Core Insights - The recent use of the Chinese J-10CE fighter jets by the Pakistan Air Force in border conflicts has demonstrated their combat effectiveness, successfully downing multiple Indian aircraft and gaining an advantage over French Rafale jets [1] - The development of the J-10 fighter jet has significantly narrowed the gap between China and leading aviation powers, marking China's emergence as one of the few countries capable of developing fourth-generation fighter jets [1] - The export of the J-10CE represents a shift in China's military equipment export strategy from single product output to a comprehensive support system [1] Industry Overview - The fighter jet industry involves thousands of upstream and downstream enterprises across various sectors, including aviation equipment, new materials, and precision processing, with leading A-share companies such as AVIC Chengfei (302132), Hongdu Aviation (600316), AVIC Heavy Machinery (600765), and others benefiting from this growth [1] - The J-10CE's combat capabilities are attributed to three main systems: its aerodynamic design, advanced avionics, and enhanced weapon load capacity, which collectively improve its operational effectiveness [2][3][5] - The J-10CE features a duck-billed aerodynamic layout and is powered by the domestically produced WS-10B "Taihang" engine, achieving a maximum thrust of over 14 tons and a top speed of 1.8 Mach, showcasing significant advancements over previous models [3] - The integration of an active electronically scanned array (AESA) radar allows the J-10CE to track multiple aerial targets simultaneously, enhancing its combat capabilities in medium-range air combat [4] Market Dynamics - The military trade sector is transitioning from single equipment exports to comprehensive combat system exports, with a significant order backlog exceeding 10 billion yuan, indicating an acceleration in military export performance [7] - Companies like Hongdu Aviation have reported a 547.8% year-on-year increase in export sales, validating their strategic focus on diversified platforms [7] - The A-share military sector has shown strong performance, with defense stocks leading the market, driven by improved quarterly results and expectations of a clearer performance inflection point in the second quarter [8] - The aircraft industry chain is relatively stable, while the missile industry is experiencing significant revenue growth, indicating a potential new high prosperity cycle for the industry [8]

Core Viewpoint - The Chinese aviation engine industry has transitioned from imitation to independent research and development, demonstrating strong self-innovation capabilities and moving towards high-quality development supported by national policies [1]. Industry Overview - The aviation engine industry is a crucial segment of the national economy and security, with its comprehensive level reflecting a country's overall strength. Aviation engines can be categorized into various types based on thrust generation principles, oxidizer sources, and the presence of compressors [3]. Technical and Financial Barriers - The aviation engine industry is characterized by high technical and financial barriers, requiring expertise across multiple modern technology fields. The demanding operational conditions necessitate significant foundational research, engineering technology accumulation, and financial investment, making it challenging for new entrants to compete [5]. Engine Types and Applications - Different types of aviation engines serve distinct applications, with the turbofan engine being the most widely used due to its efficiency and low fuel consumption. A summary of various engine types and their applications includes: - Piston engines: Low cost and high fuel efficiency, primarily used in small low-speed aircraft and drones [9]. - Ramjet engines: Simple structure and high thrust, used in supersonic missiles and targets [9]. - Turbojet engines: High thrust but high fuel consumption, used in older fighter jets and ballistic missiles [9]. - Turbofan engines: High efficiency and low fuel consumption, used in modern military and civilian aircraft [9]. - Turboprop engines: High fuel economy at medium to low speeds, used in small transport and general aviation aircraft [9]. - Turboshaft engines: The only power source for helicopters [9]. - Propfan engines: Complex structure and high noise, with limited application [9]. Future Development Directions - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, improving quality and reliability, international cooperation, R&D investment, and sustainable development, positioning itself as a significant player in the global aviation sector [11].

Group 1 - The A-share market indices are rising, with a slight pullback in the military industry sector, particularly the aerospace ETF (159227) which is down by 0.50% as of 10:55 AM, while key holdings like Hongdu Aviation (600316) and others are increasing [1] - The military industry is heavily influenced by five-year plans, which significantly impact operational and market expectations, making it a primary driver of military market trends [1] - The year 2025 marks the end of the "14th Five-Year Plan," and the execution of military construction plans is entering a critical phase, with expected acceleration in order demand [1] - The importance of air power in modern warfare is increasing, making aerospace equipment a focal point for military development, characterized by high technical barriers and significant value within the military supply chain [1] - According to Huafu Securities, the military sector has strong domestic trade attributes, with substantial growth expected from 2025 to 2027 due to multiple catalysts, including the "14th Five-Year Plan" tasks and the centenary goals of the military [1] Group 2 - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, which has a high concentration of core companies in China's military industry, covering sectors like large aircraft and low-altitude economy [2] - The military industry accounts for 99.2% of the index's composition, indicating a higher concentration compared to other indices like the Zhongzheng Military and Zhongzheng Defense indices [2] - The weight of aerospace equipment in the Guozheng Aerospace Index is as high as 73%, significantly surpassing the 40% and 53% weights in the Zhongzheng Military and Zhongzheng Defense indices, respectively [2]

Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].

