Summary of AVIC Jonhon (002179.SZ) Conference Call Company Overview - **Company**: AVIC Jonhon (002179.SZ) - **Industry**: Aerospace & Defense (A&D) and Industrial Technology Key Points Growth Outlook - **A&D Revenue Growth**: Forecasted at 16% CAGR from 2024 to 2030, driven by national defense spending and civil aviation opportunities [17][46] - **Liquid Cooling Revenue**: Expected to grow at 21% CAGR from 2024 to 2030, contributing 10% to total revenue by 2030 [24][46] - **Net Income Growth**: Projected to have a CAGR of 19% from 2024 to 2030, supported by A&D growth and liquid cooling contributions [16][36] Financial Performance - **Revenue Projections**: - 2024: Rmb 20,685.5 million - 2025E: Rmb 25,026.4 million - 2026E: Rmb 28,414.7 million - 2027E: Rmb 32,319.1 million [4][13] - **Gross Profit Margin (GPM)**: Expected to improve in 2Q25E after a decline in 1Q25, driven by a higher defense business mix [30][31] - **Net Profit Margin (NPM)**: Projected to reach 18.8% by 2030, up from 16.2% in 2024 [30] Valuation and Investment Thesis - **Target Price**: Rmb 46.10, implying an 18.6% upside from the current price of Rmb 38.87 [1][37] - **P/E Ratio**: Currently trading at 20x 12-month forward P/E, below historical average of 28x [2][39] - **Investment Rating**: Upgraded to Buy from Neutral due to solid growth outlook and attractive valuation [1][37] Risks - **A&D Spending Risks**: Potential slower-than-expected A&D spending could impact revenue forecasts [2][45] - **Pricing Pressure**: Rising pricing pressure in the A&D supply chain may adversely affect earnings [2][45] - **Competition**: Increased competition from domestic and global connector makers could impact market share and margins [2][45] Additional Insights - **Domestic Defense Spending**: Expected to grow at 7% CAGR from 2025E to 2030E, aligning with China's military modernization strategy [17][20] - **Civil Aircraft Opportunities**: Limited current contribution from civil aircraft but potential growth from the C919 aircraft backlog [18][22] - **Liquid Cooling Market**: Currently low penetration compared to air cooling, with a target of 20%-25% revenue contribution in the long term [24][46] Financial Metrics - **EBITDA Growth**: Projected to grow from Rmb 3,825.4 million in 2024 to Rmb 6,302.5 million by 2027 [4][13] - **Dividend Payout Ratio**: Expected to remain stable at around 50% [43] This summary encapsulates the key insights from the conference call regarding AVIC Jonhon's growth prospects, financial performance, valuation, risks, and additional insights into the industry landscape.

Core Viewpoint - The military industry sector is experiencing a strong performance driven by multiple favorable factors, contributing to the recent upward trend in the stock market indices, particularly the Shanghai Composite Index, which closed at 3633.99 points, up 0.45% [1]. Group 1: Military Industry Performance - The military sector has shown significant strength, with various sub-sectors such as PEEK materials, liquid cooling servers, military equipment, and humanoid robots all performing well [3][5]. - The defense ETF (512670) has seen a year-to-date increase of 23.02%, leading its category, and has achieved three consecutive monthly gains [7][11]. - The overall market for defense and military indices has seen substantial growth, with the China Securities Defense Index rising by 22.95% since the beginning of the year, outperforming other similar indices [11][12]. Group 2: Investment Trends and Market Dynamics - There is a notable increase in capital expenditure (Capex) from overseas manufacturers, reinforcing the "investment-growth-reinvestment" cycle in the AI industry, which is closely linked to the military sector [6]. - The military industry is benefiting from geopolitical tensions, with global military spending projected to reach $2.7 trillion in 2024, a 9.4% increase year-on-year, which is expected to enhance China's share in the international arms trade [14]. - The military sector is entering a new order cycle, with a high degree of certainty for future demand, particularly in areas such as aviation, armaments, and drones, indicating a positive outlook for the second half of the year [17][15]. Group 3: Stock Performance and Fund Inflows - As of July 27, 42 military stocks reported a net profit of nearly 5.6 billion yuan, a year-on-year increase of over 45%, marking the highest level in five years [18]. - Institutional investors have begun to increase their allocation to military stocks after ten consecutive quarters of reduction, with military-themed funds growing significantly in the second quarter [18]. - The defense ETF (512670) has attracted a net inflow of 394 million yuan from June 23 to August 5, with a substantial increase in trading volume and fund size [27].

