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发展历程：国内首家军工资产整体上市企业；2022年剥离专用车，专注导航控制核心主业

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所属报告：

北方导航-公司首次覆盖报告：信息化系列5制导装备核心配套；远火需求驱动成长-231117（25页）.pdf

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1 导航控制和弹药信息化技术领军者 ............................................................................................................................ 3 1.1 首家军工资产整体上市企业；背靠兵器工业集团 ........................................................................................................................ 3 1.2 业绩拐点或将出现；剥离车辆业务聚焦核心主业 ........................................................................................................................ 5 2 信息化装备趋势牵引；精确制导武器需求弹性大 ....................................................................................................... 8 2.1 精确制导武器：大量应用于信息化战争 ......................................................................................................................................... 8 2.2 导航制导与控制系统是制导装备的重要组成部分 ...................................................................................................................... 10 3 优化资产结构，赋能高质量发展 ............................................................................................................................ 14 3.1 聚焦导航控制和弹药信息化，提升发展质量 .............................................................................................................................. 14 3.2 中兵通信：特种超短波地空通信龙头 ........................................................................................................................................... 16 3.3 中兵航联：电连接器定点企业 ....................................................................................................................................................... 17 3.4 实施股权激励激发动力，彰显长期发展信心 .............................................................................................................................. 18 4 盈利预测与投资建议 .............................................................................................................................................. 19 4.1 盈利预测假设与业务拆分 ................................................................................................................................................................ 19 4.2 估值分析与投资建议 ........................................................................................................................................................................ 20 5 风险提示 ............................................................................................................................................................... 21 插图目录 .................................................................................................................................................................. 23 表格目录 .................................................................................................................................................................. 24 1 导航控制和弹药信息化技术领军者 1.1 首家军工资产整体上市企业；背靠兵器工业集团历史沉淀深厚，聚焦主业优化资产。北方导航前身是国营第 218 厂，建于1960 年，是“一五”时期前苏联援建 156 项后追加的项目，是我国唯一的航空光学轰炸瞄准具制造厂；2000 年 9 月，公司设立以电脑刺绣机为核心业务的北方天鸟；2001 年 11 月，218 厂整体改制为国有独资公司华北光学，出资人为兵器工业集团；2003 年 7 月，北方天鸟上市；2008 年，在兵器工业集团和国防科工局的支持下，华北光学将全部特种资产纳入北方天鸟，完成特种资产整体上市，北方天鸟更名为中兵光电；2012 年 4 月，按照兵器工业集团产业结构调整，中兵光电更名为北方导航。2016 年 6 月，子公司中兵通信挂牌新三板；2017 年 4月，子公司中兵航联挂牌新三板；2020 年，公司实施上市以来首期股权激励；2022 年，公司推进股权资产结构优化，完成北方专用车 100%股权转让，聚焦主责主业提升发展质量。

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