> 数据图表你知道军贸领域季度间情况2025-11-0军贸领域季度间情况◥ 军贸行业季度间收入、利润同比保持稳定增长，环比受季度节奏影响均由下滑。过去四个季度2024Q4-2025Q3军贸领域的营收增速同比分别为1.2%/4.3%/29.1%/42.25%,2025Q3环比-7.28%；归母净利润同比增速分别为-53.8%/7.9%/43.1%/33.42%，2025Q3环比增速为-20.67%。◥ 受交付淡季以及成本压力影响单季度盈利能力同环比略有下滑，期间费用率同比下滑、环比增长。2025Q3毛利率、净利率分别为22.35%、6.76%，分别同比-2.35、-0.45pct，环比-1.34、-1.14pct。军贸领域季度财务指标情况增速/增幅(pct)收入（亿元）净利润当期（亿元）毛利率净利率期间费用率ROE军贸2024Q32025Q22025Q3同比环比123.13188.90175.1542.25%-7.28%8.8714.9311.8433.42%-20.67%24.71%23.69%22.35%7.21%7.90%6.76%18.67%11.66%13.60%0.90%1.54%1.14%(2.35)(0.45)(5.07)0.24(1.34)(1.14)1.94(0.39)军贸领域季度营收、归母净利润及同比增速军贸领域季度间的盈利能力情况营业收入/亿元归母净利润/亿元营业收入同比增速（右轴）归母净利润同比增速（右轴)毛利率净利率期间费用率（右轴）研发费用率（右轴）147.3%102.3%108.2%16.7%63.8%58.1%29.3%14.8%300250200150100500-2.5%资料来源：Wind，国联民生证券研究所33.5%7.1%0.0% 3.6%1.2%-4.2%23.4%12.3%-7.8%-13.6%6.4%-3.4%-2.6%2.5%32.3%-16.6%-12.8%-3.0%-22.7%-6.0%-15.9%-18.8%-43.7%-17.8%-80.7%200%150%100%14.0%7.9%7.7%1.2%4.3%43.1%29.1%50%42.2%19.5%0%-53.8%-50%-100%23.17%22.88%18.89%18.57%19.94%18.35%19.13%19.60%17.76%20.89%20.93%20.47%18.84%22.13%22.14%23.07%24.71%23.69%22.59%22.35%19.21%27.06%9.74%9.78%9.26%8.41%7.22%6.73%7.06%7.22%7.39%6.73%6.57%5.80%7.10%6.78%7.21%5.18%7.90%6.76%5.53%9.14%1.92%0.89%20%15%10%5%0%30%25%20%15%10%5%0%32国联民生证券综合其他
