1%0.420.530.720.870.25-7.3%26600316.SH洪都航空44.2050.6972.1472.5137.27-4.6%0.831.331.511.410.33-7.9%27002933.SZ新興裝備3.693.202.461.914.1611.3%1.370.98-0.02-0.580.14-12.6%28688237.SH超卓航科0.511.221.411.402.7093.39%0.110.640.710.59-0.35虧損29603261.SH立航科技2.382.933.053.702.35-3.5%0.680.690.700.35-0.68虧損30300719.SZ安達(dá)維爾5.526.104.754.138.5110.2%0.730.950.10-0.461.13扭虧31300965.SZ*ST恒宇1.902.141.911.84-0.82-14.4%0.780.980.680.33-1.67虧損Σ1,396.251,522.281,758.771,979.602,333.7117.89%46.9773.0899.04101.10123.2221.88%資料來源：，

航空子行業(yè)2024Q1實(shí)現(xiàn)營業(yè)收入441億元，同比+10.88%；實(shí)現(xiàn)歸母凈利潤29億元，同比+14.56%。表4：航空子行業(yè)2024Q1營業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入24Q1增長歸母凈利潤（單位：億元）歸母凈利潤24Q1比增長2020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q11600038.SH中直股份19.5232.0016.2532.2733.734.3%0.521.640.110.141.3081.1%2300719.SZ安達(dá)維爾0.520.780.611.000.97-3.25%-0.12-0.01-0.130.010.0575.5%3688510.SH航亞科技0.670.590.621.131.6141.77%0.120.030.020.120.3215.4%4600372.SH中航機(jī)載12.2919.6123.4624.6756.4312.7%0.751.392.012.114.5411.4%5002023.SZ海特高新1.631.862.232.292.6716.88%-0.480.090.210.130.2610.2%6603261.SH立航科技-0.120.340.240.12-4.5%--0.040.02-0.06-0.10虧損7600893.SH航發(fā)動力34.5237.4254.0061.5062.721.8%0.860.340.660.881.5576.03%8300900.SZ廣聯(lián)航空0.130.151.041.582.2441.69%-0.03-0.020.170.250.3120.74%9600765.SH中航重機(jī)13.2917.8520.6523.4026.4813.16%0.400.762.082.713.2118.80%10000768.SZ中航西飛64.6066.7975.0979.4384.556.5%0.441.351.552.362.7215.67%11600760.SH中航沈飛57.0157.9078.0391.7594.933.7%5.983.455.116.427.1611.58%12603308.SH應(yīng)流股份4.244.585.236.076.629.7%0.380.600.660.810.9111.13%13688239.SH航宇科技1.301.973.125.605.783.1%0.170.330.520.510.5610.30%14688685.SH邁信林0.220.660.580.660.706.2%0.010.050.110.070.088.2%15000738.SZ航發(fā)控制7.099.2012.1013.4114.155.4%0.911.332.142.442.606.9%16600316.SH洪都航空2.135.607.241.372.6895.10%-0.120.340.05-0.09-0.09虧損17688586.SH江航裝備1.051.892.693.053.091.3%0.260.440.570.600.611.0%18300775.SZ三角防務(wù)1.431.884.286.596.43-2.28%0.370.751.422.182.09-4.04%19000697.SZ*ST煉石4.432.372.923.634.2416.82%-0.24-0.44-0.85-0.88-0.74虧損20688237.SH超卓航科-0.260.430.600.8642.90%-0.150.260.210.17-1.8%21688287.SH觀典防務(wù)0.290.330.370.430.4811.20%0.040.060.060.090.06-3.3%22002985.SZ北摩高科1.012.543.683.152.40-2.7%0.581.051.541.350.73-4.6%23605123.SH派克新材1.623.266.119.437.49-2.5%0.240.561.071.430.73-4.3%24002933.SZ新興裝備0.570.210.770.440.9210.7%0.19-0