Core Viewpoint - The aviation engine concept sector has shown a positive performance, with a 2.86% increase, ranking 7th among various concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Market Performance - As of May 8, the aviation engine concept saw 74 stocks rise, with notable gainers including Chenxi Aviation and Huarun Co., both reaching a 20% limit up. Other significant performers included Aileda, Rifa Precision Machinery, and Xiling Power, which rose by 9.76%, 7.75%, and 7.37% respectively [1]. - Conversely, stocks such as Maixinlin, Julun Intelligent, and Jizhi Co. experienced declines of 2.64%, 2.55%, and 1.27% respectively [1]. Capital Flow - The aviation engine concept sector experienced a net outflow of 678 million yuan from major funds, with 38 stocks receiving net inflows. Seven stocks saw net inflows exceeding 30 million yuan, led by Haoneng Co. with a net inflow of 136 million yuan [2][3]. - Other notable net inflows included Hangfa Power, Rifa Precision Machinery, and AVIC Heavy Machinery, with net inflows of 81.44 million yuan, 62.90 million yuan, and 56.73 million yuan respectively [2]. Fund Inflow Ratios - Haoneng Co. led the fund inflow ratio with 48.12%, followed by New Dazhou A and Antai Technology at 11.99% and 10.86% respectively [3].

中航航空高科技股份有限公司 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个别及连带责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/26 | | --- | --- | | 回购方案实施期限 | 2025/4/28-2026/4/27 | | 预计回购金额 | 10,000.00 万元(含)-20,000.00 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 | 一、回购股份的基本情况 中航航空高科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第十一届董事会 2025 年第二次会议，审议通过了《公 司关于以集中竞价方式回购公司股份的方案》，公司拟使用自有资金 10,000 万元（含）-20,000 万元（含），通过上海 ...

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [3] Core Insights - The industry is experiencing a bottoming out phase due to multiple factors, but signs of improvement were observed in Q1 2025, particularly in upstream components and new directions [11][13] - Profitability has slightly fluctuated due to various influences, with ROE constrained by asset efficiency and net profit margin needing improvement [53][56] - Traditional main tracks show clear signs of recovery, while new directions are in the early stages of industrialization but exhibit initial growth potential [90][91] Summary by Sections Industry Overview - The military industry faced a decline in revenue and profit growth in 2024, but Q1 2025 showed a narrowing of profit decline to -24.6% [19][20] - The main track's revenue growth was affected by contract signing and delivery schedules, with a notable profit drop in Q4 2024, followed by a recovery in Q1 2025 [20][21] Main Track Performance - Upstream components are showing early signs of recovery, with revenue growth rates for upstream, midstream, and downstream segments varying significantly [25][29] - Downstream manufacturers experienced short-term performance pressure due to contract signing delays, but some companies like Hongdu Aviation showed strong growth [29][30] Profitability Analysis - The overall profitability of the military sector slightly decreased in 2024, with a marginal improvement in Q1 2025 [56][58] - The main track's profitability was impacted by price adjustments and demand fluctuations, with a slight recovery noted in Q1 2025 [58][61] New Directions - New directions in the industry, such as military trade and new equipment, are showing upward trends in Q1 2025, indicating potential for growth [101][110] - Specific segments like infrared and ammunition within new equipment are experiencing significant revenue growth, reflecting high market demand [104][110] Future Outlook - The report emphasizes the importance of selecting companies with enhanced product capabilities, increased penetration rates, and higher average transaction values as the industry approaches the end of the 14th Five-Year Plan [117][118] - Key investment opportunities are identified in companies like Aerospace Electric and Feiliwa, which are expected to benefit from the upcoming military spending and technological advancements [117][118]

