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_40页_7mb.pptxVIP

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资料来源：Wind，国金证券研究所

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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

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26H1

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%

-1.4pct

20.1%

-0.3pct

-0.3pct

净利率

4.8%

-1.0pct

5.5%

-0.8pct

+1.6pct

期间费用率

14.3%

+0.9pct

13.3%

+1.4pct

-2.4pct

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

2,282

2,580

2,622

2,694

232

243

13.1%2,396

-7.1%

9.4%

2.7%

4.6%

179 152 130

-26.3%

-14.9%-14.9%

-30%

-20%

-10%

0%

10%

20%

-

500

1,000

1,500

2,000

2,500

3,000

2022/6/302023/6/302024/6/302025/6/302026/6/30

营业收入（亿元）营收YoY

归母净利润（亿元）归母净利YoY

24.2%

23.7%

22.5%

21.6%

20.2%

7.5%

5.8%

4.8%

12.0%

10.2%

12.6%

9.4%