Core Insights - The report highlights the robust performance of various sectors, particularly in electric equipment, coal, and healthcare, indicating potential investment opportunities in these areas [6][9][11]. Industry Commentary Electric Equipment and New Energy - UBTECH leads the establishment of two national technical standards for humanoid robots, indicating a strong push towards innovation in robotics [6]. - The China Photovoltaic Industry Association (CPIA) emphasizes the need for self-regulation to maintain fair competition in the photovoltaic market, urging companies to adhere to legal standards and avoid price wars [6]. - The price of polysilicon remains stable, with a current average of 44.0 CNY/kg, supported by production cuts from leading companies [6][10]. Coal Industry - The trend of shrinking coal imports has slowed, with July 2025 showing a year-on-year decrease of 22.94% but a month-on-month increase of 7.78% [9][12]. - The average import price for coal is reported at 67 USD/ton, reflecting a downward trend compared to the previous year [12]. Healthcare Sector - The report on Kaineng Health indicates stable performance with significant potential in the health sector, driven by high-margin terminal services [11][13]. Machinery and Equipment - Jinxi Axle reported a significant turnaround with a net profit of 13.90 million CNY in H1 2025, driven by high growth in railway vehicle contributions [23][25]. - Hangcha Group's revenue reached 9.30 billion CNY in H1 2025, with a notable increase in both domestic and export sales of forklifts [26]. Aerospace and Defense - AVIC Shenfei's contract liabilities increased significantly, indicating strong future demand for military aircraft, particularly the J-16 and J-35 models [28][31]. Chemical Industry - LUXI Chemical reported stable revenue growth, with a focus on transitioning from single-agent to compound agents, reflecting a strategic shift in product offerings [40]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the electric equipment sector, such as Aiko and Longi Green Energy, and those involved in coal production like Huayang Co. and Jinkong Coal [8][12][26]. - In the healthcare sector, companies like Kaineng Health are recommended due to their promising growth in high-margin services [11][13].

Investment Rating - The report maintains a "Buy-A" rating for AVIC Shenyang Aircraft Corporation (600760.SH) [1][6] Core Views - The company experienced a significant increase in contract liabilities, up 113.47% from the beginning of the year, despite a 32.35% year-on-year decrease in revenue for the first half of 2025 [4][5] - The company is expected to benefit from strong demand for its J-16 series and the new J-35 stealth fighter, as well as the J-15 series, which will continue to serve as the main carrier-based aircraft [5][6] Financial Performance - For the first half of 2025, the company reported revenue of 146.28 billion yuan, a decrease of 32.35% year-on-year, and a net profit attributable to shareholders of 11.36 billion yuan, down 29.78% year-on-year [2][4] - Total liabilities reached 445.60 billion yuan, an increase of 44.60% year-on-year, while cash and cash equivalents rose to 153.53 billion yuan, up 84.72% year-on-year [2][4] - Accounts receivable and inventory also saw significant increases, with accounts receivable at 186.07 billion yuan (up 31.99%) and inventory at 115.15 billion yuan (up 59.46%) [2][4] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.44 yuan, 1.65 yuan, and 1.84 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 44.5, 38.9, and 34.8 [6][11]

中航沈飞（600760.SH）2025 年半年报点评 ➢ 事件：8 月 25 日，公司发布 2025 年半年报，1H25 实现营收 146.3 亿元， YOY -32.4%；归母净利润 11.4 亿元，YOY -29.8%；扣非净利润 10.7 亿元，YOY -32.4%；剔除股份支付影响的净利润 11.6 亿元，YOY -29.9%。业绩表现符合 预期。受产品配套交付进度及结构调整影响，公司业绩同比下滑，我们点评如下： ➢ 2Q25 业绩承压；盈利能力保持稳定。1）单季度：公司 2Q25 实现营收 87.9 亿元，YOY -27.5%；归母净利润 7.1 亿元，YOY -21.8%；扣非净利润 6.5 亿元， YOY -25.0%。2）利润率：公司 1H25 毛利率同比下滑 0.3ppt 至 12.3%；净利 率同比提升 0.3ppt 至 7.7%。其中，2Q25 毛利率同比下滑 0.9ppt 至 12.0%； 净利率同比提升 0.5ppt 至 8.0%。盈利能力整体保持了稳定。 ➢ 吉航公司营收增长 108%；定增募资 40 亿推动装备发展。1H25，子公司 方面，1）沈飞公司：主营歼击机（涵盖特种型飞机 ...