.180.10-0.12-0.06減虧25600391.SH航發(fā)科技4.567.057.517.418.119.0%-0.33-0.25-0.25-0.11-0.02減虧26002389.SZ航天彩虹4.204.967.245.094.64-8.87%0.050.190.350.190.03-8.3%27300696.SZ愛樂達(dá)0.491.081.771.500.55-6.5%0.260.470.660.56-0.06虧損28688297.SH中無人機(jī)-8.058.564.770.61-8.1%-1.761.350.64-0.27虧損29300965.SZ*ST恒宇0.400.440.340.220.3560.19%0.200.210.01-0.020.07扭虧30300424.SZ航新科技2.942.422.604.224.13-2.07%0.000.06-0.16-0.020.14扭虧31688070.SH縱橫股份0.180.210.480.800.27-6.8%-0.03-0.12-0.020.01-0.29虧損Σ242.36294.00350.33397.69440.9510.88%11.4016.3321.3924.9328.5614.56%資料來源：，航天子行業(yè)分為衛(wèi)星發(fā)射、運(yùn)營、應(yīng)用，以及導(dǎo)彈兩個方向。下，需求明顯增加。帶來了新的增長點(diǎn)。航天子行業(yè)2023年實(shí)現(xiàn)營業(yè)收入445億元，同比+2.87%；實(shí)現(xiàn)歸母凈利潤2億元，同比-7.87。表5：航天子行業(yè)2023年?duì)I業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入2023同比增長歸母凈利潤（單位：億元）歸母凈利潤2023長20192020202120222023201920202021202220231688333.SH鉑力特3.224.125.529.1812.3234.24%0.740.87-0.530.801.4278.10%2688433.SH華曙高科1.552.173.344.576.0632.74%0.180.411.170.991.3132.24%3002683.SZ廣東宏大59.0263.9585.26101.69115.4313.51%3.074.044.805.617.1627.68%4301050.SZ雷電微力2.973.427.358.608.862.7%0.831.212.022.773.0510.10%5688523.SH航天環(huán)宇2.022.663.064.014.5613.65%0.670.870.831.231.349.7%6600879.SH航天電子137.12140.09159.89174.76187.277.6%4.584.785.496.115.25-1.0%7002977.SZ天箭科技2.772.192.783.431.67-5.2%0.960.821.110.730.50-3.1%8003009.SZ中天火箭7.978.6310.1512.3611.80-4.50%0.991.031.221.440.96-3.4%9600118.SH中國衛(wèi)星64.6370.0770.5982.4268.81-1.5%3.363.542.332.861.58-4.8%10603131.SH上海滬工9.0710.8613.119.9210.536.0%0.951.221.44-1.27-0.54減虧11300593.SZ新雷能7.728.4314.7817.1414.67-1.4%0.621.232.742.830.97-6.7%12688311.SH盟升電子2.834.234.764.793.31-3.8%0.731.071.340.26-0.56虧損Σ300.90320.81380.60432.86445.302.87%17.6821.0923.9824.3522.43-7.87%資料來源：，航天子行業(yè)2024Q1實(shí)現(xiàn)營業(yè)收入7億元，同比-16.02；實(shí)現(xiàn)歸母凈利潤3億元，同比-41.66。表6：航天子行業(yè)2024Q1營業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入24Q1同比增長歸母凈利潤（單位：億元）歸母凈利潤24Q1比增長2020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q11603131.SH上海滬工1.042.232.482.032.218.7%0.050.130.110.070.1916.2%2002683.SZ廣東宏大9.0414.8717.8919.7621.9110.89%0.360.740.410.510.7547.01%3688433.SH華曙高科--0.781.011.2423.49%--0.190.200.2628.45%4688311.SH盟升電子0.150.200.120.410.14-6.4%-0.060.01-0.12-0.19-0.2211.60%5301050.SZ雷電微力0.292.722.252.463.6247.28%0.040.791.070.900.9910.13%6600879.SH航天電子21.1828.8836.8544.6138.14-1.5%0.361.281