Core Viewpoint - The company, AVIC Xi'an Aircraft Industry Group (000768), indicated that the specific delivery quantity of C919 components is not publicly disclosed due to commercial cooperation requirements, but there will be a significant increase compared to the year 2024 [1] Group 1 - The company is a major supplier of fuselage components for the C919 aircraft, responsible for the development and production of five work packages: outer wing box, slat, flap, aileron, and mid-fuselage [1]

Group 1: Company Overview - AVIC Xi'an Aircraft Industry Group Co., Ltd. (hereinafter referred to as AVIC Xi'an or the Company) was established on June 18, 1997, and listed on the Shenzhen Stock Exchange on June 26, 1997, becoming the first listed company in China's aviation manufacturing industry [3] - The Company primarily engages in the research, production, maintenance, and service of large and medium-sized aircraft and aviation components, including key projects like C919, C909, and AG600 [3] - AVIC Xi'an has established long-term and stable partnerships with renowned aviation companies such as Airbus, Boeing, and COMAC [3] Group 2: Efficiency and Cost Control Measures - The Company is committed to improving product profitability and operational efficiency through systematic enhancements in product development and management [4] - Key cost reduction strategies include: - Design cost reduction by implementing sustainable low-cost design principles [4] - Technological cost reduction through increased investment in innovation and application of new materials and technologies [4] - Supply chain cost reduction via long-term agreements and centralized procurement [4] - Operational cost reduction through comprehensive budgeting and performance assessments [4] - Efficiency improvement by optimizing production cycles and asset utilization [4] Group 3: Impact of Share Transfer - The share transfer agreement between AVIC and AVIC Investment Holdings is expected to bring multiple positive impacts on the Company's development [4] - This transfer aims to optimize the shareholding structure, shorten decision-making chains, and enhance decision-making efficiency [4] - It reflects AVIC's strategic focus on the aviation industry and its confidence in the Company's long-term development potential [4] Group 4: Future Development Goals - The Company plans to leverage the optimized share structure to achieve high-quality development, focusing on core technology breakthroughs and supply chain enhancements [5] - AVIC Xi'an aims to deliver a significantly increased number of C919 aircraft components compared to 2024, although specific delivery numbers remain confidential due to commercial agreements [5][6] - As a primary supplier for the C919 aircraft, the Company is committed to high-quality and timely delivery to support the development of domestic large aircraft [6]

截至5月13日收盘，国产航母概念下跌2.37%，位居概念板块跌幅榜前列，板块内，四创电子、光电股 份、中国船舶等跌幅居前，股价上涨的有2只，涨幅居前的有南山控股、ST瑞科等，分别上涨2.02%、 0.23%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600150 | 中国船舶 | -4.45 | 2.42 | -47941.95 | | 300065 | 海兰信 | -3.08 | 13.16 | -17138.01 | | 000768 | 中航西飞 | -2.11 | 1.81 | -16898.61 | | 600893 | 航发动力 | -3.18 | 1.22 | -15080.38 | | 601989 | 中国重工 | -3.86 | 1.26 | -14493.55 | | 601890 | 亚星锚链 | -3.32 | 6.90 | -11752.61 | | 002179 | 中航光 ...

Core Viewpoint - The military industry sector in A-shares has seen a significant increase in attention and investment, with a notable rise in stock prices driven by market sentiment and geopolitical factors, despite underlying performance challenges in the first quarter of 2024 [1][2][4]. Group 1: Market Performance - The military ETF recorded a cumulative increase of 4.91% last week, with a further rise of 4.68% on May 12, 2024, indicating strong market interest [1]. - The defense and military index has seen a cumulative increase of 13.42% since May, ranking among the top three sectors in terms of growth [4]. - Key stocks such as AVIC Chengfei (中航成飞) and Morningstar Aviation (晨曦航空) experienced significant price surges, with some stocks hitting the daily limit up [1][4]. Group 2: Financial Performance - In Q1 2024, the military sector's total revenue was 1,067.53 billion yuan, a decrease of 3.15% year-on-year, while net profit fell by 4.40% to 56.14 billion yuan [4][5]. - The overall profitability of the military sector remains at a low point compared to previous cycles, with many companies experiencing a decline in net profit despite some revenue recovery [2][4]. - Among 40 leading companies, the average revenue growth rate in Q1 was 15.14%, a recovery from the previous year's decline [5]. Group 3: Future Outlook - Companies in the military sector have set optimistic revenue targets for 2025, with expected growth rates for key players such as AVIC Xi'an (中航西飞) and AVIC High-Tech (中航高科) ranging from 2% to 14% [8]. - The contract liabilities of major manufacturers have increased, indicating a potential for revenue realization in the coming quarters [8]. - Despite a reduction in public fund allocations to the military sector over the past ten quarters, there is a belief that the sector's fundamentals will improve, leading to a potential recovery in valuations [9][10].

