Group 1 - The China Securities Military Industry Index (399967) has shown a strong increase of 4.24% as of May 7, 2025, with notable gains in constituent stocks such as AVIC Chengfei (302132) reaching a 20% limit up, and Zhongyun Drone (688297) rising by 16.37% [1] - The leading military ETF (512680) has also increased by 4.23%, marking its third consecutive rise, with a trading volume of 87.04 million yuan and a turnover rate of 2.31% [1] - The latest scale of the military ETF has reached 3.686 billion yuan, a new high for the year, with the latest share count at 3.544 billion, also a six-month high [1] Group 2 - The top ten weighted stocks in the China Securities Military Industry Index as of April 30, 2025, include China Shipbuilding (600150) and Guoke Technology (002625), accounting for a total of 37.03% of the index [2] - Positive signals have emerged in the military sector since 2024, with expectations of increased contract announcements and related transaction amounts in 2025, indicating a recovery in the military fundamentals [2] - According to GF Securities, the EU's defense industrial strategy is shifting towards self-sufficiency, aiming for 50% of defense equipment procurement to be sourced internally by 2030, which may benefit qualified Chinese companies with production capacity [2]

证券代码：600372 证券简称：中航机载 公告编号：临 2025-026 中航机载系统股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/19 | | --- | --- | | 回购方案实施期限 | 2025/4/21~2026/4/20 | | 预计回购金额 | 30,000.00万元(含)~50,000.00万元(含) | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 0.00万股 | | 累计已回购股数占总股本比例 | 0.00% | | 累计已回购金额 | 0.00万元 | 的《中航机载系统股份有限公司关于以集中竞价方式回购 A 股股份方 案的公告暨回购报告书》（公告编号：临 2025-021）。 二、 回购股份的进展情况 截至 2025 年 4 月 30 日，公司暂未实施股份回购。 三、 其他事项 公司将严 ...

中航产融（600705）公告，控股子公司中航投资拟通过非公开协议转让方式，向控股股东中航工业转让 所持中航西飞（000768）1.6亿股无限售流通股份(占总股本5.76%)及中航机载（600372）2267.72万股无 限售流通股份(占总股本0.47%)。交易完成后，公司及控股子公司将不再直接持有中航西飞和中航机载 股份。交易总价款为40.67亿元，尚需提交股东大会及中航工业董事会决议通过，并需取得中航工业批 复，办理股份过户登记手续。 ...

智通财经5月5日电，中航机载(600372.SH)公告称，公司股东中航投资拟将其持有的公司2267.72万股股 份（占公司股份总数的0.47%）以非公开协议转让方式转让给实际控制人中国航空工业集团。转让完成 后，中航投资不再持有公司股份，中国航空工业集团直接持有公司股份数量增加至30537.90万股，占公 司股份总数的6.31%。此次权益变动属于同一控制下股东之间的内部转让，不会导致公司控股股东及实 际控制人发生变化。 中航机载：中航投资拟向实际控制人转让公司2268万股股份 ...

证券代码：600372 证券简称：中航机载 公告编号：临 2025-025 中航机载系统股份有限公司 关于同一控制下股东拟非公开协议转让公司股份暨权益变动的 提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 2025 年 5 月 5 日，中航机载系统股份有限公司（以下简称公司、中航机 载）收到公司股东中航投资控股有限公司（以下简称中航投资）的通知，中航投 资与公司实际控制人中国航空工业集团有限公司（以下简称中国航空工业集团） 签署《资产转让协议》，拟将其所持有的公司 22,677,248 股股份（占公司股份总 数的 0.47%）以非公开协议转让方式向中国航空工业集团转让（以下简称本次协 议转让或本次权益变动）。 本次协议转让前，中航投资直接持有公司 22,677,248 股股份，占公司股 份总数的 0.47%；中国航空工业集团直接持有公司 282,701,714 股股份，占公司 股份总数的 5.84%。本次协议转让完成后，中航投资不再持有公司股份，中国航 空工业集团直接持有公司股份数量增加至 305,378,962 股，占公司股份总数 ...

