Investment Rating - The report maintains an "Outperform" rating for the military industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The military industry is showing signs of a fundamental turning point, with the upstream military electronics sector being the first to benefit from the recovery [1][4]. - In the first half of 2025, the military industry saw a total revenue of CNY 254.55 billion, an increase of 9.3% year-on-year, while net profit attributable to shareholders decreased by 1.1% to CNY 15.53 billion [3][9]. - The overall gross margin for the military industry was 18.7%, up 0.6 percentage points from the previous year, while the net margin improved by 2.6 percentage points to 6.3% [13]. Summary by Relevant Sections Aerospace Equipment Sector - The aerospace equipment sector reported a revenue of CNY 108.09 billion, down 7.5% year-on-year, with a net profit of CNY 7.29 billion, a decline of 20.1% [17][18]. - The revenue drop was primarily due to significant declines in two major manufacturers, AVIC Shenyang Aircraft and Aero Engine Corporation of China, as they shifted focus to future orders [17]. Space Equipment Sector - The space equipment sector's revenue was CNY 9.22 billion, down 15.3% year-on-year, while net profit fell by 49.5% to CNY 356 million [23][24]. - The sector experienced a reduction in revenue decline compared to the previous year, indicating some stabilization [23]. Ground Armament Sector - The ground armament sector achieved a revenue of CNY 12.73 billion, a growth of 26.6% year-on-year, with a slight net profit decrease of 2.2% to CNY 444 million [25][26]. - Notable growth was seen in companies like North Navigation, which reported a revenue increase of 481.2% [25]. Marine Equipment Sector - The marine equipment sector generated CNY 55.75 billion in revenue, a 12.6% increase, with net profit soaring by 107.9% to CNY 3.74 billion [27][28]. - The growth was driven by leading shipbuilding companies benefiting from a high international ship market [28]. Military Electronics Sector - The military electronics sector reported a revenue of CNY 68.76 billion, a significant increase of 51.1% year-on-year, with a net profit of CNY 3.70 billion, up 2.2% [3][4]. - This sector was the first to benefit from the overall industry recovery, reflecting a strong demand for components [3]. Investment Recommendations - The report suggests focusing on specific sub-sectors for investment opportunities, including the aircraft and aero-engine supply chain, missile and unmanned combat systems, and military trade-related companies [4]. - Recommended ETFs include the Fortune CSI Military Leaders ETF and the Guotai CSI Military ETF [4].

一、股东会有关情况 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。 1.原股东会的类型和届次： ■ 二、更正补充事项涉及的具体内容和原因 中国航发动力股份有限公司（以下简称公司）于2025年8月28日在上海证券交易所网站 （www.see.com.cn）披露了《中国航发动力股份有限公司关于召开2025年第二次临时股东会的通知》 （编号2025-024）。因公司会务安排调整，便于股东参加会议，现将本次股东会召开地点变更为：辽宁 省大连市大外国际文化交流中心一楼毓秀会议室。 三、除了上述更正补充事项外，公司于2025年8月28日公告的《中国航发动力股份有限公司关于召开 2025年第二次临时股东会的通知》中所披露原股东会通知事项不变。 四、更正补充后股东会的有关情况 2025年第二次临时股东会 2.原股东会召开日期：2025年9月19日 3.原股东会股权登记日： 1.现场股东会召开日期、时间和地点 召开日期时间：2025年9月19日11点00分 召开地点：辽宁省大连市大外国际文化交流中心一楼毓秀会议室 2.网络投票的系统、起止日期和 ...

中国航发动力股份有限公司 2025 年第二次临时股东会 中国航发动力股份有限公司 2025 年第二次临时股东会 会 议 材 料 2025 年 9 月 19 日 中国航发动力股份有限公司 2025 年第二次临时股东会 会议须知 根据中国证监会《上市公司股东会规则》和《公司章程》等 有关规定，为确保公司股东会顺利召开，特制订会议须知如下， 望出席股东会的全体人员遵守执行： 一、股东参加股东会，应当认真履行其法定义务，不得侵犯 其他股东权益； 二、股东会期间，全体出席人员应以维护股东的合法利益、 确保会议正常秩序和议事效率为原则，认真履行法定职责； 中国航发动力股份有限公司 三、出席会议的股东依法享有发言权、咨询权、表决权等各 项权利，但需由公司统一安排发言和解答； 四、任何人不得扰乱会议的正常秩序和会议程序；会议期间 请关闭手机或将其调整至静音状态。 中国航发动力股份有限公司 2025 年第二次临时股东会 会议议程 会议时间：2025 年 9 月 19 日 11 点 00 分 会议地点：大连市大外国际文化交流中心一楼毓秀会议室 具体议程： | | 序号 | | 内容 | | --- | --- | --- | - ...

证券代码：600893 证券简称：航发动力 公告编号：2025-027 中国航发动力股份有限公司 关于2025年第二次临时股东会变更会议地点的公告 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。 一、 股东会有关情况 1. 原股东会的类型和届次： 2025年第二次临时股东会 2. 原股东会召开日期：2025 年 9 月 19 日 3. 原股东会股权登记日： | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600893 | 航发动力 | 2025/9/12 | 二、 更正补充事项涉及的具体内容和原因 中国航发动力股份有限公司（以下简称公司）于 2025 年 8 月 28 日在上海证 券交易所网站（www.see.com.cn）披露了《中国航发动力股份有限公司关于召开 2025 年第二次临时股东会的通知》（编号 2025-024）。因公司会务安排调整，便 于股东参加会议，现将本次股东会召开地点变更为：辽宁省大连市大外国际文化 交流中心一楼毓秀会议室。 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 46.38 CNY [6]. Core Views - The company's revenue for H1 2025 was 14.098 billion CNY, a year-on-year decrease of 23.99%, and the net profit attributable to shareholders was 0.92 billion CNY, down 84.57% year-on-year [1]. - The decline in revenue is attributed to changes in customer demand, product structure adjustments, and delivery shortfalls [1]. - The company is increasing R&D investments in response to rising downstream demand, with R&D expenses rising by 14.54% year-on-year [2]. - The subsidiary Liyang Power achieved a revenue growth of 16.67% year-on-year, marking a breakthrough in the general aviation power sector [3]. Summary by Sections Financial Performance - The company's revenue from aviation engines and related products was 12.888 billion CNY, down 24.89% year-on-year, while foreign trade exports generated 0.868 billion CNY, a decrease of 13.50% [1]. - The gross margin was 10.96%, a decline of 0.31 percentage points year-on-year, and the net margin was 1.07%, down 2.49 percentage points year-on-year [1]. - The company expects net profits for 2025, 2026, and 2027 to be 0.596 billion CNY, 0.934 billion CNY, and 1.176 billion CNY, respectively, with growth rates of -30.7%, 56.7%, and 26% [4]. R&D and Production - R&D expenses increased due to heightened research tasks, while financial expenses rose due to increased interest-bearing liabilities [2]. - The company has received production licenses for the AES100 engine, indicating a transition from R&D to mass production [3]. Market Position and Valuation - The company is positioned as a leading enterprise in the aviation engine product spectrum, with a target price based on a 3x price-to-book ratio for 2026 [4]. - Comparable companies in the industry have an average price-to-book ratio of 3.71 and 3.34 for 2025 and 2026, respectively [4].

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]