深度报告：军民融合有望迎来业绩拐点，多领域业务蓄势待发

20% 10% 0% -10% -20% -30% -40% -50% -60% 000300.SH 300397.SZ 投资要点       请阅读最后评级说明和重要声明 一、军民融合创新型企业，业绩有望迎来拐点4 1.天和防务：专注于提供综合防务解决方案的新型高科技企业4 2.2024Q1公司扭亏为盈，业绩有望迎来拐点6 3.重视研发提高产品竞争力，稳步推进项目建设完善业务布局7 二、军工装备：低空近防业务积极开拓，数字海洋业务持续发展8 1.现代战争中无人机使用频次高，末端防空重要性凸显8 2.防空系统市场持续增长，公司低空近防业务积极开拓10 3.数字海洋：行业快速发展，公司业务逐渐向体系化和规模化发展10 三、通信电子：5G射频业务稳健发展，高导热介质胶膜有望成为公司新的利润增长点12 1.5G射频：公司布局器件、芯片、材料，5G-A有望驱动5G市场新一轮增长12 2.半导体封装及基板：子公司高导热介质胶膜已批产，有望为公司打造新的利润增长点16 3.产业布局围绕感知能力，发挥产业链协同效应18 四、低空经济商业进程提速，空管保障业务有望充分受益19 1.产业支持政策频出，低空经济商业进程提速19 2.公司空管软硬件产品布局全面，有望用于低空经济24 3.低空大数据支撑下的天融工程助力空管业务发展27 五、盈利预测与投资建议28 六、风险提示30 ...................................................................................................4 ........................................................................................................................................5 ........................................................................................................................................5 ........................................................................................................................................5 .....................................................................................................................................6 ..................................................................................................................................6 ..................................................................................................................................6 ....................................................................................................................................7 ...................................................................................................................................................7 ...................................................................................................................................7 .................................................................................................................8 ......................................................................................................................................9 ..................................................................................................................................9 .......................................................................................................................9 ............................................................................................................9 ...........................................................................................................................................10 ...............................................................................................................10 ...................................................................................................................11 ..................................................................................................................11 ................................................................................................................................11 .........................................................................................................................12 ................................................................................................................................13 ................................................................................................................................13 ................................................................................................................................14 .............................................................................................................................14 ................................................................................15 ......................................................................................15 ....................................................................................................15 ..........................................................................................15 ...............................................................................................................................................16 ........................................................................................................16 ..............................................................................................................17 ................................................................................................................................17 ..........................................................................18 ...................................................................................................18 .......................................................................................................19 ........................................