Core Insights - The Chinese aviation engine industry has achieved significant technological breakthroughs, focusing on three main areas: material processing, component manufacturing, and complete engine production [1][3]. Group 1: Technological Breakthroughs - Major companies in the aviation engine materials processing sector include Beijing Steel Research Technology Co., Ltd., which produces high-temperature alloys and precision castings for aerospace applications [2]. - In the component manufacturing sector, companies like Sichuan Chengfa Aviation Technology Co., Ltd. and Xi'an Aero Engine (Group) Co., Ltd. have developed various engine components, including turbine engines and combustion chamber parts [2][3]. - The complete engine manufacturing sector is represented by companies such as Guizhou Liyang Aviation Engine (Group) Co., Ltd., which has produced over 20 models of aviation turbine engines [3]. Group 2: Domestic Production and Development - China has established a relatively complete aviation engine research and production system, capable of developing various types of engines, including turboprop, turbojet, turbofan, and turboshaft engines [3]. - The domestically developed WS-20 engine is now used in the Y-20 transport aircraft, marking a significant step towards the complete domestic production of military aircraft engines [4]. Group 3: Market Position and Future Outlook - In the global military aircraft market, China ranks third with 3,309 military aircraft, accounting for 6% of the total, following the United States and Russia [6]. - The global fleet size is projected to grow from 20,563 aircraft in 2021 to 47,531 by 2041, with a shift towards the Chinese and Asia-Pacific markets [9].

2024年报与2025年一季度报告显示，军工板块处在短期业绩筑底阶段，头部公司尤其是主机厂一季度营 业收入同比复苏明显，净利润仍然承压 5月12日，A股航天军工板块"空中加油"，中船系、中航系、商业航天、大飞机等军工概念指数领涨沪 深两市，个股掀起涨停潮。 资本市场对军工行业的关注热度从上周开始明显升温，军工ETF上周的累计涨幅达4.91%,当时有分析认 为，印巴对抗强化国产装备性能端优势认知推升了资金炒作情绪。到本周，印巴冲突局势有所缓和，军 工板块依然走强。早盘军工ETF放量涨逾6%，午后涨幅收窄，收涨4.68%，截至收盘，中航成飞 （302132.SZ）、晨曦航空（300581.SZ）均录得"20CM"涨停；成飞集成（002190.SZ）连续四个交易日 涨停；中航沈飞（600760.SH）、中国船舶（600150.SH）、洪都航空（600316.SH）的涨幅均超过8%。 2024年报与2025年一季度报告显示，军工板块处在短期业绩筑底阶段，头部公司尤其是主机厂一季度营 业收入同比复苏明显，净利润仍然承压，而整个板块的盈利能力仍出现在上一轮周期以来的低点。多家 机构研报指出，军工股基本面没有更多利空因素， ...

Core Viewpoint - The number of aviation industrial parks in China is projected to reach 128 in 2024, an increase of 14 parks year-on-year, driven by strong national strategic support and favorable policies [1][12]. Industry Overview - Aviation industrial parks are designated areas focused on aviation-related manufacturing, research, maintenance, and operations, created to foster industry clustering and collaboration through government incentives [1]. Industry Development History - The development of China's aviation industrial parks has progressed through three stages: 1. Initial stage (2003-2008) with only 8 parks established 2. Steady growth phase (2009-2014) with the number increasing to 44 3. Rapid growth phase (2015-present) where the number of parks has surged, averaging 10 new parks annually [3]. Industry Chain - The upstream of the aviation industrial park industry chain includes raw materials, components, and basic equipment, while the midstream focuses on operations and services, and the downstream involves airlines and maintenance companies [5]. Current Industry Status - The aviation industry is experiencing a recovery with passenger transport expected to reach 730 million in 2024, a year-on-year increase of 18.1%, and air cargo volume increasing by 22.1% [12]. Policy Support - Recent policies, such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)", aim to enhance the supply capacity and innovation ability of general aviation equipment by 2027, providing a three-dimensional drive for aviation industrial parks [9][11]. Industry Development Trends 1. **Technological Upgrades**: The industry is focusing on innovation-driven high-quality development, with key areas including unmanned, electric, and intelligent technologies [21]. 2. **Industry Clustering**: Aviation industrial parks are becoming core carriers for industry chain integration, with significant regional differentiation and specialization [22]. 3. **International Cooperation**: There is an increasing trend of international collaboration, with domestic companies engaging in joint ventures and technology transfers to enhance global competitiveness [23].

