> 数据图表你知道军工不同子集下的业绩分析：主机厂收入同比改善、航发+DD+陆装业绩边际向上2025-11-0军工不同子集下的业绩分析：主机厂收入同比改善、航发+DD+陆装业绩边际向上◥ 25Q3主机厂实现同比+7%的收入变动和同比+3%的归母净利润变动，边际好转，四季度有望进一步明显改善；◥ 上游原材料困境明显，2025Q3收入同比-5%，归母净利润同比减少55%。◥ 上游电子持续恢复，2025Q3收入同比增加18%，归母净利润同比+28%；加工（锻铸造）环节有一定拐点，2025Q3加工环节实现同比+17%的收入变动和同比29%的归母净利润变动；◥ 航发领域产业层面好转，但会计层面的筑底拐点仍然没有看到，2025Q3实现同比+13%的收入增长和同比-68%的归母净利润变动；◥ 船舶领域业绩持续高增兑现；军贸领域业绩加速增长。板块情况单季度营收增速单季度归母净利润增速22Q122Q222Q322Q423Q123Q223Q323Q424Q124Q224Q324Q425Q125Q225Q322Q122Q222Q322Q423Q123Q223Q323Q424Q124Q224Q324Q425Q125Q225Q3军工分产业链环节、分领域营收及利润增速9%14% 16%7%2%4%-9% -12% 36% -17% -13% 7%7%4%-15% 17% 26% 30%39%-10%28% -3% -61% 64% -30% -33% 3%-4%6%14%33% 15%0%5%-1%-23% 8% -11% -15% -12% -21% 4%-5% 36% 56%0%-9% 28%3%-12% -100% 23% -28% -67% -2205% -62% -23% -127%6%7%0%3%4%-5%-1%-1%-5% 22% 13%11%31%6%-1%-9%-7%-5%-4%3% -31% -23% -29% -55%21%8%11% 14%-1%3% -19% -14% -7%6%7%22% 18% 32% 17%21%-7%-2%1%-22%-34% -45% -40% -34% -68% -24% 5%28%36% 20%39%17% 25% 24%1%-8%-3% -18% -19% 2% -11% 16% 17% 83% 39%30%-5% 21% 48%-13%-60% -20% -37% -47% -178% -28% -8% 29%主机厂 16% 19%分系统 7%21%1%5%分产业链环节原材料 22% 20%20% 15%电子分领域30% 30%航发信息化 25% 25%24% 22%军机加工导弹42% 31%23%0%4%9%6%24%6%8%-13% -14% -14% -33% -29% -7% -11% 19% 37% 31% 16%18% 21%13%12%5%1% -11% 15% -5% -17% 13% 39% 21%5%4%-16% -10% 0%-40%-31% -32% -55% -106% -162% -47% 1% -1247%-10% 27% 22%-1%8%20% -17% -17% -103% -55% -55% -68%13%17% 12% 10%21%9%1%1%-17% 7% -12% -8% -25% -15% -21% -10% -31% 46%14%15% 70%0%-69%-97%— -66% -209% -5834% 127% -187% 130%4%-3%-6% -20% 30% -9%-8% 17% 33% 30%22%26% 18% 13%9%-9%-14% -4% -26% 84% -14% -9% -31%船舶2% -12% 41%15%4%50%26%15% 43% 10% -4%1%11% 27% 66% -60% -94% 84% -323% 50% 3878% 140% -112% 119% 87% -23% 1432% 182% 76% 59%地面兵装 27% 14%23% 12%军贸13%-5%-8%-3%-23% -24% -14% -27% 4%-2%-4%6%-3%3%-17% -18% -6% -19% 8%1%9%4%36% 11% 101% 40%-7%51% -42% -26%-9%97%-66% -58% -72% -130% -64% 76% 67%29% 42% -8% -14%-3%-3% -23% 32%-13%-81% -16% -44% 14% -54% 8%43% 19%资料来源：Wind，国联民生证券研究所7国联民生证券综合其他