根据《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》等相关规定，现将公司第十一届董事 会 2025 年第二次会议决议公告前一个交易日（即 2025 年 4 月 25 日） 登记在册的前十名股东和前十名无限售条件股东的名称、持股数量和 持股比例情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | | | | （%） | | 1 | 中国航空工业集团有限公司 | 583,151,381 | 41.86 | | 2 | 中国航空制造技术研究院 | 46,723,848 | 3.35 | | 3 | 中国航发北京航空材料研究院 | 39,271,321 | 2.82 | 一、前十名股东持股情况 | 4 | 南通产业控股集团有限公司 | 37,029,242 | 2.66 | | --- | --- | --- | --- | | 5 | 中国农业银行股份有限公司－南方军工改革 | 20,044,115 | 1.44 | | | 灵活配置混合型证券投资基金 | | | | 6 | 中国建设银行股份有限公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a steady growth in Q1 2025, achieving a revenue of 1.401 billion, a year-on-year increase of 6.38% and a quarter-on-quarter increase of 12.01%. The net profit attributable to the parent company was 358 million, reflecting a year-on-year growth of 1.93% and a quarter-on-quarter growth of 48.64% [2][4][12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.401 billion, with a year-on-year growth of 6.38% and a quarter-on-quarter growth of 12.01%. The net profit attributable to the parent company was 358 million, with a year-on-year increase of 1.93% and a quarter-on-quarter increase of 48.64%. The net profit excluding non-recurring items was 352 million, showing a year-on-year growth of 0.38% and a quarter-on-quarter growth of 47.79% [2][4][12]. Business Expansion and Inventory Management - The company is actively increasing inventory and expanding production to ensure product delivery, with an inventory balance of 1.435 billion at the end of Q1, a growth of 12.54% compared to the beginning of the period. The construction in progress balance was 137 million, up 28.89% from the beginning of the period [6][12]. Business Segments - The aerospace new materials business generated a revenue of 1.390 billion in Q1 2025, a year-on-year increase of 6.47%, while the equipment business achieved a revenue of 12.597 million, a significant year-on-year increase of 242.20% [12]. Profitability Metrics - The gross margin for Q1 2025 was stable at 41.21%, with a slight year-on-year decrease of 0 percentage points and a quarter-on-quarter increase of 1.44 percentage points. The net profit margin was 25.73%, reflecting a year-on-year decrease of 1.14 percentage points but a quarter-on-quarter increase of 5.93 percentage points [12].

Core Insights - The company reported a revenue of 5.072 billion, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion, up 11.75% year-on-year [1] - The advanced manufacturing business significantly reduced losses, with a revenue of 95.8749 million, a year-on-year increase of 44.87% [2] - The company aims for a revenue target of 5.8 billion for 2025, representing a 14.35% increase from 2024 [2] Revenue and Profit Performance - Total revenue for 2024 reached 50.72 billion, achieving 101.44% of the annual target [1] - The total profit for the year was 1.357 billion, achieving 105.85% of the annual target [1] - The net profit attributable to shareholders was 1.153 billion, reflecting an 11.75% year-on-year growth [1] Business Segment Analysis - The aerospace new materials business generated a revenue of 49.69 billion, a 6.37% increase year-on-year, and a net profit of 1.22 billion, up 11.22% [1] - The advanced manufacturing technology industrialization business reported a revenue of 95.8749 million, completing 131.34% of