Group 1 - The military industry is currently in a short-term performance bottoming phase, with leading companies, especially main engine manufacturers, showing a significant recovery in revenue year-on-year in Q1, although net profits remain under pressure [1][2] - The capital market's interest in the military industry has increased significantly, with military ETFs showing a cumulative increase of 4.91% last week, driven by heightened market sentiment due to geopolitical tensions [1][3] - In Q1, the military sector's total revenue was 1,067.53 billion, a year-on-year decrease of 3.15%, while net profit was 56.14 billion, down 4.40% [3][4] Group 2 - Among 40 leading companies in the military sector, all achieved positive revenue growth in Q1, with 14 companies experiencing double-digit growth, contrasting with 22 companies that saw revenue declines in the same period last year [4][5] - The average net profit growth rate for these 40 companies was -35.57%, indicating a significant decline in profitability compared to the previous year [4][5] - Some companies, such as Aviation Power and Aerospace Rainbow, reported net profit declines exceeding 70%, highlighting the challenges faced by the industry [5][6] Group 3 - Long-term profitability in the military sector is currently below the previous cycle's starting point in 2019, and the potential for a performance turnaround is crucial for further valuation increases [6][8] - Several companies have disclosed ambitious revenue targets for 2025, indicating positive growth expectations within the aerospace and shipbuilding sectors [6][8] - Public funds have been reducing their allocation to the military sector for ten consecutive quarters, with military-themed fund sizes decreasing significantly since their peak in Q1 2021 [7][8] Group 4 - The military industry is expected to undergo a valuation restructuring, benefiting from improved asset quality and market conditions, with a more favorable outlook for the second half of the year compared to the first half [8]

证券代码：000768 证券简称：中航西飞 公告编号：2025-024 中航西安飞机工业集团股份有限公司 关于参加"2025 年陕西辖区上市公司投资者集体接待日暨 为充分尊重投资者、提升交流的针对性，公司现就"2025 年陕西辖区 上市公司投资者集体接待日暨 2024 年度业绩说明会"提前向投资者公开 征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 5 月 19 日 18:00 前访问网址 https://ir.p5w.net/zj，或扫描下方征集问题二维码， 进入"业绩说明会问题征集专题"页面提问。公司将通过本次活动对投资 1 者关注的问题进行回答。 2024 年度业绩说明会"的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加 强与广大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公 司协会在中国证券监督管理委员会陕西监管局指导下，联合深圳市全景网 络有限公司举办"2025 年陕西辖区上市公司投资者集体接待日暨 2024 年 度业绩说明会"。 届时，公司董事长（或总经理 ...

证券研究报告 | 公司点评报告 2025 年 05 月 12 日 中航西飞（000768.SZ） 25Q1 利润端稳步增长，盈利能力有所提升 中游制造/军工 25Q1 公司实现营收 84.38 亿元，同比-0.20%；实现归母净利润 2.89 亿元，同 比+5.97%；实现扣非归母净利润 2.98 亿元，同比+7.45%。 目标估值：NA 当前股价：25.63 元 基础数据 | 总股本（百万股） | 2781 | | --- | --- | | 已上市流通股（百万股） | 2773 | | 总市值（十亿元） | 71.3 | | 流通市值（十亿元） | 71.1 | | 每股净资产（MRQ） | 7.7 | | ROE（TTM） | 4.9 | | 资产负债率 | 71.3% | | 主要股东 中国航空工业集团有限公司 | | | 主要股东持股比例 | 38.0% | 股价表现 % 1m 6m 12m 绝对表现 8 -19 5 相对表现 4 -13 -0 -20 -10 0 10 20 30 40 May/24 Aug/24 Dec/24 Apr/25 (%) 中航西飞 沪深300 ❑ 风险提示：新型号研制交 ...