.661.821.43-2.4%7688523.SH航天環(huán)宇--0.080.250.4471.83%---0.070.060.04-2.2%8002977.SZ天箭科技0.020.530.860.240.2819.99%-0.020.160.190.160.07-5.4%9003009.SZ中天火箭1.152.152.101.812.1217.26%0.190.490.380.280.08-7.8%10688333.SH鉑力特0.180.450.901.332.0654.72%-0.17-0.50-0.32-0.280.01-10.7%11300593.SZ新雷能1.002.834.714.972.00-5.8%0.040.510.871.14-0.39-13.9%12600118.SH中國衛(wèi)星11.1013.5714.0413.373.31-7.2%0.480.560.490.50-0.21-14.8%Σ45.1768.4483.0792.2677.47-16.02%1.264.184.855.153.01-41.66%資料來源：，202123-24船舶子行業(yè)2023年實(shí)現(xiàn)營業(yè)收入2140億元，同比+22.26%；實(shí)現(xiàn)歸母凈利潤36億元，同比扭虧。表7：船舶子行業(yè)2023年?duì)I業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入2023同比增長歸母凈利潤（單位：億元）歸母凈利潤2023比增長20192020202120222023201920202021202220231600150.SH中國船舶231.36552.44597.40595.58748.3925.66%4.053.062.141.7229.57162.7%2300589.SZ江龍船艇5.516.136.916.8111.8774.40%0.340.350.410.130.4423.4%3600482.SH中國動力296.91270.14282.09382.98451.0317.77%9.915.436.133.337.7913.3%4601890.SH亞星錨鏈12.8411.0913.2015.1619.3127.34%0.900.871.211.492.3758.71%5600416.SH湘電股份52.0546.9640.2644.5245.632.1%-15.790.750.792.553.0017.47%6300008.SZ天海防務(wù)5.895.2413.9127.3036.0632.13%-3.580.260.261.381.02-2.6%7600072.SH中船科技33.2818.7524.0933.49144.86-2.9%1.381.430.801.101.62-4.9%8600764.SH中國海防40.7446.7048.7442.9235.92-1.3%6.467.488.495.853.09-4.2%9601989.SH中國重工380.57349.06395.39441.55466.945.5%4.10-3.772.20-22.12-7.82減虧10300065.SZ海蘭信8.128.719.027.247.544.4%1.030.570.49-7.89-1.16減虧11600685.SH中船防務(wù)218.29116.08116.72127.95161.4626.19%5.4836.620.796.880.48-9.0%12688132.SH邦彥技術(shù)2.702.793.083.701.81-5.1%0.280.710.790.41-0.52虧損13300810.SZ中科海訊2.411.252.022.181.65-2.50.820.210.110.13-1.57虧損14300600.SZ國瑞科技4.863.852.202.741.96-2.5%0.860.68-2.680.00-0.23虧損15300527.SZ中船應(yīng)急24.6418.2116.9816.586.03-6.6%1.600.780.67-0.05-2.17虧損Σ1,320.181,457.401,572.021,750.702,140.4522.26%17.8455.4322.62-5.1035.89扭虧資料來源：，船舶子行業(yè)2024Q1實(shí)現(xiàn)營業(yè)收入440億元，同比+42.38%；實(shí)現(xiàn)歸母凈利潤7億元，同比+135.93%。表8：船舶子行業(yè)2024Q1營業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入24Q1增長歸母凈利潤（單位：億元）歸母凈利潤24Q12020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q11600150.SH中國船舶102.09100.54131.1090.44152.7068.84%0.020.920.520.444.0182.1%2300008.SZ天海防務(wù)0.851.813.196.316.736.0%0.130.120.060.080.3128.2%3688132.SH邦彥技術(shù)0.270.260.571.2812.8%-0.06-0.200.120.3520.0%4300810.SZ中科海訊0.190.340.360.480.503.9%0.030.000.03-0.05-0.