中航高科（600862.SH）2025 年半年报点评 1H25 业绩稳步增长；抢抓新质生产力发展机遇 2025 年 08 月 23 日 ➢ 事件：8 月 22 日，公司发布 2025 年半年报，1H25 实现营收 27.5 亿元， YOY +7.9%；归母净利润 6.1 亿元，YOY +0.2%；扣非净利润 6.0 亿元，YOY +1.6%。业绩表现符合市场预期。上半年，公司营收、利润总额分别完成全年经 营工作目标的 47.37%、53.27%。我们点评如下： ➢ 投资建议：公司是我国航空碳纤维复材龙头企业，处于产业链枢纽位置。先 进航空装备的复材使用比例不断提高。同时公司受益于以 C919 为代表的国产民 机商业化进程加快和"低空经济"等新质生产力发展，复合材料有了更多的市场 需求和应用前景。我们预计，公司 2025~2027 年归母净利润分别是 13.00 亿元、 15.29 亿元、17.80 亿元，当前股价对应 2025~2027 年 PE 分别是 28x/24x/20x。 我们考虑到公司航空复材的长期成长性和业务可拓展性，维持"推荐"评级。 ➢ 风险提示：下游需求不及预期、产品价格波动等。 [盈利预测 ...

Core Viewpoint - 中航高科's 2025 half-year report shows steady growth in revenue and profit, aligning with market expectations, and the company is positioned to capitalize on new opportunities in the aerospace materials sector [2][3]. Financial Performance - In 1H25, 中航高科 achieved revenue of 2.75 billion yuan, a year-over-year increase of 7.9%, and a net profit attributable to shareholders of 610 million yuan, up 0.2% year-over-year [2]. - The company completed 47.37% of its annual revenue target and 53.27% of its profit target in the first half of the year [2]. - In Q2 2025, revenue reached 1.35 billion yuan, reflecting a 9.5% year-over-year growth, while net profit was 250 million yuan, down 2.1% year-over-year [2]. Business Segments - The aerospace new materials segment generated revenue of 2.72 billion yuan, up 7.89% year-over-year, primarily due to increased deliveries of prepreg products [3]. - The advanced manufacturing technology segment reported revenue of 28.85 million yuan, significantly up from 15.73 million yuan in the previous year, driven by growth in aerospace components and specialized equipment [3]. Strategic Initiatives - 中航高科 is accelerating its layout in the civil aviation industry and seizing opportunities in the low-altitude economy, focusing on projects that enhance capabilities in aviation composite materials and advanced resin production [3][4]. - The company is implementing an innovation-driven development strategy, with R&D expenses increasing to 100 million yuan, representing 3.5% of revenue [4]. Cash Flow and Financial Health - Operating cash flow improved significantly, reaching 890 million yuan in 1H25, a year-over-year increase of 160.9%, mainly due to the collection of receivables from major clients [4]. - As of the end of Q2 2025, accounts receivable and inventory increased to 4.24 billion yuan and 1.28 billion yuan, respectively, compared to the beginning of the year [4]. Investment Outlook - 中航高科 is recognized as a leading player in China's aerospace carbon fiber composite materials sector, benefiting from the accelerated commercialization of domestic aircraft like the C919 and the growing demand for composite materials in new applications [4]. - Profit forecasts for 2025, 2026, and 2027 are 1.3 billion yuan, 1.529 billion yuan, and 1.78 billion yuan, respectively, with corresponding price-to-earnings ratios of 28x, 24x, and 20x [4].

Core Insights - The company reported a total revenue of 2.747 billion yuan for the first half of 2025, an increase of 200 million yuan compared to the same period last year, marking a 7.87% year-on-year growth [1] - The net profit attributable to shareholders reached 605 million yuan, an increase of 1.4238 million yuan from the previous year, reflecting a 0.24% year-on-year growth [1] - The net cash inflow from operating activities was 894 million yuan, up by 552 million yuan year-on-year, representing a significant increase of 160.85% [1] Financial Ratios - The latest debt-to-asset ratio stands at 25.53%, a decrease of 1.97 percentage points from the same period last year [3] - The gross profit margin is reported at 37.79%, an increase of 0.54 percentage points year-on-year [4] - The return on equity (ROE) is recorded at 8.24% [4] Earnings and Shareholder Information - The diluted earnings per share (EPS) is 0.43 yuan [5] - The total asset turnover ratio is 0.28 times, and the inventory turnover ratio is 1.34 times [6] - The number of shareholders is 72,300, with the top ten shareholders holding 808 million shares, accounting for 58.01% of the total share capital [6] Shareholding Structure - The largest shareholder is China Aviation Industry Corporation, holding 41.86% of the shares [6] - Other significant shareholders include China Aviation Manufacturing Technology Research Institute (3.35%) and China Aero Engine Beijing Aviation Materials Research Institute (2.82%) [6]