Core Viewpoint - The defense and military industry is showing signs of recovery, with significant investment opportunities expected in the coming years, particularly driven by new domains such as commercial aerospace and low-altitude economy [6][10]. Group 1: Industry Performance - The defense and military sector's performance began to improve from the first quarter of 2025, with various catalysts, especially order announcements, expected to continue [6][10]. - As of the end of the second quarter of 2025, there are 97 stocks in the defense and military industry heavily held by public funds, with 中航沈飞 being favored by 196 funds, and 睿创微纳 by 150 funds [9]. Group 2: Investment Opportunities - The military sector is considered a suitable investment area within the growth theme, with medium-level crowding, making it a worthy allocation [10]. - The "Big Military" initiative and new domains are expected to bring market increments and valuation space to the traditional military industry, with rapid development anticipated during the "14th Five-Year Plan" period [6][10]. Group 3: Fund Performance - Several funds focused on the defense and military sector have shown strong performance, with 长信国防军工量化混合A achieving a 52.90% return over the past year [4].

三连阳的沪指从上周的回调中反弹，指数继续向年内新高发起冲击。 多重利好驱动的军工板块，无疑是这三连涨背后的主要功臣，今天继续着强势表现。 这波军工行情，到底能走多久？ 01 涨停潮继续 板块题材方面，硬件装备细分赛道一齐开花。Peek材料、液冷服务器、军工装备、人形机器人板块走高，水电、医药板块调整。 | PEEK材料 8.87% | 中船系 4.62% | 宇树机器人 3.71% | 十大军工集团 3.56% | 航母 3.55% | | --- | --- | --- | --- | --- | | 减速器 3.43% | 章 [信息化 3.23% | 具身智能 3.06% | ■■■机 3.05% | 液冷服务器 2.99% | | 雅江水电站 -0.99% | | 坑生素 【 引き陸に 投资股大数据 | 血液制品 -1.36% | 减肥药 -1.49% | | 水利水电建设 -1.51% | 干细胞 -1.58% | CRO -1.59% | 法感 -1.63% | 天堂腿园 -3.26% | | | | | | 数据支持:勾股大数据、Wind | | 了解更多图文干货,请下载 | | | | 工格修 ...

Market Performance - Chengfei concept stock rose by 1.74%, ranking 10th in the concept sector's increase, with 34 stocks rising overall [1] - Leading gainers in the sector included Huami New Materials, Aileda, and *ST Xinyan, with increases of 12.41%, 6.81%, and 6.15% respectively [1] - The largest declines were seen in Tongda Co., Chuanhuan Technology, and Duopule, with decreases of 1.93%, 1.34%, and 1.08% respectively [1] Concept Sector Overview - The top-performing concept sectors today included: - Armament Reorganization Concept: +6.12% - PEEK Materials: +4.11% - Brain-Computer Interface: +2.72% - Copper Cable High-Speed Connection: +2.60% - Automotive Thermal Management: +1.89% - Chengfei Concept: +1.74% [2] Fund Flow Analysis - Chengfei concept saw a net outflow of 5.97 billion yuan from main funds, with 16 stocks experiencing net inflows [2] - The top net inflow stock was Shenling Environment, with a net inflow of 56.89 million yuan, followed by Xiling Power and AVIC Chengfei with 37.56 million yuan and 25.01 million yuan respectively [2][3] - The net inflow ratios for leading stocks included Shenling Environment at 13.01%, *ST Xinyan at 9.50%, and Xiling Power at 3.90% [3] Individual Stock Performance - Key stocks in the Chengfei concept included: - Shenling Environment: +1.03%, turnover rate 4.74%, net inflow 56.89 million yuan, net inflow ratio 13.01% [3] - Xiling Power: +2.75%, turnover rate 18.08%, net inflow 37.56 million yuan, net inflow ratio 3.90% [3] - AVIC Chengfei: +0.43%, turnover rate 2.14%, net inflow 25.01 million yuan, net inflow ratio 2.32% [3]

金融界消息 截至2025年8月4日收盘，中航光电（002179）报收于38.25元，上涨1.41%，换手率0.78%， 成交量16.13万手，成交金额6.13亿元。 资金流向方面，今日主力资金净流入5831.68万元，占比成交额9.51%。其中，超大单净流入528.81万 元、占成交额0.86%，大单净流入5302.87万元、占成交额8.65%，中单净流出流出2974.50万元、占成交 额4.85%，小单净流出2857.18万元、占成交额4.66%。 通过天眼查大数据分析，中航光电科技股份有限公司共对外投资了13家企业，参与招投标项目5000次， 知识产权方面有商标信息15条，专利信息4712条，此外企业还拥有行政许可498个。 中航光电最新一期业绩显示，截至2025一季报，公司营业总收入48.39亿元、同比增长20.56%，归属净 利润6.40亿元，同比减少14.78%，扣非净利润6.28亿元，同比减少14.63%，流动比率2.229、速动比率 1.861、资产负债率36.68%。 来源：金融界 天眼查商业履历信息显示，中航光电科技股份有限公司，成立于2002年，位于洛阳市，是一家以从事电 气机械和器材制造 ...