14虧損5600482.SH中國動力37.4062.3659.5391.62114.0224.44%-0.341.470.670.340.8816.2%6300589.SZ江龍船艇0.661.021.161.703.5710.5%-0.010.020.040.050.1415.8%7601989.SH中國重工45.2371.2461.1468.23101.6749.00%1.012.030.560.661.3510.6%8601890.SH亞星錨鏈2.894.493.544.894.49-8.14%0.190.320.270.590.6815.30%9600416.SH湘電股份8.5111.6510.4611.5112.619.1%-0.720.300.501.020.60-4.8%10300527.SZ中船應(yīng)急1.302.680.951.021.4036.61%-0.220.16-0.61-0.20-0.12減虧11300065.SZ海蘭信1.201.321.331.520.47-6.1%-0.16-0.31-0.290.050.02-4.0%12600764.SH中國海防3.088.654.544.373.58-1.9%-0.320.620.150.160.04-7.8%13300600.SZ國瑞科技0.820.610.490.450.5319.63%0.080.04-0.08-0.060.00減虧14600685.SH中船防務(wù)22.5218.2411.2818.9928.0747.82%32.23-0.21-0.12-0.270.15扭虧15600072.SH中船科技1.804.664.716.708.06-7.8%0.060.040.050.17-0.98虧損Σ228.55289.86294.04308.81439.6942.38%31.985.481.543.107.32135.93%資料來源：，無論是國內(nèi)陸戰(zhàn)裝備更新?lián)Q代還是國際軍貿(mào)市場，對先進(jìn)的裝甲車輛都存在需求，實(shí)訓(xùn)備戰(zhàn)對彈藥方面的需求也在提升，整個板塊呈現(xiàn)平穩(wěn)發(fā)展態(tài)勢。陸裝子行業(yè)2023年實(shí)現(xiàn)營業(yè)收入203億元，同比-18.81%；實(shí)現(xiàn)歸母凈利潤9億元，同比-380。表9：陸裝子行業(yè)2023年?duì)I業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入2023同比增長歸母凈利潤（單位：億元）歸母凈利潤2023比增長20192020202120222023201920202021202220231300875.SZ捷強(qiáng)裝備2.452.681.982.402.9322.24%0.951.000.31-0.17-0.68虧損2688543.SH國科軍工3.085.746.728.3710.4024.25%0.130.630.751.111.4127.26%3300922.SZ天秦裝備2.132.302.411.481.554.1%0.530.640.810.270.3219.71%4300722.SZ新余國科2.252.442.933.413.8914.05%0.400.490.620.660.7614.07%5688511.SH天微電子1.522.352.081.121.4024.90%0.451.131.150.450.5010.84%6600967.SH內(nèi)蒙一機(jī)126.81132.34138.16143.49100.10-3.2%5.726.567.478.238.513.2%7000519.SZ中兵紅箭53.2264.6375.1467.1461.16-8.90%2.552.754.858.198.281.3%8601606.SH長城軍工14.9915.8616.9617.1416.15-5.83%1.001.171.360.800.27-6.5%9688151.SH華強(qiáng)科技16.488.3512.755.865.73-2.21%1.301.763.190.680.08-8.3%Σ222.91236.70259.14250.41203.30-18.81%13.0416.1420.5120.2219.45-3.80%資料來源：，陸裝子行業(yè)2024Q1實(shí)現(xiàn)營業(yè)收入37.91億元，同比-7.6%；實(shí)現(xiàn)歸母凈利潤8億元，同比-13.65。表10：陸裝子行業(yè)2024Q1營業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入24Q1增長歸母凈利潤（單位：億元）歸母凈利潤24Q1比增長2020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q11688543.SH國科軍工--0.621.461.8325.96%---0.080.090.3324.7%2300922.SZ天秦裝備0.290.410.310.270.3940.88%0.080.160.100.080.1025.94%3601606.SH長城軍工1.711.582.562.141.41-3.3%-0.35-0.32-0.30-0.29-0.35虧損4688151.SH華強(qiáng)科技-2.882.271.921.21-3.7%-1