Core Viewpoint - The article discusses the differences and similarities between two indices related to central enterprise technology: the China Securities National New Central Enterprise Technology Leading Index and the China Securities Chengtong Central Enterprise Technology Innovation Index, highlighting their performance and characteristics in the context of recent market movements. Group 1: Differences Between the Indices - The China Securities National New Central Enterprise Technology Leading Index is customized by Guoxin Investment Co., Ltd., while the China Securities Chengtong Central Enterprise Technology Innovation Index is customized by China Chengtong Group [2]. - The selection methods differ: the National New Index scores based on net profit growth, revenue growth, total market capitalization, and R&D expenditure as a percentage of revenue, whereas the Chengtong Index evaluates based on the number and quality of patents and the implementation of equity incentives [3]. - Industry distribution varies significantly; the National New Index focuses heavily on aerospace and defense, electronics, and semiconductors, with a combined weight of nearly 80%, while the Chengtong Index has a more balanced distribution across telecommunications, aerospace and defense, and electronics, with the top five industries also exceeding 80% [4][6]. Group 2: Key Holdings and Performance - The top ten holdings of the National New Index account for 52.63% of the total, with Hikvision and AVIC Optoelectronics each exceeding 7% [8]. - In contrast, the Chengtong Index's top ten holdings represent 60.34% of the total, with China Telecom, Hikvision, and China Mobile each exceeding 7% [12]. - Historical performance shows that while the one-year returns of both indices are similar, the Chengtong Index outperforms the National New Index over three and five years, with the National New Index exhibiting higher volatility across all time frames [14]. Group 3: Valuation and Commonalities - As of now, the National New Index's TTM price-to-earnings ratio has risen to the historical 100th percentile, indicating a high valuation position [15]. - The Chengtong Index's TTM price-to-earnings ratio is also above the historical 80th percentile, suggesting a similarly high valuation, although its historical data is limited [17]. - Both indices select samples from listed companies under the State-owned Assets Supervision and Administration Commission, aim to reflect the overall performance of central enterprises in technology innovation, and emphasize that R&D expenditure as a percentage of revenue should not be less than 3% [20].

Group 1 - The China Securities Military Industry Index (399967) has shown a strong increase of 4.24% as of May 7, 2025, with notable gains in constituent stocks such as AVIC Chengfei (302132) reaching a 20% limit up, and Zhongyun Drone (688297) rising by 16.37% [1] - The leading military ETF (512680) has also increased by 4.23%, marking its third consecutive rise, with a trading volume of 87.04 million yuan and a turnover rate of 2.31% [1] - The latest scale of the military ETF has reached 3.686 billion yuan, a new high for the year, with the latest share count at 3.544 billion, also a six-month high [1] Group 2 - The top ten weighted stocks in the China Securities Military Industry Index as of April 30, 2025, include China Shipbuilding (600150) and Guoke Technology (002625), accounting for a total of 37.03% of the index [2] - Positive signals have emerged in the military sector since 2024, with expectations of increased contract announcements and related transaction amounts in 2025, indicating a recovery in the military fundamentals [2] - According to GF Securities, the EU's defense industrial strategy is shifting towards self-sufficiency, aiming for 50% of defense equipment procurement to be sourced internally by 2030, which may benefit qualified Chinese companies with production capacity [2]