its annual target [2] - The company’s sales gross margin was 38.83%, an increase of 2.08 percentage points year-on-year [2] Cost and Expense Management - Sales expenses decreased by 12.63% year-on-year to 0.28 billion due to optimization efforts [2] - Management expenses increased by 4.59% year-on-year to 3.72 billion, primarily due to rising labor costs [2] - R&D expenses rose by 12.74% year-on-year to 1.98 billion, driven by increased investment in aerospace new materials [3] Future Outlook and Investment - The company plans to enhance production capacity in commercial aviation and low-altitude economy sectors [4] - Long-term equity investments reached 327 million, a 175.22% increase from the previous year [4] - The company has completed significant investments in various production capacity projects, including advanced prepreg production and carbon material product lines [4] Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 1.332 billion, 1.543 billion, and 1.754 billion, respectively, with corresponding valuations of 24, 21, and 18 times [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Insights - The company achieved a revenue of 5.072 billion, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion, up 11.75% year-on-year [1][6]. - The company aims for a revenue target of 5.8 billion in 2025, with a profit target of 1.363 billion, reflecting a growth of 14.35% compared to 2024 [2][6]. - The gross margin for the company improved to 38.83%, an increase of 2.08 percentage points year-on-year, indicating enhanced profitability [6][7]. Financial Performance - In 2024, the company achieved a total revenue of 50.72 billion, surpassing its annual target by 1.44% [6]. - The revenue from the aerospace new materials business reached 49.69 billion, a year-on-year increase of 6.37%, driven by sales growth in composite materials and brake products [6][7]. - The company reported a net profit of 1.220 billion from the aerospace new materials segment, reflecting an 11.22% increase year-on-year [6][7]. Business Segments - The aerospace advanced manufacturing technology segment generated revenue of 95.87 million, a significant increase of 44.87% year-on-year, while reducing losses in this area [6][7]. - The company is actively expanding its commercial aerospace and low-altitude economy sectors, with ongoing capacity construction projects [6][7]. Future Projections - The company forecasts net profits of 1.332 billion, 1.543 billion, and 1.754 billion for the years 2025, 2026, and 2027, respectively, with corresponding valuations of 24, 21, and 18 times earnings [7][8]. - The projected revenue growth rates for the upcoming years are 16% for 2025, 15% for 2026, and 13% for 2027 [8][15].

证券代码：600862 证券简称：中航高科 公告编号：临 2025-010 号 中航航空高科技股份有限公司 第十一届董事会 2025 年第二次会议决议公告 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。 2025 年 4 月 22 日，中航航空高科技股份有限公司（简称"公司"） 第十一届董事会 2025 年第二次会议（临时会议）以电子邮件或书面 方式通知，并于 2025 年 4 月 25 日以通讯表决方式召开。应到董事 9 人，实到董事 9 人，与会董事认真审议了所有议案，经书面投票表决， 形成了如下决议： 一、审议通过了《公司 2025 年第一季度报告》，该季报已经审 计委员会事前认可，并同意提交董事会审议。 表决情况：9 票同意，0 票反对，0 票弃权。 二、审议通过了《公司关于以集中竞价方式回购公司股份的方 案》，内容详见公司同日披露的 2025-011 号公告。 表决情况：9 票同意，0 票反对，0 票弃权。 特此公告。 中航航空高科技股份有限公司董事会 2025 年 4 月 26 日 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025-011 号 中航航空高科技股份有限公司 关于以集中竞价方式回购公司股份方案的公告 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： 回购股份用途：本次回购的股份将用于未来实施股权激励计划。 回购股份资金总额：本次回购股份资金总额不低于人民币 1 亿元（含）， 不超过人民币 2 亿元（含），具体回购资金总额以回购完毕或回购期满时实际回 购股份使用的资金总额为准。 回购股份期限：自董事会审议通过回购方案之日起 12 个月内完成，并符 合中国证监会、上海证券交易所相关规定。 回购股份价格：本次回购股份的价格为不超过人民币 36 元/股（含），该 价格不高于董事会通过回购股份决议前 30 个交易日公司股票交易均价的 150%。 回购股份资金来源：全部来源于公司自有资金。 截至本公告披露日，公司董监高、回购股份提议人、除实控制人以外其 余持股 5%以上的股东未来 6 个月不存在增减持计划。公司控股股东中国航空工 业集团有限公司近期拟无偿划转不超过 1 ...