.000.750.170.14-1.3%5600967.SH內(nèi)蒙一機(jī)18.6819.1228.0425.9322.84-1.9%1.471.772.062.141.68-2.5%6300722.SZ新余國科0.230.500.730.650.7921.73%0.000.070.110.130.08-3.4%7688511.SH天微電子0.410.500.500.440.37-1.0%0.180.290.230.170.10-4.9%8000519.SZ中兵紅箭9.0613.6613.827.768.8614.13%0.200.972.82-0.34-0.14減虧9300875.SZ捷強(qiáng)裝備0.010.060.140.490.21-5.2%-0.060.04-0.070.02-0.06虧損Σ30.4138.7148.9841.0637.91-7.67%1.513.975.622.181.88-13.65%資料來源：，裝備換代，因此信息化子行業(yè)有望迎來高速發(fā)展的機(jī)遇。同時(shí)，防務(wù)裝備上的自主研發(fā)以及民用領(lǐng)域的應(yīng)用拓展，也為信息化企業(yè)提供了更大的市場空間，例如信息化產(chǎn)品在通信、導(dǎo)航、計(jì)算機(jī)等領(lǐng)域的應(yīng)用，為企業(yè)收入、利潤的提升也起到了重要作用。信息化子行業(yè)2023年實(shí)現(xiàn)營業(yè)收入1137億元，同比+0.79%；實(shí)現(xiàn)歸母凈利潤2億元，同比-27.02。表11：信息化子行業(yè)2023年?duì)I業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入2023同比增長歸母凈利潤（單位：億元）歸母凈利潤202320192020202120222023201920202021202220231688439.SH振華風(fēng)光2.573.615.027.7912.9766.54%0.691.051.773.036.1110.5%2002214.SZ大立科技5.3010.908.054.012.55-3.4%1.363.901.71-1.51-2.92虧損3688011.SH新光光電1.921.241.441.501.628.5%0.600.240.02-0.25-0.39虧損4688002.SH睿創(chuàng)微納6.8515.6117.8026.4635.5934.50%2.025.844.613.134.9658.21%5688568.SH中科星圖4.897.0310.4015.7725.1659.54%1.031.472.202.433.4341.11%6002025.SZ航天電器35.3442.1850.3860.2062.103.6%4.024.344.875.557.5035.11%7300397.SZ天和防務(wù)8.6812.235.595.023.51-3.1%0.871.03-0.72-1.51-1.96虧損8688636.SH智明達(dá)2.613.254.495.416.6322.58%0.590.861.120.750.9627.70%9002179.SZ中航光電91.59103.05128.67158.38200.7426.75%10.7114.3919.9127.1733.3922.90%10688375.SH國博電子22.2522.1225.0934.6135.673.8%3.673.083.685.216.0616.45%11300416.SZ蘇試試驗(yàn)7.8811.8515.0218.0521.1717.26%0.871.231.902.703.1416.44%12000733.SZ振華科技36.6839.5056.5672.6777.897.9%2.986.0614.9123.8226.8212.58%13688709.SH成都華微1.423.385.388.459.269.4%-0.110.471.732.813.1110.61%14688272.SH*ST富吉1.653.273.181.112.0988.77%0.140.860.76-0.88-0.96虧損15600562.SH國?？萍?1.6036.0634.3232.2532.821.7%0.424.665.265.495.999.0%16002338.SZ奧普光電4.024.415.476.277.7323.35%0.440.490.470.820.875.3%17002465.SZ海格通信46.0751.2254.7456.1664.4914.84%5.195.866.546.687.035.1%18600435.SH北方導(dǎo)航22.9330.0639.9238.3935.65-7.16%0.450.631.341.851.923.8%19688788.SH科思科技6.746.556.102.332.361.8%2.181.771.76-1.97-2.03虧損20300516.SZ久之洋5.737.237.297.447.703.0%0.620.680.780.820.831.0%21600184.SH光電股份23.3224.9233.1225.1322.01-1.4%0.620.520.620.710.69-2.69%22002049.SZ紫光國微34.3032.7053.4271.2075.656.6%4.068.0619.5426.3225