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    航天军工行业双周报:关注两会国防预算及钓鱼岛局势演变130304.ppt

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    航天军工行业双周报:关注两会国防预算及钓鱼岛局势演变130304.ppt

    20130304,2013,3,4,2013,2,18,2013,3,1,4.6%,3.0%,3.4%,+19.2%,+18.4%,010-60838822,+14.9%,15%,-1.6%,-0.9%,-0.6%,2012,6702.74,S1010512020002,2011GDP,2013,11.2%,10,010-S1010510120051,/,10,%,2012,20122012,12,2013,1.,.2013-2-18,2013,3-6,2.3.,.2013-1-28,.2013-1-14,4.5.,.2012-12-31,10,11,EPS12E,13E,14E,10,11,PE,12E 13E 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MTU,%,6,201203043,%,%,%,%,%,%,%,%,-0.1,11.3,100,0.8,8.6,DAX30,1.5,12.3,-2.4,7.6,AlliantTechsystemsBoeingEmbraerGeneral Dynamics,-0.73.02.92.0,10.74.214.9-6.6,CobhamBAE SystemsRolls RoyceMeggitt,5.37.71.31.0,20.615.024.913.9,CACEADSMTU AreoenginesSafran,1.112.10.75.6,6.142.225.138.9,-10.2-10.825.1,-11.45.5122.8,Lockheed Martin,0.3,-0.6,Qinetiq,-1.2,36.0,Northrop,Ultra,GrummanRaytheon,-0.21.3,9.35.9,ElectronicsChemring,6.3-4.8,-2.5-36.3,Rockwell CollinsSpirit AerosystemsUnitedTechnologiesBloomberg,1.63.3-0.7,2.5-27.48.22013,4040,26,274,582,28,2505314,2013,2,582,7,2012030428,3,2,28,6,8,1112,3,1,2,28,2015(,16,),23,(,),1516,3,C-705,3,(,),2013,3,C-705,140,3,C-705,3,C-7058,20120304,3,1,2020,3,2,20,5,5,6,4,3,15,120,30,-20,2013,1,26,),519,-20,-20,(,519,6000,RTO,RTO,300,056,2,25,056,582,40,82000,55000,2006,9,201203045000kWECDIS,1500,C80,15009.9752480,C80,137183,2013,25%,100,02,10,-,Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that:(i)the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers;and(ii)no part of the analysts compensation was,is,or will be directly or indirectly,related to the specific recommendations or views expressed in thisresearch report.,601989,600038,1%“”,/,(,),(1),(2)/20131,300,20%,6,300,5%,20%,2,6300,6300,300300300300300,-10%5%10%10%-10%10%10%,48,1568,8,1,100125,22,200122,518048,26,Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entirety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities RegulatoryCommission.Securities Business License Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant to Rule,“,”,15a-6(a)(2)under the U.S.Securities Exchange Act of 1934 exclusively to“major U.S.institutional investors”as defined in Rule 15a-6 and the SEC no-action,letters thereunder.,Z20374000,1934“,”,15a-6(a)(2),15a-6,

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