Revenue and Profit - The company reported a revenue of CNY 1,401,382,650.48 for the first quarter, representing a year-on-year increase of 6.38% compared to CNY 1,317,318,462.93 in the same period last year[4]. - Net profit attributable to shareholders was CNY 357,806,056.28, a 1.93% increase from CNY 351,024,378.20 in the previous year[4]. - The basic and diluted earnings per share were both CNY 0.257, reflecting a 1.98% increase from CNY 0.252 in the previous year[4]. - Net profit for Q1 2025 was ¥360,628,946.39, slightly higher than ¥354,000,329.38 in Q1 2024, indicating a growth of 1.1%[22]. - Operating profit for Q1 2025 was ¥424,331,882.75, compared to ¥416,240,500.98 in Q1 2024, showing an increase of 1.3%[22]. - The total comprehensive income for the current period is approximately ¥355.75 million, compared to ¥354.00 million in the previous period, indicating a slight increase of about 0.5%[23]. Cash Flow - The cash flow from operating activities decreased significantly by 68.26%, amounting to CNY 77,802,945.42 compared to CNY 245,094,355.89 in the same period last year[4]. - Net cash flow from operating activities decreased by CNY 167.29 million compared to the same period last year, primarily due to a decrease in receivables from major clients[10]. - The net cash flow from operating activities for the current period is ¥77.80 million, a decrease of approximately 68.3% from ¥245.09 million in the previous period[26]. - The total cash inflow from operating activities is approximately ¥533.77 million, down from ¥681.50 million in the previous period, a decrease of about 21.7%[26]. - The total cash outflow from operating activities is approximately ¥455.97 million, compared to ¥436.41 million in the previous period, indicating an increase of about 4.5%[26]. - The net cash flow from investing activities is negative at approximately -¥139.53 million, compared to -¥82.08 million in the previous period, indicating a significant increase in cash outflow[27]. - The net cash flow from financing activities is negative at approximately -¥35.06 million, compared to -¥3.04 million in the previous period, showing a larger cash outflow in financing[27]. - The cash and cash equivalents at the end of the period amount to approximately ¥1.53 billion, down from ¥1.11 billion at the end of the previous period, reflecting a decrease of about 30.5%[27]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 10,150,165,050.09, an increase of 8.06% from CNY 9,392,667,548.51 at the end of the previous year[5]. - Current assets totaled ¥7,465,303,726.98 as of March 31, 2025, compared to ¥6,763,330,129.38 at the end of 2024, representing an increase of 10.4%[18]. - Non-current assets increased to ¥2,684,861,323.11 as of March 31, 2025, from ¥2,629,337,419.13 at the end of 2024, marking a growth of 2.1%[17]. - Total liabilities as of March 31, 2025, were ¥2,284,242,721.88, compared to ¥1,888,561,448.52 at the end of 2024, reflecting an increase of 20.9%[18]. - Shareholder equity rose to ¥7,865,922,328.21 as of March 31, 2025, from ¥7,504,106,099.99 at the end of 2024, indicating a growth of 4.8%[18]. Business Segments - The aerospace new materials business generated revenue of CNY 138,975.83 million, up 6.47% from CNY 130,530.91 million in the same period last year, driven by increased product deliveries[5]. - The equipment business saw a remarkable revenue increase of 242.20%, achieving CNY 1,259.69 million compared to CNY 368.11 million in the previous year[5]. - The net profit from the aerospace new materials business was CNY 37,633.88 million, a 3.06% increase from CNY 36,517.07 million in the previous year[6]. Investment and Expenses - The company reported a significant decrease in investment income from associates, amounting to CNY -1,001.66 million, down from CNY 106.16 million in the previous year[6]. - Research and development expenses for Q1 2025 were ¥41,624,736.82, compared to ¥33,165,606.56 in Q1 2024, representing an increase of 25.5%[22]. - Other income increased by CNY 95.98 million compared to the same period last year, mainly due to benefits from VAT tax reduction policies[10]. - Investment income decreased by CNY 10.78 million compared to the same period last year, primarily due to the recognition of investment income from an associate[10].