Core Insights - The company, AVIC High-Tech (600862), reported a revenue of 1.401 billion yuan for the first quarter of 2025, representing a year-on-year growth of 6.38% [1] - The net profit for the same period was 358 million yuan, showing a year-on-year increase of 1.93% [1] Financial Performance - Revenue: 1.401 billion yuan, up 6.38% year-on-year [1] - Net Profit: 358 million yuan, up 1.93% year-on-year [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [6][10]. Core Views - The company is recognized as a leading player in high-performance composite materials in the aviation sector, benefiting from the synergy between military and civilian markets, which is expected to accelerate its performance release [6][10]. - The company has shown steady growth in operating performance, with significant improvements in financial metrics over the past four years [8][32]. - The demand for high-end carbon fiber composites is anticipated to rise rapidly, driven by military aircraft, civil aviation, aerospace engines, and low-altitude economy sectors [9][56]. Summary by Sections 1. Company Overview - The company is a subsidiary of AVIC and is the only entity in China specializing in the research and engineering of composite materials for aviation, holding a strong competitive position in the industry [7][19]. - The company has a clear business structure with five subsidiaries focusing on different aspects of aviation new materials and advanced manufacturing technology [24][25]. 2. Financial Performance - From 2020 to 2024, the company's revenue and net profit have shown a compound annual growth rate (CAGR) of 14.88% and 27.89%, respectively [8][32]. - In 2024, the company achieved a revenue of 5.072 billion yuan, a year-on-year increase of 6.12%, and a net profit of 1.153 billion yuan, up 11.73% year-on-year [8][32]. 3. Market Demand - The application of composite materials in military aircraft enhances performance by reducing weight and improving stealth capabilities, with the J-20 fighter jet using 27% composite materials [9][56]. - In the civil aviation sector, the C919 aircraft has a composite material application ratio of approximately 12%, with expectations for increased domestic production and demand [9][18]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.371 billion yuan, 1.606 billion yuan, and 1.837 billion yuan for the years 2025 to 2027, with corresponding growth rates of 18.93%, 17.18%, and 14.35% [12][29]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 23.71, 20.23, and 17.69, respectively, indicating a favorable valuation compared to peers [12][29].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has exceeded its initial operational targets for 2024, with all business segments showing improved profitability. The significant growth in contract liabilities indicates a positive demand outlook, and the company is actively expanding production capacity to ensure delivery and business development [2][6]. - In 2024, 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 [4][11]. - The company is enhancing its supply chain by expanding its composite materials industry chain and exploring opportunities in civil aviation, commercial launches, and low-altitude sectors [2][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 5.072 billion, with a net profit of 1.153 billion, reflecting a year-on-year growth of 11.75%. The fourth quarter of 2024 saw a revenue of 1.251 billion, up 8.13% year-on-year [4][11]. - The company's gross profit margin for 2024 was 38.83%, an increase of 2.08 percentage points year-on-year, while the net profit margin was 23.06%, up 1.35 percentage points year-on-year [11]. Operational Highlights - The company’s contract liabilities grew significantly, reaching 1.67 billion at the end of 2024, a year-on-year increase of 201.57%, indicating a recovery in downstream demand [6][11]. - The company has sufficient inventory, with a balance of 1.275 billion at the end of 2024, reflecting a year-on-year increase of 6.11% [6][11]. Business Segments - The aerospace composite materials segment generated a revenue of 4.765 billion, with a net profit of 1.185 billion, exceeding delivery targets and meeting new material upgrade demands [11]. - The advanced manufacturing division reported a revenue of 95.875 million, showing a year-on-year increase of 44.87%, although it still recorded a loss [11].

中航航空高科技股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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。 证券代码：600862 证券简称：中航高科 编号：临 2025-009 号 中航航空高科技股份有限公司（以下简称：本公司或公司）于 2025 年 4 月 8 日收到公司董事长姜波先生（以下简称提议人）《关 于提议中航航空高科技股份有限公司回购公司部分股份的函》，具体 内容如下： 一、提议人的基本情况及提议时间 1.提议人：公司董事长姜波先生 2.提议时间：2025 年 4 月 8 日 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司 价值，基于对公司未来发展的信心，公司董事长姜波先生提议公司通 过集中竞价交易方式回购部分公司股份，回购的股份将用于股权激励 或减少注册资本，优化公司资本结构，提升公司股东价值。 三、提议内容 1.回购股份的种类：公司发行的人民币普通股（A 股）。 2.回购股份的用途：本次回购的股份将用于股权激励或减少注册 资本。 3.回购股份的方式：通过 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Views - The company reported a revenue of 5.072 billion yuan for 2024, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion yuan, up 11.75% year-on-year, aligning with market expectations [6]. - The demand for aerospace new materials is expected to drive steady revenue growth, with the company achieving a revenue of 4.765 billion yuan from aerospace composite materials, reflecting a 5.55% increase year-on-year [6]. - The company is focusing on optimizing product structure and cost reduction, resulting in an overall gross margin of 38.83%, an increase of 2.08 percentage points year-on-year [6]. - The company plans to achieve a revenue target of 5.8 billion yuan in 2025, with a net profit target of 1.363 billion yuan [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 4.78 billion yuan in 2023 to 7.197 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.9% [2][8]. - Net profit attributable to shareholders is expected to increase from 1.031 billion yuan in 2023 to 1.553 billion yuan in 2027, reflecting a CAGR of about 9.7% [2][8]. - The earnings per share (EPS) is forecasted to rise from 0.74 yuan in 2023 to 1.11 yuan in 2027 [2][8]. - The company's gross margin is expected to remain stable, with slight fluctuations projected over the years [2][8]. Market Data - As of April 2, 2025, the closing price of the company's stock was 23.97 yuan, with a market capitalization of 33.391 billion yuan [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 32 in 2023 to 22 in 2027, indicating a potentially attractive valuation compared to peers [2][3].

