Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with Newray, Bull Group, and BYD leading the rankings with target price increases of 61.15%, 55.81%, and 54.81% respectively [1][2] - Newray shares are rated as "Strong Buy" by Huachuang Securities with a target price of 27.75 yuan, indicating a significant potential upside [2] - Bull Group is rated "Buy" by CITIC Securities with a target price of 72.00 yuan, reflecting strong market confidence [2] - BYD, also rated "Buy" by Dongwu Securities, has a target price of 161.00 yuan, showcasing its robust position in the passenger vehicle industry [2] Group 2 - On September 4, a total of 84 listed companies received recommendations from securities firms, with Jixiang Airlines, Newray, and BYD each receiving two recommendations [3][4] - The companies with the highest number of recommendations include Jixiang Airlines (2), Newray (2), and BYD (2), indicating strong interest from analysts [3][4] Group 3 - Six companies received their first coverage on September 4, including Beijing-Shanghai High-speed Railway rated "Recommended" by Minsheng Securities, and Dongfang Tower rated "Buy" by Northeast Securities [5] - Other companies receiving first coverage include Changjiang Securities, Zhongnan Media, and Source Pet, all rated positively by various securities firms [5]

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 50.42 CNY, compared to the current price of 38.28 CNY [5]. Core Viewpoints - The company is positioned to benefit from the high demand in both military and civilian aviation engine markets, leading to expected high growth in performance [2][11]. - The company is the only entity in China capable of producing a full range of military aviation engines, holding a leading position in the military aviation engine market [11][49]. - The report anticipates significant revenue growth, with projected revenues of 50.27 billion CNY in 2025, 57.82 billion CNY in 2026, and 63.60 billion CNY in 2027, reflecting a compound annual growth rate [4][21]. Financial Summary - The company achieved total revenue of 43.73 billion CNY in 2023, a year-on-year increase of 17.9%, and is expected to reach 47.88 billion CNY in 2024, a growth of 9.5% [4][21]. - The net profit attributable to the parent company is projected to decline to 860 million CNY in 2024, down 39.5% from 2023, primarily due to increased R&D and financial expenses [4][25]. - The earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 0.35 CNY, 0.42 CNY, and 0.47 CNY respectively [11]. Company Overview - The company is a key platform for the Aviation Industry Corporation of China (AVIC) and has a comprehensive product line in aviation engines, including turbojet, turbofan, turboshaft, turboprop, and piston engines [15][49]. - The company has seen steady revenue growth over the past five years, with a significant contribution from its four main engine manufacturing plants [21][30]. - The company is actively pursuing cost reduction and efficiency improvement measures, resulting in a decrease in management expense ratio from 5.85% in 2020 to 3.30% in 2024 [25][29]. Market Position - The company is expected to play a crucial role in the domestic commercial aviation engine market, which is projected to reach a trillion CNY, as it aims to break the foreign monopoly in this sector [11][49]. - The report highlights the high barriers to entry in the aviation engine industry, characterized by long development cycles and significant investment requirements, which provide a strong economic return [50][60]. - The company is positioned to benefit from the increasing demand for domestic military engines, especially as some military aircraft still rely on imported engines [11][49].

中国航发动力股份有限公司 证券代码：600893 证券简称：航发动力 公告编号：2025-026 根据《中华人民共和国公司法》以及《中国航发动力股份有限公司章程》的相关规定，叔伟先生的辞职 报告自送达公司董事会之日起生效，辞职后，叔伟先生不再担任公司任何职务。叔伟先生不存在未履行 完毕的公开承诺，已按照公司相关规定完成交接工作。 叔伟先生担任副总经理、总工程师期间，恪尽职守、勤勉尽责，公司及公司董事会对叔伟先生任职期间 为公司发展做出的贡献表示衷心感谢！ 特此公告。 中国航发动力股份有限公司（以下简称公司）董事会于近日收到副总经理、总工程师叔伟先生的书面辞 职报告，因满龄退休，叔伟先生向董事会提出辞去公司副总经理、总工程师职务。 一、提前离任的基本情况 ■ 二、离任对公司的影响 关于高级管理人员离任的公告 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法律责任。 重要内容提示： 中国航发动力股份有限公司董事会 2025年9月4日 ...