Investment Rating - The report rates the defense and military industry as "better than the market" [4]. Core Insights - The recent conflict between India and Pakistan, where Pakistan used Chinese weapons to shoot down multiple Indian aircraft, has created new opportunities for China's military trade [2][34]. - Pakistan has imported over 80% of its military equipment from China in the past five years, highlighting its role as a key partner in China's Belt and Road Initiative [2][35]. - The demand for advanced military equipment, such as air defense systems and drones, is increasing due to the ongoing tensions in the region [2][35]. Summary by Sections Market Review - The defense and military index rose by 6.33% last week, outperforming other major indices [13]. - The current PE (TTM) for the defense and military sector is 76.08, with aerospace equipment at 136.47 and ground weaponry at 144.71 [21]. Key Recommendations - Recommended companies include: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and Zhongji Aviation for downstream manufacturers; and companies like Lianchuang Optoelectronics and Guangqi Technology for military technology [3][36]. Industry Dynamics - The military industry is expected to see long-term growth, with demand recovering and production capacity improving [3]. - The global military trade market has shown steady growth, with military spending correlating with trade volume [36][42]. Military Trade Insights - The top five military exporters from 2019 to 2023 were the USA (41.7%), France (10.9%), Russia (10.5%), China (5.8%), and Germany (5.6%) [39]. - China's military exports have been rapidly increasing, with a market share of 8.35% in 2023, driven by competitive weaponry and a decline in Russian exports [42][44].

Core Viewpoint - The military industry sector is experiencing significant growth, with multiple stocks hitting the daily limit and related ETFs showing strong performance, indicating a bullish sentiment in the market [1][3]. ETF Market Performance - Military-related ETFs, including the Military Leader ETF (512710), have seen substantial gains, with six ETFs rising over 4% in half a day [1][2]. - The Military ETF (512660) recorded a half-day trading volume of 1.548 billion yuan, highlighting its active trading status [1][8]. ETF Share Growth - In less than two months, the Military Leader ETF (512710) and Military ETF (512660) have increased their shares by over 2 billion [3]. - The current technological revolution and industrial transformation are driving demand for advanced military technologies, with a focus on smart technologies, unmanned equipment, and big data applications [3]. Index and ETF Details - The Military Leader ETF (512710) has a scale of 12.902 billion shares and a half-day trading amount of 1.163 billion yuan, tracking the CSI Military Leader Index, which selects 30 leading military companies [4]. - The National Defense ETF (512670) has a scale of 5.278 billion shares and a half-day trading amount of 444 million yuan, tracking the CSI National Defense Index, which includes up to 50 stocks from major military groups [6]. Key Weight Stocks - The top-weighted stocks in the CSI Military Leader Index include: - AVIC Optical (002179) - 9.72% - AVIC Shenyang Aircraft (600760) - 9.53% - Aero Engine Corporation of China (600893) - 8.53% [5]. - The top-weighted stocks in the CSI National Defense Index include: - AVIC Optical (002179) - 6.93% - AVIC Shenyang Aircraft (600760) - 6.79% - Aero Engine Corporation of China (600893) - 6.08% [7].

Group 1 - The military industry sector is leading the A-share market, with the military ETF (512660) rising over 6% and achieving a trading volume exceeding 1.3 billion yuan within the first hour of trading [1] - The top ten holdings of the military ETF include companies like China Shipbuilding, AVIC Shenyang Aircraft, and China Heavy Industry, with gains exceeding 8% for some stocks [1] - The recent India-Pakistan conflict has catalyzed strong performance in the military sector, with increased media attention on military capabilities [1] Group 2 - The military ETF (512660) has seen a significant increase in scale, reaching 13.7 billion yuan, up 3.7 billion yuan from the end of last year [2] - The India-Pakistan conflict is expected to have a direct impact on military trade, enhancing global military trade logic and potentially increasing the defense market ceiling [2] - China's military trade is anticipated to grow in the short term due to improved product competitiveness and production capacity, alongside a shift in domestic production focus [2] Group 3 - A report indicates that 20 out of 62 military listed companies reported year-on-year growth in Q1 2025, suggesting a potential turning point for military orders [3] - The military industry is expected to benefit from new technologies and market directions, particularly in enhancing equipment performance and reducing costs [3] - The military ETF (512660) is positioned to capitalize on the anticipated growth in the military sector, with institutions optimistic about the upcoming order cycle [3]