Core Viewpoint - The company experienced a significant decline in revenue and net profit in the first half of 2025, primarily due to product delivery progress and structural adjustments, but maintained a high level of profitability. Financial Performance - In the first half of 2025, the company achieved revenue of 14.628 billion (down 32.35% year-on-year) and a net profit attributable to shareholders of 1.136 billion (down 29.78% year-on-year) [1] - The second quarter of 2025 saw revenue of 8.795 billion (down 27.51% year-on-year, up 50.76% quarter-on-quarter) and a net profit of 706 million (down 21.77% year-on-year, up 63.93% quarter-on-quarter) [1] - The gross profit margin was 12.25%, a decrease of 0.27 percentage points compared to the same period last year [2] - The net profit margin reached 7.74%, an increase of 0.27 percentage points year-on-year [2] Expense Analysis - The total expense ratio for the first half of 2025 was 2.43%, an increase of 1.81 percentage points year-on-year [2] - Sales expenses amounted to 4.7138 million (up 185.67% year-on-year), primarily due to increased exhibition costs [2] - Management expenses were 392 million (up 20.43% year-on-year), mainly due to increased repair and material consumption costs [2] - R&D expenses were 182 million (down 67.88% year-on-year), influenced by project development cycles [2] Balance Sheet and Cash Flow - Contract liabilities showed significant recovery, increasing by 155.11% to 7.532 billion compared to the beginning of the year, mainly due to increased advance payments [3] - Accounts receivable reached 18.607 billion, up 31.99% from the end of the previous year [3] - The net cash flow from operating activities increased by 8.982 billion year-on-year, driven by higher cash receipts from sales of goods and services [3] Employee Incentives - The company launched a second phase of its stock incentive plan, granting 7.8305 million shares to 223 employees at a price of 32.08 per share, aimed at motivating core staff [4] - The unlocking conditions for the shares include achieving a compound annual growth rate of not less than 15% in net profit from 2023 to 2025 [4] Profit Forecast - The company forecasts net profits attributable to shareholders of 3.755 billion, 4.301 billion, and 4.951 billion for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 49, 42, and 37 [4]

Core Insights - The company reported a revenue of 14.628 billion yuan and a net profit of 1.136 billion yuan for the first half of 2025, with basic earnings per share at 0.41 yuan, indicating a phase of performance adjustment due to industry cyclicality and product delivery schedules, but significant improvements in operating cash flow and asset scale were noted, laying a solid foundation for long-term development [2] Financial Structure Optimization - As of the end of June, the company's total assets reached 64.178 billion yuan, a 4.20% increase from the end of the previous year; net assets attributable to shareholders were 17.614 billion yuan, up 3.15%, indicating steady asset expansion to support business growth [3] - The net cash flow from operating activities significantly improved to 3.087 billion yuan, a substantial increase compared to the same period last year, primarily due to increased cash receipts from sales of goods and services, reflecting enhanced operational collection capabilities [3] - The balance of special payables at the end of the period was 31.704 billion yuan, earmarked for national defense research and infrastructure technical transformation projects, ensuring funding needs for core business [3] Technological Innovation - The company made significant strides in core capability development, with a key focus on a 4 billion yuan targeted fundraising initiative, which was allocated to four major projects: local relocation construction (1.922 billion yuan), composite material production line capacity building (486 million yuan), titanium alloy production line capacity building (355 million yuan), and aircraft maintenance service capability enhancement (393 million yuan) [4] - The local relocation project is progressing smoothly, with a land use rights transfer contract signed in December 2023, facilitating the upgrade of core manufacturing capabilities within Shenyang [4] - The company continues to upgrade its digital intelligent manufacturing system, maintaining a leading position in large structural component CNC processing and composite material applications, with the new generation stealth fighter J-35A showcased at the Zhuhai Airshow and Paris Airshow, demonstrating its technological strength [4] ESG and Corporate Governance - The company systematically revised its articles of association and governance rules, advancing supervisory board reforms and improving information disclosure and fundraising management systems, establishing a closed-loop management system for modern enterprise governance in China [5] - The investor return mechanism has been further improved, with the establishment of a market value management system and the first cash dividend of 386 million yuan planned for the first three quarters of 2024, alongside initiatives to enhance communication channels with investors [5] - In terms of ESG management and social responsibility, the governance layer has integrated ESG functions and established a unique indicator system, achieving a Wind ESG "AA" rating for two consecutive years, ranking first in the aerospace and defense III industry with a comprehensive score of 8.86 [5]

交付节奏导致收入利润下滑，下游需求维持高位 证券研究报告 中航沈飞 (600760 CH) Q2 业绩改善明显，军贸业务空间广阔 2025 年 8 月 26 日│中国内地 航空航天 中航沈飞发布半年报，2025 年 H1 实现营收 146.28 亿元（yoy-32.35%）， 归母净利 11.36 亿元（yoy-29.78%），扣非净利 10.74 亿元（yoy-32.38%）。 其中 Q2 实现营收 87.95 亿元（yoy-27.51%，qoq+50.76%），归母净利 7.06 亿元（yoy-21.77%，qoq+63.93%），二季度业绩环比改善明显。公司短期 业绩因交付节奏有所波动，不改公司在国防工业领域的核心地位，同时公司 国际军贸、低空经济等领域存在较大发展机遇，长期发展趋势向好。维持"买 入"评级。 25H1 公司营收和利润有所下滑，毛利率略有波动。其中航空核心航空制造 业务实现收入 145.39 亿元，综合毛利率为 12.25%，较去年同期下降 0.18pct。收入下滑主要系产品配套交付进度及产品结构调整影响所致。截 至 6 月 30 日公司合同负债金额为 75.32 亿元，同比增长 155 ...