Group 1 - The company received a resignation letter from Mr. Shu Wei, the Deputy General Manager and Chief Engineer, due to retirement [2][3] - Mr. Shu Wei's resignation is effective immediately upon delivery to the board, and he will no longer hold any position within the company [3] - The company expresses gratitude for Mr. Shu Wei's contributions during his tenure [3] Group 2 - The announcement is made in accordance with the relevant provisions of the Company Law of the People's Republic of China and the company's articles of association [3] - Mr. Shu Wei has completed the handover process as per company regulations [3]

Group 1 - The company announced the resignation of Mr. Shu Wei, the Deputy General Manager and Chief Engineer, due to retirement [1][2] - Mr. Shu Wei's resignation is effective immediately upon delivery of his resignation report to the board, and he will no longer hold any position within the company [1] - The company confirms that Mr. Shu Wei has fulfilled all public commitments and has completed the handover process according to company regulations [1] Group 2 - The board expresses gratitude for Mr. Shu Wei's contributions to the company's development during his tenure [2]

Group 1 - The company announced the resignation of its Deputy General Manager and Chief Engineer, Mr. Shu Weixian, due to reaching retirement age [2] - The resignation was formally submitted to the board of directors [2] - This change in leadership may impact the company's operational strategies and engineering direction [2]

Core Points - The company announced the retirement of its Deputy General Manager and Chief Engineer, Mr. Su Wei, effective from the date the resignation report is delivered to the board [1] - Mr. Su Wei submitted his resignation report on September 3, 2025, and was originally scheduled to serve until April 28, 2027 [1] - The company expressed gratitude for Mr. Su Wei's contributions during his tenure and confirmed that he has fulfilled all public commitments and completed the necessary work handover [1]

Group 1 - The domestic aircraft carrier concept sector experienced a decline of 5.45%, ranking among the top declines in concept sectors, with stocks like Sifang Electronics and Beifang Navigation hitting the daily limit down [1][2] - Major stocks within the domestic aircraft carrier concept that saw significant declines include AVIC Xi'an Aircraft Industry Group (-9.83%), Haige Communication (-7.48%), and Beifang Navigation (-9.99%) [2][3] - The sector faced a net outflow of 2.515 billion yuan in capital, with 32 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 100 million yuan, led by AVIC Xi'an Aircraft Industry Group with a net outflow of 347.43 million yuan [2][3] Group 2 - The top net inflow stocks in the market included CITIC Heavy Industries, Baotai Co., and China First Heavy Industries, with net inflows of 27.07 million yuan, 5.51 million yuan, and 2.53 million yuan respectively [2][3] - The overall market sentiment for the domestic aircraft carrier concept remains negative, as indicated by the significant capital outflows and stock price declines across multiple companies [2][3]

证券代码：600893 证券简称：航发动力 公告编号：2025-026 中国航发动力股份有限公司 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。 重要内容提示： 中国航发动力股份有限公司（以下简称公司）董事会于近日收到 副总经理、总工程师叔伟先生的书面辞职报告，因满龄退休，叔伟先 生向董事会提出辞去公司副总经理、总工程师职务。 一、提前离任的基本情况 关于高级管理人员离任的公告 根据《中华人民共和国公司法》以及《中国航发动力股份有限公 司章程》的相关规定，叔伟先生的辞职报告自送达公司董事会之日起 生效，辞职后，叔伟先生不再担任公司任何职务。叔伟先生不存在未 履行完毕的公开承诺，已按照公司相关规定完成交接工作。 叔伟先生担任副总经理、总工程师期间，恪尽职守、勤勉尽责， 公司及公司董事会对叔伟先生任职期间为公司发展做出的贡献表示 衷心感谢！ 特此公告。 中国航发动力股份有限公司董事会 2025 年 9 月 4 日 | 是否存在 | 是否继续在上 | 原定任期 | 具体职务 | 未履行完 | | | | | | | | | | | ...

Core Viewpoint - The company announced the resignation of its Deputy General Manager and Chief Engineer, Shu Wei, due to reaching retirement age, effective immediately upon submission of the resignation report [1] Group 1 - Shu Wei has submitted a written resignation report to the board of directors, which has been accepted [1] - Following his resignation, Shu Wei will no longer hold any position within the company [1] - The resignation does not involve any unfulfilled public commitments, and the handover process has been completed in accordance with company regulations [1]