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]

Summary of Conference Call on Military Trade Investment Opportunities Amidst India-Pakistan Conflict Industry Overview - The conference discusses the military trade (military trade) industry, particularly focusing on China's military exports and the implications of the India-Pakistan conflict on military trade dynamics [1][2]. Key Points and Arguments - The India-Pakistan conflict highlights the practical capabilities of Chinese military products, potentially expanding the market for Chinese weapon systems and attracting more international customers [1]. - China's military exports are transitioning from single weapon systems to integrated combat equipment, such as armored brigade systems, which significantly enhances international competitiveness [1]. - In 2023, China's military export share reached 8.4%, indicating growth potential compared to companies like Lockheed Martin [1][13]. - The conflict may lead to increased demand for drones, with manufacturers like Aerospace Rainbow and Zhongyun Drone benefiting from potential high consumption rates [1][22]. - The military trade investment focus for 2025 includes restructuring, military trade, and new domains, with an emphasis on unmanned systems and long-range artillery [1][9]. Important but Overlooked Content - The military trade landscape is influenced by geopolitical tensions, with small nations relying on imports due to insufficient domestic capabilities, which may drive demand for Chinese military products [6][9]. - The importance of military technology dual-use (civilian and military applications) is emphasized as a long-term investment opportunity [3][17]. - The valuation of China's defense industry may improve due to increased military cooperation and exports, similar to the revenue models of major U.S. defense contractors [5][17]. - Challenges such as payment capabilities in regions like the Middle East and Africa may affect the sustainability of military trade orders [6]. - The comprehensive capabilities of Chinese military systems, including missiles, radars, and integrated systems, provide a competitive edge in the international market [3][8][18]. Notable Companies and Products - Key Chinese military companies mentioned include: - **Land Equipment**: Inner Mongolia First Machinery Group (tanks), Aerospace Rainbow (drones), and various aircraft manufacturers like Chengdu Aircraft Industry Group and Shenyang Aircraft Corporation [7][20]. - **Missile Systems**: China Aerospace Science and Industry Corporation (long-range artillery) and China North Industries Group Corporation [7][20]. - **Data Link Technology**: Companies like 712 Institute and Raytheon Power are highlighted for their contributions to integrated military systems [7][20]. Future Trends - The future of military trade will focus on integrated combat systems, with a significant emphasis on the export of comprehensive military capabilities rather than individual products [19]. - Drones are expected to become critical consumables in future conflicts, with manufacturers poised to benefit from increased demand [22]. - The military trade landscape is likely to evolve with changing geopolitical dynamics, impacting procurement decisions globally [10][11].

Core Viewpoint - The number of aviation industrial parks in China is projected to reach 128 in 2024, an increase of 14 parks year-on-year, driven by strong national strategic support and favorable policies [1][12]. Industry Overview - Aviation industrial parks are designated areas focused on aviation-related manufacturing, research, maintenance, and operations, created to foster industry clustering and collaboration through government incentives [1]. Industry Development History - The development of China's aviation industrial parks has progressed through three stages: 1. Initial stage (2003-2008) with only 8 parks established 2. Steady growth phase (2009-2014) with the number increasing to 44 3. Rapid growth phase (2015-present) where the number of parks has surged, averaging 10 new parks annually [3]. Industry Chain - The upstream of the aviation industrial park industry chain includes raw materials, components, and basic equipment, while the midstream focuses on operations and services, and the downstream involves airlines and maintenance companies [5]. Current Industry Status - The aviation industry is experiencing a recovery with passenger transport expected to reach 730 million in 2024, a year-on-year increase of 18.1%, and air cargo volume increasing by 22.1% [12]. Policy Support - Recent policies, such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)", aim to enhance the supply capacity and innovation ability of general aviation equipment by 2027, providing a three-dimensional drive for aviation industrial parks [9][11]. Industry Development Trends 1. **Technological Upgrades**: The industry is focusing on innovation-driven high-quality development, with key areas including unmanned, electric, and intelligent technologies [21]. 2. **Industry Clustering**: Aviation industrial parks are becoming core carriers for industry chain integration, with significant regional differentiation and specialization [22]. 3. **International Cooperation**: There is an increasing trend of international collaboration, with domestic companies engaging in joint ventures and technology transfers to enhance global competitiveness [23].

中航西安飞机工业集团股份有限公司 关于完成工商变更登记的公告 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。 中航西安飞机工业集团股份有限公司（以下简称"公司"）2025 年第 一次临时股东会审议批准了《关于减少公司注册资本的议案》，同意公司 注册资本减少 591,000 元，本次注册资本减少完成后，公司注册资本由 2,781,740,071 元变更为 2,781,149,071 元。（详见公司于 2025 年 2 月 26 日在《中国证券报》《证券时报》及巨潮资讯网站上刊登的《2025 年第一 次临时股东会决议公告》） 证券代码：000768 证券简称：中航西飞 公告编号：2025-023 2025 年 5 月 9 日，公司完成了注册资本工商变更登记相关手续，并取 得西安市阎良区数据和行政审批服务局换发的《营业执照》。除公司注册 资本信息变更以外，其他登记信息未发生变更。 变更后的《营业执照》相关信息如下： 公司名称：中航西安飞机工业集团股份有限公司 统一社会信用代码：916100002942059830 类 型：股份有限公司（上市、国有控股） 住 所：陕西 ...

Group 1 - The China Securities High-end Equipment Sub-index 50 has decreased by 2.46% as of May 9, 2025, with mixed performance among constituent stocks, led by Aerospace Nanhai up 1.50% [1] - The High-end Equipment ETF (159638) has seen a cumulative increase of 8.55% over the past two weeks as of May 8, 2025 [1] - The High-end Equipment ETF recorded a turnover of 3.05% and a transaction volume of 36.1554 million yuan, with an average daily transaction volume of 97.8379 million yuan over the past week [3] Group 2 - The latest scale of the High-end Equipment ETF reached 1.237 billion yuan, marking a new high for the year, with the latest share count at 1.547 billion, also a new high for the past year [3] - The net inflow of funds into the High-end Equipment ETF was 30.633 million yuan [3] - The top ten weighted stocks in the China Securities High-end Equipment Sub-index 50 account for 45.74% of the index, including companies like AVIC Optoelectronics and AVIC Shenyang Aircraft [3] Group 3 - Institutions forecast a turning point in military industry orders by 2025, driven by new technologies aimed at enhancing equipment performance or reducing costs, and new markets from military trade and technology conversion [3] - Huatai Securities indicates that China has entered a phase of "self-research equipment as the main" military trade net surplus, with significant growth expected in domestic demand from 2025 to 2027 [3] - Investors can consider the China Securities High-end Equipment Sub-index 50 ETF linked fund (018028) to capitalize on industry rotation opportunities [3]

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]