Core Viewpoint - The China Securities Central Enterprises New Momentum Theme Index has experienced a decline, reflecting the overall performance of selected central enterprise listed companies in manufacturing, technology, and modern services sectors [1][2] Group 1: Index Performance - The index opened lower and fluctuated, closing down 0.23% at 1593.32 points with a trading volume of 17.177 billion yuan [1] - Over the past month, the index has decreased by 0.93%, and it has fallen by 2.38% over the last three months and year-to-date [1] Group 2: Index Composition - The index comprises 45 representative listed companies from central enterprises under the State-owned Assets Supervision and Administration Commission, focusing on R&D investment, profitability, and industry cross-integration [1] - The top ten weighted stocks in the index are Hikvision (10.25%), Guodian NARI (9.28%), Changan Automobile (8.8%), AVIC Optoelectronics (7.12%), China Merchants Highway (3.75%), AVIC On-board (3.65%), Shenzhen South Road (3.58%), China Software (3.51%), Baoxin Software (3.4%), and AVIC High-Tech (2.74%) [1] Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (58.81%), followed by the Shanghai Stock Exchange (40.91%) and the Beijing Stock Exchange (0.28%) [1] - The industry distribution of the index holdings shows that industrials account for 47.74%, information technology for 34.27%, consumer discretionary for 9.20%, financials for 4.14%, communication services for 3.83%, and materials for 0.83% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Market Overview - The Shanghai Composite Index fell by 0.46% on March 31, with four sectors rising, led by telecommunications and home appliances, which increased by 0.58% and 0.37% respectively [1] - The sectors with the largest declines were electric power equipment and national defense industry, which dropped by 1.94% and 1.81% respectively [1] - Overall, there was a net outflow of 40.409 billion yuan in the main funds across the two markets, with five sectors experiencing net inflows [1] Sector Performance - The public utilities sector had the largest net inflow of funds, totaling 311 million yuan, while it rose by 0.15% [1] - The steel sector also saw a net inflow of 283 million yuan despite a decline of 1.45% [1] - A total of 26 sectors experienced net outflows, with electric power equipment leading at 5.832 billion yuan, followed by machinery equipment with 5.311 billion yuan [1] National Defense Industry - The national defense industry saw a decline of 1.81% with a net outflow of 2.175 billion yuan [2] - Out of 139 stocks in this sector, 22 rose while 115 fell, including one stock that hit the daily limit down [2] - The top three stocks with net inflows were Yaxing Anchor Chain (22.978 million yuan), Zhongke Haixun (21.664 million yuan), and Aopu Optoelectronics (15.279 million yuan) [2] National Defense Industry Outflows - The top three stocks with the largest net outflows were Guangqi Technology (-24.526 million yuan), Jingjiawei (-13.736 million yuan), and Tianhai Defense (-13.063 million yuan) [4] - Other notable outflows included China Shipbuilding (-8.134 million yuan) and AVIC Heavy Machinery (-9.586 million yuan) [4]

Summary of the Conference Call for AVIC High-Tech (中航高科) Industry Overview - The military industry has experienced investment lows and highs over the past five years, with rapid growth from 2020 to 2022, followed by a relative downturn in 2023 and 2024. A structural recovery is expected in 2025, particularly in the missile supply chain and guided equipment sectors, driven by concentrated procurement and downstream inventory stocking, leading to increased orders for upstream electronic component companies. This recovery is reflected in stock prices, indicating sustained growth in the military industry over the next three to ten years [3][4]. Company Position and Strategy - AVIC High-Tech is one of the few companies in the military industry capable of responding to the trend of equipment cost reduction while improving profit margins. The company focuses on aviation auxiliary materials, particularly carbon fiber prepreg, and is expanding into new business areas such as commercial aircraft engines and low-altitude vehicles [4][5]. - The company has undertaken significant measures, including asset restructuring, divesting non-core businesses, implementing equity incentives, and establishing new companies to concentrate on its core business of aviation auxiliary materials and actively explore emerging fields [4][6]. Financial Performance - Despite price pressures in the carbon fiber industry, AVIC High-Tech has achieved a gross margin increase from 30% to 38.8% and a net margin increase from 14.8% to 23.1%. This improvement is attributed to the performance of its wholly-owned subsidiary, AVIC Composite Materials, and effective cost control measures that