.31-3.84%23300252.SZ金信諾26.7719.6127.3421.3119.98-6.25%0.71-0.660.47-3.78-3.27減虧24688081.SH興圖新科2.001.931.571.441.494.3%0.520.33-0.46-0.79-0.68減虧25002935.SZ天奧電子8.679.1610.4312.1111.09-8.42%1.111.011.181.130.87-2.5%26300447.SZ全信股份6.257.139.4010.9210.37-5.05%1.371.391.631.891.34-2.4%27688084.SH晶品特裝1.102.854.222.802.25-1.4%-3.740.590.610.450.31-3.4%28688552.SH航天南湖6.677.727.979.537.26-2.8%0.872.301.311.571.02-3.6%29001270.SZ鋮昌科技1.331.752.112.782.873.4%0.670.451.601.330.80-3.9%30688522.SH納睿雷達(dá)1.051.311.832.102.121.8%0.710.670.971.060.63-4.2%31603712.SH七一二21.4126.9634.5140.4032.68-1.1%3.455.236.887.754.40-4.2%32300726.SZ宏達(dá)電子8.4414.0120.0021.5817.06-2.9%2.934.848.168.524.72-4.6%33688776.SH國光電氣3.554.465.909.117.45-1.2%0.420.951.651.660.90-4.5%34688682.SH霍萊沃1.692.293.303.363.9417.26%0.350.450.610.500.27-4.2%35000561.SZ烽火電子13.4513.8715.0216.0014.70-8.11%0.910.991.110.980.52-4.4%36688175.SH高凌信息2.523.984.955.173.56-3.1%0.411.091.190.880.46-4.9%37300114.SZ中航電測15.4517.6019.4319.0516.77-1.9%2.122.633.071.930.98-4.1%38002413.SZ雷科防務(wù)11.2512.1616.2213.6413.18-3.39%1.371.72-2.41-9.35-4.43減虧39688053.SH思科瑞1.051.662.222.431.95-1.6%0.340.750.970.970.43-5.7%40603678.SH火炬電子25.6936.5647.3435.5935.04-1.55%3.816.099.568.013.18-6.2%41603267.SH鴻遠(yuǎn)電子10.5417.0024.0325.0216.76-3.0%2.794.868.278.052.72-6.1%42002829.SZ星網(wǎng)宇達(dá)3.996.857.6810.747.71-2.2%0.121.101.612.150.54-7.9%43300101.SZ振芯科技4.725.777.9411.828.52-2.9%0.050.811.513.000.73-7.8%44300123.SZ亞光科技22.0618.1315.8816.8615.89-5.79%2.800.35-11.99-12.01-2.83減虧45300474.SZ景嘉微5.316.5410.9311.547.13-3.1%1.762.082.932.890.60-7.3%46300581.SZ晨曦航空2.392.712.242.332.330.2%0.490.630.270.360.06-8.8%47002414.SZ高德紅外16.3833.3435.0025.2924.15-4.49%2.2110.0111.115.020.68-8.5%48301213.SZ觀想科技1.401.571.540.961.026.4%0.520.570.580.18-0.02虧損49300045.SZ華力創(chuàng)通6.416.456.653.857.1084.27%-1.480.28-2.28-1.100.18扭虧50688282.SH理工導(dǎo)航2.263.063.182.050.22-8.3%0.670.710.730.56-0.23虧損51301306.SZ西測測試1.652.022.463.042.91-4.29%0.330.500.670.65-0.52虧損52300456.SZ賽微電子7.187.659.297.8613.0065.39%1.152.012.06-0.731.04扭虧53688066.SH航天宏圖6.018.4714.6824.5718.19-2.9%0.841.292.002.64-3.74虧損54301302.SZ華如科技3.205.266.868.333.62-5.5%0.710.921.181.34-2.22虧損55300762.SZ上海瀚訊5.466.417.294.013.13-2.9%1.151.672.350.86-1.90虧損56600990.SH四創(chuàng)電子36.7139.4231.4327.2119.27-2.1%1.111.701.840.66-5.53虧損57600071.SH鳳凰光學(xué)11.2812.7315.9318.6517.91-3.95%0.040.140.110.05-0.84虧損58000547.SZ航天發(fā)展40.3944.3642.2535.6418.63-4.7%6.648.086.510.36-19.50虧損Σ730.01885.101050.481127.661136.610.79%83.65136.03162.32152.81111.52-27.02%資料來源：，