Core Viewpoint - The announcement details a share transfer agreement between AVIC Investment and its controlling entity, AVIC, which will result in a change in shareholding structure without altering the controlling shareholder or actual controller of the company [1] Group 1 - AVIC Investment will transfer 22,677,200 shares, representing 0.47% of the total shares of the company, to AVIC through a private agreement [1] - After the transfer, AVIC's shareholding will increase to 6.31%, while AVIC Investment will no longer hold any shares in the company [1] - This transaction is classified as an internal transfer between shareholders under the same control, ensuring no change in the company's controlling shareholder or actual controller [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.725 billion yuan in Q1 2025, a year-on-year decline of 16.26%, and a net profit attributable to shareholders of 101 million yuan, down 77.79% year-on-year [5][6] - Despite the performance pressure, the company is expected to leverage its leadership in the aviation onboard product chain, with potential growth in the civil aviation sector, including participation in major aircraft projects like C919 and AG600 [6][7] - The company aims for high-quality development and to establish itself as a flagship leader in the market, with projected net profits of 1.113 billion yuan, 1.243 billion yuan, and 1.407 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 7.0%, 11.7%, and 13.2% [7][9] Financial Summary - In 2025, the company expects revenue of 24.441 billion yuan, a slight increase of 2.3% from the previous year, with a net profit of 1.113 billion yuan, representing a 7.0% increase [9] - The gross margin is projected to remain stable at 28.2% over the forecast period [9] - The price-to-earnings (P/E) ratio is expected to decrease from 57.32 in 2024 to 37.21 by 2027, indicating improving valuation over time [9]

Core Insights - Company reported a total revenue of 4.725 billion yuan for Q1 2025, ranking 4th among peers, a decrease of 918 million yuan or 16.26% year-on-year [1] - Net profit attributable to shareholders was 101 million yuan, ranking 14th among peers, down by 353 million yuan or 77.79% year-on-year [1] - Operating cash flow increased to 367 million yuan, ranking 4th among peers, marking a rise of 1.637 billion yuan, achieving two consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio is 49.63%, ranking 35th among peers, a decrease of 0.17 percentage points from the previous quarter, but an increase of 1.11 percentage points year-on-year [3] - The latest gross profit margin is 24.54%, ranking 31st among peers, down by 3.64 percentage points from the previous quarter and 0.59 percentage points year-on-year [3] - Return on equity (ROE) stands at 0.27%, ranking 32nd among peers, a decrease of 0.98 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - Diluted earnings per share is 0.02 yuan, ranking 31st among peers, a decrease of 0.07 yuan or 77.78% year-on-year [3] - Total asset turnover ratio is 0.06 times, ranking 22nd among peers, down by 0.02 times year-on-year, a decline of 20.78% [3] - Inventory turnover ratio is 0.22 times, ranking 36th among peers, down by 0.08 times year-on-year, a decrease of 26.59% [3] Shareholder Structure - The number of shareholders is 184,400, with the top ten shareholders holding 2.873 billion shares, accounting for 59.37% of total equity [3] - Major shareholders include: - AVIC Systems Co., Ltd. - 25.68% - China Aviation Technology Industry Co., Ltd. - 16.50% - Aviation Industry Corporation of China - 5.84% - China Aviation Rescue Research Institute - 5.53% [3]

据证券之星公开数据整理，近期中航机载(600372)发布2025年一季报。截至本报告期末，公司营业总收 入47.25亿元，同比下降16.26%，归母净利润1.01亿元，同比下降77.79%。按单季度数据看，第一季度 营业总收入47.25亿元，同比下降16.26%，第一季度归母净利润1.01亿元，同比下降77.79%。本报告期 中航机载公司应收账款体量较大，当期应收账款占最新年报归母净利润比达2332.3%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率24.54%，同比减1.21%，净利率2.93%， 同比减66.46%，销售费用、管理费用、财务费用总计4.76亿元，三费占营收比10.07%，同比增24.18%， 每股净资产7.73元，同比增2.6%，每股经营性现金流0.08元，同比增128.91%，每股收益0.02元，同比减 77.78% | 项目 | 2024年一季报 | 2025年一季报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 56.43 Z | 47.25 Z | -16.26% | | 归母净利润(元) | 4.54Z | 1.01亿 ...

中航机载系统股份有限公司第八届董事会 中航机载 股票代码：600372 股票简称：中航机载 编号：临 2025-023 特此公告。 2025 年度第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航机载系统股份有限公司(以下简称公司)第八届董事会 2025 年度 第三次会议会议通知及会议资料于 2025 年 4 月 24 日以直接送达或电子邮 件等方式送达公司各位董事及高管人员。会议于 2025 年 4 月 28 日在北京 市朝阳区曙光西里甲 5 号院 16 号楼 2521 会议室以现场结合视频方式召开。 会议应参加表决的董事 9 人，实际表决的董事 9 人。会议的召开符合《中 华人民共和国公司法》及《公司章程》的规定。会议以记名表决的方式， 审议并一致通过如下议案： 一、《关于审议公司 2025 年第一季度报告的议案》 该议案经公司第八届董事会审计委员会 2025 年度第四次会议审议通 过后提交本次董事会审议。审计委员会认为：董事会关于公司 2025 年第一 季度报告编制和审议程序符合法律、行政法规和中国 ...