transmit price pressures upstream in the supply chain. The company's return on equity (ROE) has shown a consistent upward trend [6][7]. - The company's market capitalization exceeds 30 billion, with a free float market value of approximately 20 billion, accounting for over 60%, indicating broad market appeal [6]. Future Growth Potential - During the 14th Five-Year Plan period, AVIC High-Tech is expected to see significant growth potential. The robust production plan for domestic large aircraft supports a promising outlook for its commercial aircraft engine supply business. The company is also expanding into new business areas such as low-altitude vehicles and composite materials, preparing adequately for future growth [7][8]. - The demand for aviation new materials is vast, with the penetration rate of auxiliary materials in military and civilian aircraft continuously increasing. The auxiliary materials business is projected to reach 10 billion RMB during the 14th Five-Year Plan period, with substantial growth potential [4][8]. Order and Transaction Insights - The annual report discloses that the actual amount of related transactions for 2024 is 3.22 billion, with an expected increase to 4.25 billion in 2025, representing a 32% year-on-year growth. The main customers are concentrated in AVIC Industry, indicating a good proportion of internal growth [10]. - The company has shown excellent performance in new orders over the past two years, achieving steady growth even when the overall industry has not improved. The aviation new materials business is expected to grow by 16.2% year-on-year in 2025, which is a considerable growth rate compared to other downstream manufacturers [10]. Research and Development Progress - In 2024, AVIC High-Tech achieved several breakthroughs in research and development, including the successful delivery of the AG600 task, progress in composite materials for the C919, and completion of certain military aircraft development tasks. The company has also been selected as a national "specialized, refined, and innovative" small giant and actively participates in domestic and international exhibitions to expand new markets [11]. Profit Forecast - Based on the company's operational guidance, the forecasted net profit attributable to shareholders for 2025 is approximately 1.3 billion RMB, with projections of 1.53 billion and 1.78 billion for 2026 and 2027, respectively. The current market capitalization is around 34 billion, corresponding to a PE ratio of approximately 25-26 for 2025, 21-22 for 2026, and 18-19 for 2027. The valuation indicates that AVIC High-Tech is an attractive investment with significant growth potential expected to manifest over the next three to fifteen years [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has demonstrated steady growth in its main business of aviation composite materials, with a strong operational plan reflecting confidence in future performance [2][4] - The company achieved a revenue of 5.072 billion yuan in 2024, representing a year-on-year growth of 6.12%, and a net profit of 1.153 billion yuan, up 11.75% year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 6.094 billion yuan in 2025 and 7.023 billion yuan in 2026, alongside net profits of 1.359 billion yuan and 1.656 billion yuan respectively [2][4] Financial Performance Summary - In 2024, the company’s revenue from aviation new materials reached 4.915 billion yuan, a year-on-year increase of 6.46%, with a gross margin of 39.00% [4] - The company’s overall sales gross margin improved to 38.83%, up 2.08 percentage points year-on-year, while the net profit margin increased to 23.06%, up 1.35 percentage points [4] - The company’s R&D expenses for 2024 were 198 million yuan, a 12.74% increase year-on-year, indicating a commitment to technological advancement [4] Future Outlook - The company aims for a revenue target of 5.8 billion yuan in 2025, with a total profit target of 1.363 billion yuan, reflecting a growth of 14.4% from 2024 [4] - The company is positioned to enter a new product release cycle in its aviation composite materials sector, supported by a significant increase in contract liabilities [4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.98 yuan, 1.19 yuan, and 1.37 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26X, 21X, and 18X [2][4]

中航航空高科技股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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。 中航航空高科技股份有限公司（以下简称"公司"）于 2025 年 3 月 21 日上午 10:00-11:30 在价值在线（网址：www.ir-online.cn） 以"网络文字互动"方式召开了"公司 2024 年度业绩说明会"。关于 本次说明会的召开事项，公司已于 2025 年 3 月 15 日在《中国证券 报》《上海证券报》《证券时报》及上海证券交易所网站披露了《公司 关于召开 2024 年度业绩说明会的公告》。 证券代码：600862 证券简称：中航高科 公告编号：临 2025-008 号 现将网上业绩说明会召开情况公告如下： 一、说明会召开情况 2025 年 3 月 21 日，公司董事兼总经理王健先生，独立董事徐樑 华先生，董事会秘书兼副总会计师朱清海先生，投资与证券事务部有 关人员出席了本次网上业绩说明会，与投资者进行了互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行了回复。 ...