Core Insights - The company achieved a revenue of 47.88 billion yuan in 2024, representing a year-on-year increase of 9.48%, but fell short of the annual budget of 49.76 billion yuan by 96.22% [1][2] - The net profit attributable to shareholders was 860 million yuan, down 39.48% year-on-year, completing 56.88% of the annual budget of 1.51 billion yuan [1][2] - The company anticipates a challenging budget for 2025, projecting a revenue of 47.66 billion yuan, which is nearly flat compared to 2024, and a net profit of 592 million yuan, down 31.16% from 2024 [2][4] Revenue and Profit Analysis - Revenue from the aviation engine and derivative products reached 44.99 billion yuan, up 10.03% year-on-year, but the gross margin decreased by 0.48 percentage points to 9.54% due to increased costs from new product maturity [2][3] - The foreign trade export subcontracting business generated 2.07 billion yuan in revenue, a 6.45% increase, with a gross margin improvement of 5.30 percentage points to 19.72% due to increased orders [2] - Non-aviation products and other businesses saw a revenue decline of 24.91% to 197 million yuan, with a gross margin decrease of 1.32 percentage points to 18.41% due to reduced high-margin product sales [2] Cost and Expense Overview - The overall sales gross margin for 2024 was 10.06%, down 1.03 percentage points year-on-year, attributed to increased costs and new product maturity [3] - Research and development expenses surged by 79.82% to 999.5 million yuan, driven by increased development tasks [3] - Financial expenses rose significantly by 84.30% to 457 million yuan due to an increase in interest expenses from higher interest-bearing liabilities [3] Balance Sheet and Cash Flow - Accounts receivable increased by 70.59% to 35.72 billion yuan, primarily due to delayed collections [4] - Accounts payable rose by 35.86% to 24.43 billion yuan, reflecting increased production tasks and raw material procurement [4] - Cash received from sales decreased by 15.13% to 30.75 billion yuan, indicating reduced cash flow from sales [4] Future Projections - The company forecasts net profits of 662 million yuan, 884 million yuan, and 1.22 billion yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 132, 99, and 71 times [4]

Financial Performance - The company's operating revenue for Q1 2025 was ¥6,164,858,155.55, a decrease of 1.71% compared to ¥6,272,295,886.18 in the same period last year[4] - The net profit attributable to shareholders was ¥7,511,371.77, representing a significant decline of 95.15% from ¥154,854,528.80 year-on-year[4] - The basic earnings per share dropped by 95.18% to ¥0.0028 from ¥0.0581 year-on-year[4] - Net profit for Q1 2025 was ¥35,129,600.57, a significant decline of 81.1% from ¥185,796,641.69 in Q1 2024[19] - Total profit for Q1 2025 was ¥70,297,487.08, a decrease of 67.8% from ¥218,144,023.47 in Q1 2024[19] - The company's total revenue for Q1 2025 was CNY 2,611,903,470.76, a decrease of 27.2% compared to CNY 3,584,153,486.36 in Q1 2024[30] - The net profit for Q1 2025 was CNY 40,446,336.08, down 25.7% from CNY 54,422,775.93 in Q1 2024[30] Cash Flow and Liquidity - The net cash flow from operating activities increased by 168.54%, reaching ¥2,063,115,227.25, compared to a negative cash flow of ¥3,009,892,150.92 in the previous year[4] - Cash flow from operating activities for Q1 2025 was ¥2,063,115,227.25, a recovery from a negative cash flow of ¥3,009,892,150.92 in Q1 2024[22] - The company reported a significant increase in sales cash inflow to ¥15,122,815,624.49 in Q1 2025, compared to ¥6,764,319,733.42 in Q1 2024[22] - The company incurred a net cash outflow from financing activities of ¥5,883,073,171.56 in Q1 2025, compared to a net outflow of ¥1,421,279,638.80 in Q1 2024[23] - The company's cash and cash equivalents were CNY 747,805,365.41 as of March 31, 2025, down from CNY 1,111,766,562.25 on December 31, 2024[26] - The company reported a significant decrease in cash and cash equivalents from CNY 7.73 billion to CNY 3.22 billion, highlighting liquidity concerns[13] - The total cash and cash equivalents at the end of Q1 2025 were approximately $747.81 million, a decrease from $1.43 billion at the end of Q1 2024[35] Assets and Liabilities - The company's total assets decreased by 2.68% to ¥112,812,044,875.41 from ¥115,913,298,911.68 at the end of the previous year[4] - As of March 31, 2025, the total assets of China Aviation Engine Group Co., Ltd. amounted to CNY 112.81 billion, a decrease from CNY 115.91 billion as of December 31, 2024[12] - The company's current assets decreased to CNY 80.60 billion from CNY 83.90 billion, primarily due to a reduction in cash and cash equivalents[13] - Total liabilities decreased to CNY 65.06 billion from CNY 70.40 billion, reflecting a reduction in short-term borrowings[15] - The total liabilities decreased from CNY 18,163,414,040.39 on December 31, 2024, to CNY 17,169,757,022.83 on March 31, 2025[27] Research and Development - Research and development expenses increased by 76.14%, indicating a rise in investment in R&D activities[6] - Research and development expenses rose to ¥79,488,949.10 in Q1 2025, an increase of 76% compared to ¥45,129,453.71 in Q1 2024[18] - The company's R&D expenses for Q1 2025 were CNY 6,054,157.81, indicating ongoing investment in innovation[30] Financial Expenses - The financial expenses surged by 97.32%, primarily due to an increase in interest expenses from interest-bearing liabilities[6] - The company reported a financial expense of CNY 36,672,577.58 in Q1 2025, significantly higher than CNY 5,158,743.27 in Q1 2024, primarily due to increased interest expenses[30] Inventory and Receivables - Accounts receivable stood at CNY 35.05 billion, slightly down from CNY 35.72 billion, indicating a stable collection period[13] - Inventory increased significantly to CNY 37.25 billion from CNY 31.70 billion, suggesting potential overstocking or increased production[13] - The company's inventory increased to CNY 8,612,573,859.29 as of March 31, 2025, from CNY 8,409,707,894.18 as of December 31, 2024[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 140,870[8] - The company has not reported any significant changes in its shareholder structure or major financing activities during the reporting period[10] Other Observations - There are no new product launches or technological advancements mentioned in the current report, focusing instead on financial metrics[11]