Core Viewpoint - The announcement from AVIC High-Tech regarding the approval of the 2025 semi-annual report by the 11th Supervisory Board during its third meeting indicates ongoing corporate governance and financial transparency efforts [2] Group 1 - AVIC High-Tech's 11th Supervisory Board held its third meeting for 2025 on August 22, where the semi-annual report was reviewed and approved [2]

Core Viewpoint - The announcement from AVIC High-Tech indicates a modest growth in revenue and net profit for the first half of 2025, reflecting the company's stable performance in the market [2] Financial Performance - The company achieved operating revenue of 2,747,478,291.50 yuan for the first half of 2025, representing a year-on-year increase of 7.87% [2] - The net profit attributable to shareholders of the listed company was 605,022,587.13 yuan, showing a slight year-on-year growth of 0.24% [2]

Group 1 - The core point of the article is that AVIC High-Tech announced the approval of multiple proposals, including the revision of certain clauses, during the fifth meeting of its 11th Board of Directors held on August 22 [2] Group 2 - The announcement was made in the evening of August 22, indicating the company's ongoing governance activities [2] - The specific details of the proposals approved were not disclosed in the article [2] - This meeting reflects the company's commitment to corporate governance and strategic decision-making [2]

Core Viewpoint - The company reported a revenue of 2.747 billion yuan for the first half of the year, reflecting a year-on-year growth of 7.87% [1] - The net profit attributable to shareholders was 605 million yuan, showing a slight increase of 0.24% year-on-year [1] - The basic earnings per share stood at 0.43 yuan [1] Financial Performance - Revenue for the first half reached 2.747 billion yuan, up 7.87% compared to the same period last year [1] - Net profit attributable to shareholders was 605 million yuan, with a year-on-year growth of 0.24% [1] - Basic earnings per share were reported at 0.43 yuan [1]

Core Viewpoint - The company, AVIC High-Tech (600862.SH), reported a steady development in its operations, with continuous optimization of its business structure and simultaneous improvement in operational quality and efficiency [1] Financial Performance - In the first half of the year, the company achieved operating revenue of 2,747.48 million yuan, representing a year-on-year increase of 7.87%, completing 47.37% of the annual operational target [1] - The total profit reached 726.06 million yuan, showing a year-on-year growth of 3.06%, fulfilling 53.27% of the annual operational goal [1] - The net profit attributable to shareholders of the listed company was 605 million yuan, with a slight year-on-year increase of 0.24% [1]

Core Points - The company held its fifth meeting of the 11th Board of Directors on August 22, 2025, where several key resolutions were passed [1][2] - The company approved its 2025 semi-annual report with unanimous support from the board members [1][2] - A comprehensive action plan titled "Quality Improvement and Efficiency Enhancement to Return to Profitability" was also approved [1] - Multiple amendments to the company's articles of association and governance rules were passed, including revisions to the board meeting rules and independent director work system [2] - The board received reports on the company's 2025 semi-annual operational performance and a risk assessment report regarding related party loans with AVIC Finance [3]

Core Points - The company held its third meeting of the 11th Supervisory Board on August 22, 2025, in Beijing, with all three supervisors present, meeting legal and regulatory requirements [1][2] - The Supervisory Board unanimously approved the 2025 Half-Year Report, confirming that the report's preparation and review processes complied with relevant laws and regulations [1][2] - The content and format of the 2025 Half-Year Report were deemed to meet the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange, accurately reflecting the company's operational results and financial status [1] - The Supervisory Board also approved a proposal to revoke the Supervisory Board and abolish the "Supervisory Board Meeting Rules," which will be submitted for approval at the company's first extraordinary shareholders' meeting in 2025 [2]