国防军工行业2022年度策略：内生外延双轮驱动确定成长后来居上-211231（36页）.pdf

1、 http:/ 1/37 Table_main 20211231 2022 + 1/2027/2021塱 2飬 3 4硢20222021 + 1 5 / 3-4%6-8%10% 2 3 12022档 230磺鶼硢 飺 /塱20%/ 1鶼 2硢 3 2022鶼 12 table_invest table_page http:/ 2/37 1. . 5 1.1. +飬+ . 5 1.2. + . 5 1.3. . 5 1.4. 2022飺 . 6 2. . 8 2.1. . 8 2.2. . 9 2.3. 塱 . 11 2.4. . 12 3. . 15 3.1. . 15 3.2. . 15 3

2、.3. . 16 4. 2022 . 18 4.1. . 18 4.2. . 20 4.3. + . 22 4.4. . 24 4.5. . 26 5. 2022鶼 . 30 5.1. . 30 5.2. A . 30 5.3. . 31 5.4. 鶼+ . 32 5.5. . 32 5.6. . 33 5.7. . 34 5.8. . 34 5.9. . 35 5.10. 溣 . 36 . 36 nMqOpNsMsOuMmOtPnMnRmR9PbPbRoMpPnPpNiNmMqRfQqQmQbRoPqQNZnNrPuOsPqQ table_page http:/ 3/37 12022 . 5

3、 22020GDP70%36 . 8 357.4% . 9 4202032% . 10 52010-2020/GDP . 10 62010-2020/ . 10 720102017 . 10 8/鶼() . 11 9/鶼125% . 11 10/鶼() . 12 11/鶼105% . 12 12 17 . 12 13. 15 1485% . 18 15 . 18 1629% . 18 17 . 19 18 . 19 19/ . 19 20 . 19 21 . 21 22 . 21 23 . 22 24: . 23 25: . 23 26 . 24 27 . 25 28 . 25 292010-

4、202011% . 26 30MLCC2016-202021% . 26 31. 27 3220%-25% . 27 33 . 28 34/ . 28 35 . 28 362021Q3231(+2%) . 30 372021Q36.1 . 30 382021Q3142(+16%) . 31 392021Q36.2(+26%) . 31 402021Q3183(+19%) . 31 412021Q37.8(+24%) . 31 table_page http:/ 4/37 42鶼2021Q343(+43%) . 32 43鶼2021Q30.7(+429%) . 32 442021Q3249(+3

5、2%) . 33 452021Q314.5(+25%) . 33 462021Q381(+11%) . 33 472021Q35.2(+11%) . 33 482021Q338(+63%) . 34 492021Q314.6(+113%) . 34 502021Q321(38%) . 35 512021Q35.4(+98%) . 35 522021Q3382(+0%) . 35 532021Q34.1(+139%) . 35 542021Q3382(+0%) . 36 552021Q34.1(+139%) . 36 130. 6 2 . 7 3 . 9 4 . 13 5 . 14 6塱塱 .

6、15 7 . 16 8 . 16 93.6 . 19 10 . 22 11 . 23 12 . 24 13裬 . 25 14 . 26 15209070% . 27 16 . 27 17 . 29 table_page http:/ 5/37 1. 1.1. +飬+ 1/2027/2021塱 2飬 3 4硢20222021 12022 Wind 1.2. + 15/3-4%6-8%10% 2 3 1.3. 2022档 30 磺鶼硢 table_page http:/ 6/37 130 2017 523 2019 523 2018 523 A 2019 523 2019 523 2020 523