信息化子行業(yè)2024Q1實(shí)現(xiàn)營業(yè)收入203-15.355億元，同比-53.75。表12：信息化子行業(yè)2024Q1營業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入24Q1同比增長歸母凈利潤（單位：億元）潤24Q12020Q12021Q12022Q12023Q12024Q12020Q12021Q12022Q12023Q12024Q11688636.SH智明達(dá)0.340.541.010.680.49-2.3%-0.020.090.09-0.01-0.11虧損2301306.SZ西測測試-0.430.500.501.0912.8%-0.090.08-0.06-0.36虧損3000561.SZ烽火電子0.591.851.592.411.39-4.2%-0.53-0.15-0.35-0.19-0.59虧損4300581.SZ晨曦航空0.230.520.240.300.01-9.6%-0.090.020.06-0.08-0.15虧損5688066.SH航天宏圖0.170.701.952.752.21-1.4%-0.36-0.45-0.50-0.89-1.51虧損6002214.SZ大立科技3.052.931.410.410.30-2.7%1.151.010.08-0.46-0.77虧損7688002.SH睿創(chuàng)微納2.313.814.457.9010.0727.47%0.850.960.140.821.2957.56%8000547.SZ航天發(fā)展7.689.4510.085.424.33-2.1%1.231.881.44-1.15-1.75虧損9688776.SH國光電氣-1.051.951.661.59-3.85%-0.280.420.200.2940.83%10300762.SZ上海瀚訊0.410.630.170.770.68-1.8%-0.070.08-0.20-0.08-0.10虧損11688439.SH振華風(fēng)光--1.853.243.487.3%--0.871.291.408.7%12600071.SH鳳凰光學(xué)2.013.453.903.633.958.4%-0.060.04-0.13-0.21-0.22虧損13688375.SH國博電子-3.596.056.986.93-0.62%-0.601.001.161.214.2%14600562.SH國?？萍?.038.345.885.725.62-1.82%-0.030.750.861.121.162.0%15002025.SZ航天電器7.6011.1915.0917.8316.14-9.47%0.731.191.592.202.262.8%16002465.SZ海格通信7.868.729.3810.3411.4410.67%0.320.480.520.420.430.9%17688788.SH科思科技0.031.120.270.110.1425.24%-0.230.31-0.26-0.54-0.54虧損18300416.SZ蘇試試驗(yàn)1.772.833.444.384.421.3%-0.010.160.290.440.42-4.87%1968852H航天南湖--0.120.510.28-4.9%---0.27-0.17-0.16減虧20300516.SZ久之洋0.711.170.910.730.64-1.4%0.020.130.090.050.04減虧21688084.SH晶品特裝--0.300.140.08-3.9%---0.02-0.10-0.09減虧22300114.SZ中航電測3.234.164.093.583.26-8.97%0.340.400.250.230.20-1.8%23002935.SZ天奧電子0.360.650.711.251.07-1.5%-0.14-0.10-0.12-0.11-0.09減虧24002338.SZ奧普光電0.761.431.161.901.72-9.25%0.110.160.170.210.17-1.8%25688709.SH成都華微---2.191.39-3.3%---0.750.59-2.7%26002179.SZ中航光電18.0033.8639.6753.4240.13-2.8%1.646.247.379.937.51-2.4%27301302.SZ華如科技-0.080.150.190.3793.04%--0.31-0.32-0.54-0.40減虧28603267.SH鴻遠(yuǎn)電子2.755.937.034.354.29-1.44%0.732.182.591.020.72-2.7%29688011.SH新光光電0.150.290.140.280.3318.09%-0.020.09-0.09-0.07-0.05減虧30300045.SZ華力創(chuàng)通1.701.521.480.911.7491.54%0.210.130.020.020.01-3.9%31301213.SZ觀想科技-0.100.050.