2025 年 08 月 28 日 中航成飞（302132.SZ） 买入（维持评级） 公司点评 证券研究报告 产品交付节奏修复，25H2 有望提速 业绩简评 公司发布 2025 半年报：25H1 实现营收 207.02 亿（-38.99%），实 现归母净利润 9.13 亿（-68.33%），实现扣非净利润 8.55 亿 （+1180.03%）；25Q2 单季实现营收 173.93 亿，同比+5.9%，环比 +426%；实现归母净利润 7.56 亿，同比-45.6%，环比+383%；实现 扣非净利润 7.25 亿，同比+1314%，环比+462%。 经营分析 25Q2 公司营收稳健增长，产品交付节奏修复：1）公司 25Q2 营收 173.93 亿，同比+5.9%，环比+426%，或系产品交付节奏修复所致。 2）公司 25Q2 归母净利润 7.56 亿，同比-45.6%，环比+383%，归 母净利润同比下滑；25Q2 毛利率 8.49%，同比-4.25pct，环比 -2.56pct；归母净利率 4.35%，同比-4.12pct，环比-0.38pct，或 系半年度维度产品交付结构变化，核心规模化批产产品占比较少 所致 ...

业绩简评 2025 年 8 月 27 日公司发布了半年报，公司 2025 年上半年实现营 业收入 111 亿元，同比增长 13%；归母净利润 36 亿元，同比增长 63%。2025 年 2 季度单季度实现营业收入 57 亿元，同比增长 6%， 环比增长 4%；归母净利润 17 亿元，同比增长 29%，环比下滑 8%。 经营分析 营养品和香料板块收入和盈利共同向好，推动业绩高速增长。从 公司 2025 年上半年的收入结构来看，营养品板块收入为 72 亿元， 同比增长 8%，毛利率为 48%，同比提高 12pct；香精香料收入 21 亿元，同比增长 9%，毛利率为 54%，同比提高 4pct，其中营养品 板块盈利提升显著。销售端抢抓营养品、新材料、香料等主要领域 市场机遇，在巩固原有产品市场优势的同时，积极推动 HA 系列、 色氨酸等新产品的市场拓展；生产聚焦降本增效，不断优化产能负 荷，通过共线生产、集中开停、高产低耗等保持产线高效运行。 项目建设有序开展，出海进程稳步推进。新项目方面公司大部分 项目稳步推进，进度整体稳定可控。与中石化镇海炼化合资合作的 18 万吨/年液体蛋氨酸（折纯）项目投入试生产运营；天津 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][11] Core Views - The company is expected to achieve revenue of 4.96 billion, 6.09 billion, and 7.23 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 0.28 billion, 0.47 billion, and 0.64 billion RMB [3][8] - The current price corresponds to a PE valuation of approximately 190.2, 116.0, and 85.0 times for the years 2025, 2026, and 2027 respectively [3][8] Revenue and Profit Forecast - The company's revenue for 2023 is projected at 4.10 billion RMB, with a growth rate of -6.76% compared to the previous year [8] - The net profit for 2023 is estimated at 0.10 billion RMB, with a significant increase of 321.88% expected in 2024 [8] - The diluted earnings per share are forecasted to be 0.068 RMB in 2023, increasing to 0.276 RMB by 2027 [8] Financial Performance - In the first half of 2025, the company reported a revenue of 1.18 billion RMB, a year-over-year decrease of 18.41% [9] - The gross margin for the first half of 2025 was 47.4%, reflecting a slight decline of 1.57 percentage points year-over-year [9] - The company’s expenses in R&D, sales, and management have increased, indicating a focus on expanding its sales network in the smart education sector [9] Business Segments - The smart education segment saw a revenue decline of 28.13% in the first half of 2025, while the smart examination segment grew by 32.06% [9] - The smart rail segment experienced a robust growth of 71.03% in the same period, indicating strong demand in that area [9] Valuation Metrics - The report provides a detailed breakdown of the company's valuation metrics, including a projected P/E ratio of 190.23 for 2025, which reflects the company's growth expectations [8][10] - The return on equity (ROE) is expected to improve from 0.68% in 2023 to 2.75% by 2027, indicating better profitability over time [8][10]