Group 1 - The Zhongzheng High-end Equipment Sub-index 50 has decreased by 0.22% as of April 29, 2025, with mixed performance among constituent stocks [1] - The leading stocks include Guangdian Co., which rose by 6.62%, and Gaode Hongwai, which increased by 4.90% [1] - The High-end Equipment ETF (159638) has seen a turnover of 1.64% with a transaction volume of 18.1359 million yuan [1] Group 2 - The latest scale of the High-end Equipment ETF has reached 1.115 billion yuan, with a total of 1.522 billion shares, marking a new high for the year [3] - The ETF has experienced continuous net inflows over the past three days, totaling 12.5652 million yuan [3] - The ETF closely tracks the Zhongzheng High-end Equipment Sub-index 50, focusing on leading companies in aerospace, military equipment, and satellite navigation sectors, and is expected to benefit from the low-altitude economy trend [3] Group 3 - Guoxin Securities indicates that the low-altitude economy supply chain in China has formed a comprehensive development pattern, with significant market potential [4] - The core of the low-altitude economy industry chain is centered around eVTOL and drone manufacturing, with rapid technological iterations and capacity expansion [4] - The market space for eVTOL power systems is estimated to reach 100 billion yuan, based on a 250 billion yuan market size for complete machine sales [4]

答：2024 年度，公司毛利率 10.06%，同比下降 0.54 个百分点。由于航空发动机 新产品研制涉及较多的新技术、新材料、新工艺，且资金投入强度高，现阶段新 产品成熟度有待提升，新产品利润贡献尚未显现，导致毛利受到一定影响。公司 将持续提升管理水平，降低经营成本，以强化运营体系建设、加快数智化转型等 方式促进企业经营业绩提升。 3. 公司的发动机跟国外的发动机的差距？ 答：公司是国内唯一能够研制涡喷、涡扇、涡轴、涡桨、活塞等全谱系军用航空 发动机的企业，在国际上，公司是能够自主研制航空发动机产品的少数企业之一。 除我国在军用航空发动机领域已实现自主研发外，全球只有美国、英国、法国、 俄罗斯等少数国家能够独立研制高性能航空发动机。为应对复杂多变的国际形势， 以及客户对发动机性能的要求，我国航空发动机主力产品换代加速，逐步缩小了 与发达国家的差距。 4. 公司每年提计产品跌价损失 3 亿左右，降低了净收益，主要原因是？ 股票简称：航发动力 股票代码：600893 | | 中国航发动力股份有限公司 | | --- | --- | | | 投资者活动记录表 | | 投资者关系活动 | □特定对象调研 □分析师会 ...