中航光电（SZ 002179，最新价：38.13元）8月1日晚间发布公告称，截至2025年7月31日，公司通过股 票回购专用证券账户以集中竞价交易方式累计回购股份数量约为191万股，约占公司目前总股本的 0.0902%，最高成交价为38.04元/股，最低成交价为37.3元/股，支付总金额约为7201万元，回购股份资 金来源为公司自有资金，回购价格未超过50.14元/股。 2024年1至12月份，中航光电的营业收入构成为：连接器行业占比98.64%，其他行业占比1.36%。 （文章来源：每日经济新闻） ...

财通证券指出，当前国防军工行业的PE-TTM（84.92）在过去十年中的分位数为77.27%，航空装备-申万II行业的PE-TTM（76.50）分位数为71.02%，估值水 平处于历史相对高位。区域冲突加剧强化各国安全诉求，全球军费开支进入上行周期，带动军贸市场持续扩容，叠加国产化替代能力提升，军贸逻辑有望驱 动板块重估。 截至2025年8月4日 10:33，中证高端装备细分50指数强势上涨1.67%，成分股航天电子涨停，江航装备上涨7.57%，中国海防上涨4.04%，七一二、北方导航 等个股跟涨。高端装备ETF(159638)上涨1.60%。 兴业研究指出，我国商业航天产业处于从导入到成长的初期阶段，产业热情高，初创企业多，但企业发展不均衡。《关于加强商业航天项目质量监督管理工 作的通知》提出的监管政策通过全寿命周期质量管理、终身追究等机制，为产业规模发展筑牢安全底线，促使企业重视质量和技术建设，进而推动我国商业 航天规范化发展。 流动性方面，高端装备ETF盘中换手1.54%，成交1892.09万元。拉长时间看，截至8月1日，高端装备ETF近1周日均成交6065.76万元。 截至8月1日，高端装备ETF近1 ...

Group 1 - The "drone swarm + robotic dog" collaborative system has been showcased, with Kesi Technology's control chip achieving millisecond-level response for hundreds of devices, and the procurement budget for a single system exceeding 50 million yuan [1] - As of August 4, 2025, the CSI Defense Index (399973) rose by 0.56%, with notable increases in constituent stocks such as Haige Communication (002465) up 3.11% and AVIC Aircraft (600038) up 2.29% [1] Group 2 - The current "14th Five-Year Plan" is nearing its conclusion, and the upcoming September 3 military parade is expected to catalyze a significant reshaping of the military industry sector, which has shown a strong upward trend recently [2] - The military industry is anticipated to enter a new phase of growth and value, moving away from previous cyclical fluctuations driven solely by events, supported by the strategic goal of building a world-class military by 2050 [2] Group 3 - The Defense ETF closely tracks the CSI Defense Index, which includes listed companies under the ten major military groups and those providing weaponry to the armed forces, reflecting the overall performance of defense industry stocks [3] - As of July 31, 2025, the top ten weighted stocks in the CSI Defense Index accounted for 43.88% of the index, with companies like AVIC Shenyang Aircraft (600760) and AVIC Engine (600893) among the leaders [3]

Core Viewpoint - The company has approved a share repurchase plan with a total fund of up to RMB 300 million, aiming to enhance shareholder value and stabilize stock prices [1]. Summary by Sections Share Repurchase Plan - The company plans to repurchase shares using its own or raised funds through the Shenzhen Stock Exchange, with a total repurchase amount not exceeding RMB 300 million and not less than RMB 150 million [1]. - The maximum repurchase price is set at RMB 50.94 per share, with the implementation period not exceeding 12 months from the board's approval date [1]. Adjustments to Repurchase Price - Due to the implementation of the 2024 annual equity distribution, the maximum repurchase price has been adjusted to RMB 50.14 per share [2]. - The company has disclosed the repurchase progress, reporting the repurchase of 1,911,370 shares, accounting for approximately 0.0902% of the total share capital, with a total payment of approximately RMB 72 million [2]. Compliance and Regulations - The share repurchase complies with relevant laws, regulations, and the company's repurchase plan requirements [3]. - The company has adhered to the stipulations of the repurchase guidelines, ensuring that repurchases do not occur during sensitive periods or at prices that exceed daily trading limits [4][5]. Future Plans - The company intends to continue the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by law [5].