2025 年 8 月 27 日，公司披露 25 年半年报，期内实现营收 10.7 亿 元，同比-19.5%；归母净利 1.6 亿元，同比-17.8%。其中，25Q2 实 现营收 2.7 亿元，同比-44.9%；归母净利 0.18 亿元，同比-52.7%。 25Q2 业绩表现承压，内部结构中直销&线上仍录得快速增长，传统 批发渠道受景气冲击明显。具体拆分：1）分产品档次来看，25H1 高档/中档/低档分别实现营收 8.0/2.0/0.7 亿元，同比-8.0%/- 42.3%/-36.0%；25Q2 分别实现营收 1.8/0.6/0.31 亿元，同比- 39.8%/-57.5%/-29.6%。 2）分渠道来看，25H1 直销/线上销售/批发代理分别实现营收 3.0/0.7/6.9 亿元，同比分别+59.7%/+5.8%/-34.7%；25Q2 分别实 现营收 1.0/0.3/1.4 亿元，同比分别+43.5%/+15.0%/-63.8%。期 内公司推出"直营+合伙人+推荐官"新模式，带动直销收入大幅增 长；压力主要集中于传统经销渠道，预计各价位老包销商在景气冲 击下主要以去库为主、回款趋谨。 3）分区域来看，25 ...

业绩简评 8 月 27 日公司披露 2025 年半年报，上半年实现营收 57.0 亿 元，同比+61%；实现归母净利润 0.52 亿元，同比-71%。其中 Q2 实 现营收 31.1 亿元，同比+51%、环比+20%；实现归母净利润 0.25 亿 元，同比-77%、环比-8%。业绩处于预告范围内，符合预期。 经营分析 边框加工费下降盈利承压，差异化越南产能贡献超额盈利。 上半年边框产品实现收入 49.15 亿元，同比显著增长，主要源自 边框产销量增长。上半年光伏行业供需矛盾凸显，铝边框行业竞争 加剧、加工费下滑，公司边框业务毛利率下降至 4.74%。Q2 公司越 南产能基地快速释放，聚焦美国、印度等潜力地区市场，海外边框 实际供给较少的背景下，越南差异化产能获得了较高的加工费与 利润率，Q2 公司销售毛利率 4.51%，环比提升 0.57 PCT。 边框产能扩张稳步推进，积极推进业务延伸。上半年公司积 极推进边框产能扩张及业务延伸，光伏边框产能方面，公司包头基 地年产 100GW 光伏铝边框及 60 万吨铝合金新材料熔铸项目已于 2025 年 4 月完成奠基，为后续持续提升产品市占率、巩固行业地 位奠定了坚实 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][11]. Core Insights - The company reported a revenue of 1.01 billion RMB in the first half of 2025, a year-on-year decrease of 32%, with a net profit attributable to shareholders of 85 million RMB, down 69% year-on-year [2]. - The company's diamond wire product sales volume was 52.88 million kilometers, a decline of 26.83%, primarily due to the increasing penetration of tungsten wire diamond products, leading to a decrease in industry demand [3]. - The company has a strong competitive position in the diamond wire industry, maintaining a leading market share despite the challenges posed by intensified competition and declining product prices [3]. - The company is investing 230 million RMB to establish a new project with a monthly production capacity of 6 million kilometers of tungsten wire, which is expected to enhance product competitiveness and risk resilience [4]. - The financial position of the company is robust, with cash and financial assets increasing by nearly 3 billion RMB, and a low debt-to-asset ratio of 13.6%, ensuring the company can navigate through industry cycles [4]. Summary by Sections Financial Performance - In Q2, the company achieved a revenue of 580 million RMB, a year-on-year decrease of 7% but a quarter-on-quarter increase of 38%, with a net profit of 580 million RMB, down 28% year-on-year but up 120% quarter-on-quarter [2]. - The company's revenue from the diamond wire business was 853 million RMB, a decline of 39.7%, with a gross margin of 10.37%, down 18.15 percentage points [3]. Market Position and Strategy - The company is focusing on the development of raw materials and has made significant progress in core materials such as yellow wire and tungsten wire, which is expected to stabilize raw material supply and reduce production costs [4]. - The acceptance and demand for tungsten wire diamond products are increasing in the downstream market, which is anticipated to positively impact the company's profitability [4]. Profitability Forecast - The net profit forecasts for 2025-2027 have been adjusted to 210 million RMB, 310 million RMB, and 430 million RMB respectively, reflecting the company's strong financial health and competitive advantages in the diamond wire market [5].