100.1557.83%-0.05-0.05-0.020.010.01-3.3%32603712.SH七一二2.643.474.104.724.903.8%0.090.170.210.250.16-3.4%33603678.SH火炬電子6.0511.538.436.426.521.7%0.692.581.941.260.74-4.2%34300726.SZ宏達(dá)電子1.453.794.293.873.10-1.9%0.411.711.761.450.78-4.8%35002049.SZ紫光國微6.469.5213.4115.4111.41-2.9%1.903.245.315.843.07-4.4%36300447.SZ全信股份0.972.163.043.222.77-1.8%0.110.390.550.630.33-4.3%37688522.SH納睿雷達(dá)--0.270.350.31-1.3%--0.070.080.04-5.1%38688175.SH高凌信息-0.630.460.200.4110.7%-0.060.02-0.11-0.05減虧39688682.SH霍萊沃0.340.450.540.760.59-2.1%0.030.040.030.040.02-5.9%40688568.SH中科星圖0.381.001.452.684.1956.43%-0.20-0.05-0.010.050.02-6.1%41300101.SZ振芯科技0.681.702.011.921.39-2.6%0.050.380.680.510.16-6.8%42688053.SH思科瑞-0.420.510.640.29-5.0%-0.180.190.230.05-8.4%43300474.SZ景嘉微1.182.123.620.651.0866.28%0.250.490.77-0.71-0.12減虧44000733.SZ振華科技8.8813.0818.8621.0210.14-5.7%1.112.476.077.351.02-8.1%45002414.SZ高德紅外4.516.567.424.434.685.7%1.592.393.120.630.08-8.7%46600990.SH四創(chuàng)電子1.501.932.352.113.3960.84%-0.61-0.47-0.79-0.70-0.08減虧47300397.SZ天和防務(wù)2.851.470.940.811.3566.96%0.250.15-0.07-0.220.07扭虧48688272.SH*ST富吉-0.590.150.310.7614.0%-0.07-0.17-0.190.07扭虧49002829.SZ星網(wǎng)宇達(dá)0.981.120.491.230.45-6.4%0.100.18-0.080.21-0.12虧損50300456.SZ賽微電子1.611.991.731.912.7041.62%0.070.340.240.15-0.12虧損51300252.SZ金信諾4.375.295.836.494.66-2.2%-0.200.030.080.20-0.22虧損52001270.SZ鋮昌科技-0.050.200.400.20-5.7%--0.040.110.12-0.15虧損53600184.SH光電股份1.144.325.033.172.30-2.6%-0.190.160.200.07-0.09虧損54688282.SH理工導(dǎo)航-0.480.690.080.1136.88%-0.060.140.11-0.18虧損55002413.SZ雷科防務(wù)1.332.043.303.012.38-2.9%0.180.200.260.17-0.31虧損56600435.SH北方導(dǎo)航1.914.385.755.840.79-8.5%-0.160.010.350.25-0.50虧損57300123.SZ亞光科技4.393.602.733.182.22-3.3%0.310.21-0.550.05-0.13虧損58688081.SH興圖新科0.020.050.260.430.18-5.8%-0.13-0.19-0.020.00-0.13虧損Σ116.32194.09222.88239.83203.02-15.35%11.3530.9636.0632.9415.23-53.75%資料來源：，新材料板塊主要包含行業(yè)上游碳纖維、石英纖維、預(yù)浸料、鈦合金、高溫合金等非金屬與金屬材料。新材料板塊的增長主要來源于新型裝備對于新型材料的需求以及材料的自主研發(fā)需求。合金等材料相關(guān)標(biāo)的業(yè)績增長明顯。新材料子行業(yè)2023年實(shí)現(xiàn)營業(yè)收入421億元，同比+9.45%；實(shí)現(xiàn)歸母凈利潤68億元，同比+1.17%。表13：新材料子行業(yè)2023年?duì)I業(yè)收入及歸母凈利潤序號證券代碼證券簡稱營業(yè)收入（單位：億元）營業(yè)收入2023同比增長歸母凈利潤（單位：億元）歸母凈利潤202320192020202120222023201920202021202220231600399.SH撫順特鋼57.4162.7274.1478.1585.759.2%3.025.527.831.973.6284.39%2002625.SZ光啟技術(shù)4.816.378.5911.6814.9427.98%1.151.632.713.775.8354.87%3600862