成份股出现分化，卫星互联网概念股继续活跃，中国卫星两连板，华丰科技续创历史新高。下跌方面， 菲利华下挫4%居首，权重股中航成飞、中航沈飞、中国船舶等集体调整。 【"八一"军工，大展宏图】代码有"八一"的国防军工ETF（512810）兼顾传统主战力量与新域新质力 量，覆盖"商业航天 + 低空经济 + 大飞机 + 深海科技 + 军用AI + 可控核聚变"等诸多热门题材，同时是 融资融券标的+互联互通标的，是一键投资国防军工核心资产的高效工具。 数据来源于沪深交易所、公开资料等。 风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31，发布于2013.12.26。2020- 2024年分年度历史收益分别为：67.91%、14.28%、-25.74%、-11.02%、8.20%。指数成份股构成根据该 指数编制规则适时调整，其回测历史业绩不预示指数未来表现。以上个股均为标的指数成份股，仅作展 示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金 管理人评估的本基金的风险等级为R3-中风险，适宜平衡型（C3）及以上投资者，适当性匹配意见请以 销售机构为准。任何 ...

证券研究报告 | 公司点评报告 2025 年 08 月 26 日 中航沈飞（600760.SH） 25H1 业绩短期承压，合同负债项持续修复 中游制造/军工 25 年上半年，公司实现营收 146.28 亿元（同比-32.35%），主要受产品配套交 付进度及产品结构调整影响所致；归母净利润 11.36 亿元（同比-29.78%）；扣 非归母净利润 10.74 亿元（同比-32.38%）。 强烈推荐（维持） 目标估值：NA 当前股价：64.19 元 基础数据 | 总股本（百万股） | 2835 | | --- | --- | | 已上市流通股（百万股） | 2748 | | 总市值（十亿元） | 182.0 | | 流通市值（十亿元） | 176.4 | | 每股净资产（MRQ） | 6.2 | | ROE（TTM） | 16.5 | | 资产负债率 | 69.4% | | 主要股东 | 中国航空工业集团有限公司 | | 主要股东持股比例 | 64.05% | 股价表现 % 1m 6m 12m 绝对表现 -4 38 62 相对表现 -10 28 30 资料来源：公司数据、招商证券 -20 0 20 40 60 8 ...

Group 1: Company Insights - Yingjie Electric (300820) reported a revenue of 722 million yuan for the first half of 2025, a year-on-year decrease of 9.42%, with a net profit of 119 million yuan, down 32.71% [1] - The photovoltaic sector's sales revenue was 298 million yuan, down 25.18%, while semiconductor business orders and revenue declined, but excluding the impact of changes in settlement methods, orders and sales revenue are expected to grow year-on-year [1] - Zhaoyi Innovation (603986) experienced good growth across its business lines in Q2 2024, with NOR Flash growing in the high single digits and niche DRAM growing over 50% [2] - RuiJie Network (301165) saw a significant increase in data center product revenue, primarily from internet clients, with over 90% of revenue coming from this sector [3] - Liangxin Co., Ltd. (002706) is focusing on digital energy and infrastructure, with a potential slowdown in new energy business growth in the second half of the year [4] Group 2: Market Trends and Projections - The demand for customized storage technology is expected to increase, with more industries and clients opting for this solution, providing a competitive edge for Zhaoyi Innovation [2] - RuiJie Network anticipates continued strong demand for cloud computing infrastructure, with internet companies expected to increase capital expenditures [3] - The data center market is projected to grow over 50%, while the SMB market is expected to see steady growth of 20-30% [3] - Liangxin's overseas business is experiencing slight declines in gross margins, but there is a strong demand for technical upgrades from overseas clients [4] Group 3: Product Development and Innovations - Yingjie Electric is tracking core project procurement opportunities in nuclear fusion power and expects to confirm overseas photovoltaic orders in 2026 [1] - Zhaoyi Innovation plans to launch a new LPDDR5 product line within two years, targeting the automotive MCU market with multi-core products [2] - RuiJie Network is participating in high-throughput Ethernet alliances and is developing products tailored for intelligent computing scenarios [3] - Kede CNC is establishing a domestic high-end five-axis CNC machine tool base in collaboration with major aviation companies, focusing on precision processing of complex aircraft components [5]

中航沈飞股份有限公司2025 年半年度报告 公司代码：600760 公司简称：中航沈飞 中航沈飞股份有限公司 中航沈飞股份有限公司2025 年半年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人纪瑞东、主管会计工作负责人李建及会计机构负责人（会计主管人员）李鹰声明： 保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司已在本报告中详细描述公司可能面临的风险，敬请投资者予以关注，详见本报告第三节 "管理 ...