Core Insights - The company reported Q1 2025 revenue of 2.306 billion, a year-on-year decrease of 21.15%, and a net profit attributable to shareholders of 198 million, down 38.97% [1] - Despite the year-on-year decline, the company achieved a quarter-on-quarter revenue growth of 13.58%, indicating a potential recovery in downstream demand [2] - The company has a solid order backlog, with commercial engineering orders increasing by 42.39% year-on-year, supporting its annual operational goals [3] Financial Performance - Q1 2025 revenue was 2.306 billion, with a profit total of 303 million, achieving 20.05% and 23.30% of the annual budget targets of 11.5 billion and 1.3 billion respectively [2] - The gross profit margin for Q1 2025 was 33.8%, an increase of 4.1 percentage points year-on-year, while the net profit margin was 11.1%, a decrease of 1.1 percentage points [2] - The company maintained stable profitability despite pressures from tax reforms and price adjustments, with sales expense ratio at 1.0%, management expense ratio at 8.5%, R&D expense ratio at 5.4%, and financial expense ratio at 0.6% [2] Order Backlog and Market Position - As of the end of March, the company had a sufficient order backlog, with significant new orders signed in April totaling 1.707 billion [3] - The company is leveraging six regional coordination centers and seven IPT teams to enhance market development and transition product structures towards high-value areas [3] - The successful transition from old to new models in forging and other sectors is expected to empower the company's long-term development [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has sufficient orders on hand and abundant production capacity, which supports long-term development. The transition from old to new models is expected to drive growth [6][12]. - In Q1 2025, the company achieved revenue of 2.306 billion, a year-on-year decrease of 21.15%, and a net profit attributable to shareholders of 198 million, down 38.97% year-on-year [2][6]. - The company reported a stable gross margin of 33.8% in Q1 2025, an increase of 4.1 percentage points year-on-year, while the net profit margin was 11.1%, a decrease of 1.1 percentage points year-on-year [12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.306 billion, a quarter-on-quarter increase of 13.58%, and a total profit of 303 million, completing 20.05% of the annual budget target [12]. - The company’s gross profit margin was 33.8%, with a net profit margin of 11.1% [12]. Orders and Market Position - As of the end of March, the company had a robust order backlog, with commercial engineering orders increasing by 42.39% year-on-year. In April, the company secured additional orders worth 1.707 billion [12]. - The company is leveraging six regional coordination centers and seven IPT teams to enhance market development and transition from old to new models, focusing on high-value sectors [12]. Future Projections - The company is projected to achieve total revenue of 12.687 billion in 2025, with a gross profit of 3.513 billion, indicating a growth trajectory [17]. - The net profit attributable to shareholders is expected to reach 1.118 billion by 2025, with an EPS of 0.71 [17].

中航重机股份有限公司 证券代码：600765 证券简称：中航重机 公告编号：2025-037 关于参加 2025 年贵州辖区上市公司投资者 集体接待日活动的公告 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个别及连带责任。 重要内容提示： 会议问题征集：提问通道自本公告发出之日起开放至 2025 年 5 月 8 日截止， 通过微信关注"贵州资本市场"公众号，发送关键词"提问"即可进入专区提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 为加强上市公司与投资者的交流互动，便于投资者进一步了解公司 2024 年 度经营情况及其他关切的问题，在贵州证监局指导下，贵州证券业协会联合深圳 市全景网络有限公司举办 2025 年贵州辖区上市公司投资者集体接待日暨 2024 年度业绩说明会并征集相关问题，具体安排如下: 会议召开时间：2025 年 5 月 12 日(星期一)下午 15:40-17:40 会议召开地点：全景服务平台（网址：http://rs.p5w.net） 会议主题：2025 年贵州辖区上市公司投资者集体接待日暨 2024 年 ...