Industry Overview - The aviation engine industry is crucial for national economy and security, serving as the power source for various aircraft and representing a country's comprehensive strength [1] - Aviation engines can be categorized into several types based on thrust generation principles and oxidizer sources, including piston engines, rocket engines, ramjet engines, and turbine engines [1] Industry Chain Analysis - The aviation engine industry chain includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [3] - China has established a complete research and production system for aviation engines, with key participants including universities and research institutes [4] Development History - The Chinese aviation engine industry has evolved from imitation to independent research and development, achieving significant self-innovation capabilities supported by national policies [5][8] Policy Background - The "14th Five-Year Plan" emphasizes accelerating the research and development of advanced aviation engine materials and technologies, promoting the development of civil large bypass ratio turbofan engines [10] Current Market Status - The aviation engine industry has vast market potential, with a global annual output of over 14,000 units and an estimated annual value of around $70 billion [12] - The Chinese commercial aviation engine market is expected to experience explosive growth, with projected deliveries reaching 19,000 units and a market value exceeding $300 billion over the next 20 years [12] Demand Trends - Both military and civil aviation sectors in China are witnessing an upward trend in aircraft numbers, with the military fleet expected to reach 3,309 aircraft by the end of 2024 [14] - The number of civil passenger and cargo aircraft in China has also been increasing, with approximately 4,400 aircraft expected in 2024 [15] Competitive Landscape - The aviation engine market is primarily dominated by foreign manufacturers, with significant gaps in capabilities compared to the US, Russia, and other military powers [17][19] - The global commercial aviation engine market is largely controlled by a few companies, with CFM International and Pratt & Whitney holding substantial market shares [20] Future Development Trends - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, quality improvement, international cooperation, and sustainable development [24]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Viewpoints - The company achieved a total revenue of 47.88 billion yuan in 2024, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million yuan [2][4] - The company is focusing on its core business and optimizing its industrial layout to meet customer demands, while also enhancing its research and development capabilities in aviation engines and gas turbines [3][8] - The company aims to expand its market presence in both domestic and international commercial aviation engine sectors, while also developing new economic growth points in the low-altitude economy [3][8] Financial Summary - The company's revenue is projected to grow from 43.73 billion yuan in 2023 to 65.39 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.5% [1][10] - The net profit attributable to shareholders is expected to recover from 860 million yuan in 2024 to 1.45 billion yuan by 2027, with significant growth rates in the following years [1][10] - The company's return on equity (ROE) is projected to improve slightly from 2.2% in 2024 to 3.2% in 2027 [1][10] Business Performance - The revenue from the aviation engine and derivative products reached 44.99 billion yuan, a year-on-year increase of 10.03%, driven by increased customer demand and product deliveries [2] - The foreign trade export subcontracting business generated 2.07 billion yuan, reflecting a growth of 6.45% [2] - Non-aviation products and other businesses saw a decline in revenue to 197 million yuan, down 24.91% due to reduced high-margin product sales [2]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company achieved a total revenue of 47.88 billion yuan in 2024, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million yuan [2][4] - The company is focusing on its core business and optimizing its industrial layout to meet customer demands, while also enhancing its research and development capabilities in aviation engines and gas turbines [3][8] - The report projects that the net profit attributable to shareholders will be 1.049 billion yuan in 2025, 1.349 billion yuan in 2026, and 1.445 billion yuan in 2027, with corresponding EPS of 0.39, 0.51, and 0.54 yuan [8] Financial Summary - In 2024, the company reported total assets of 115.91 billion yuan, an increase of 16.15% year-on-year [2] - The revenue from the aviation engine and derivative products reached 44.99 billion yuan, up 10.03% year-on-year, driven by increased customer demand and product deliveries [2] - The gross margin declined due to the maturity of new products, while the foreign trade export subcontracting business generated revenue of 2.074 billion yuan, a growth of 6.45% [2] Future Projections - The company expects revenue growth rates of 5.1%, 12.5%, and 15.5% for the years 2025, 2026, and 2027, respectively [1] - The report anticipates a gradual recovery in net profit margins, with a projected net profit margin of 7.1% by 2027 [1][8]

Group 1 - The company will hold an annual performance briefing on April 25, 2025, from 14:30 to 17:00 [2][3] - The meeting will be conducted in a hybrid format, combining video interaction and on-site communication, with on-site interaction scheduled from 14:30 to 16:00 and online interaction from 16:00 to 17:00 [3] - Key personnel attending the meeting will include the company's chairman or general manager, board secretary, independent directors, and relevant department staff [3] Group 2 - Investors can submit questions for the briefing from April 17, 2025, to April 24, 2025, by visiting the Shanghai Stock Exchange Roadshow Center website [4] - The company will address commonly asked questions during the performance briefing [4] - After the briefing, investors can access the meeting's details and main content through the Shanghai Stock Exchange Roadshow Center [5]