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% within the next 6-12 months [3][11]. Core Views - The company is expected to benefit first as the industry stabilizes, with future performance projected to return to a growth trajectory [3]. - The company has a strong market position, ranking second in contract sales within the industry, and maintains a significant market share in key cities [2][3]. Financial Performance - For the first half of 2025, the company reported revenue of 832.2 billion CNY, a year-on-year decrease of 4.5%, and a net profit attributable to shareholders of 86.0 billion CNY, down 16.6% year-on-year [1]. - The gross profit margin for the first half of 2025 was 17.4%, a decline of 4.7 percentage points compared to the previous year, yet still above industry averages [1]. - The company achieved a contract sales amount of 1201.5 billion CNY in the first half of 2025, representing a 19% decrease year-on-year [1]. Market Position and Strategy - The company focuses on high-energy cities, with 86% of its land acquisitions in first-tier and strong second-tier cities [2]. - As of the end of July 2025, the company had acquired 22 plots of land with a total investment of 550.1 billion CNY, leading the industry in investment scale [2]. Financial Health - The company's financial structure is described as safe and robust, with key financial metrics indicating a healthy balance sheet. The asset-liability ratio, excluding advance receipts, stands at 45.7%, and the net debt ratio is 28.4% [2]. - The average financing cost for the first half of 2025 was 2.9%, which is the lowest in the industry, having decreased by 20 basis points from the end of 2024 [2]. Profit Forecast and Valuation - The projected net profit for the company from 2025 to 2027 is 133.9 billion CNY, 146.2 billion CNY, and 154.7 billion CNY, with year-on-year growth rates of -14.4%, +9.2%, and +5.8% respectively [3]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 10.4x for 2025, 9.5x for 2026, and 9.0x for 2027 [3].

业绩简评 2025 年 8 月 27 日早晨，公司发布 2024 中期业绩：实现营收 85.2 亿元，同比+6.5%；归母净利润 20.3 亿元，同比+7.4%；核心净利 润 20.1 亿元，同比+15.0%。 经营分析 毛利率水平持续提升，两费费率下降，提质增效带动业绩高质量 增长。2024 年①收入同比+6.5%，其中商业航道同比+14.6%，物业 航道同比+1.1%。②毛利率：综合 37.1%，同比+3.1pct，其中商业 航道 66.1%，同比+5.2pct；物业航道 18.8%，同比-0.1pct。③两 费费率 6.3%，同比-0.6pct。 提升中期派息率并宣派特别股息，首次实现中期核心净利润 100% 分派。1H25 公司中期每股股息 0.529 元，同比+89.6%；同时宣派 特别股息每股 0.352 元。公司以股东价值最大化为导向，首次在 中期实现 100%核心净利润分派。 盈利预测、估值与评级 考虑到公司在商业航道持续领跑市场，构筑广阔壁垒，近年来购 物中心开业持续放量；在物业航道实现有质量的规模增长。我们 预计公司2025-2027年归母净利润分别为41.0亿元、45.0元、48.9 亿 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6]. Core Insights - The company reported a revenue of 880 million yuan for the first half of 2025, a year-on-year increase of 10.0%, with a net profit of 130 million yuan, up 0.4% year-on-year [2]. - The company is investing approximately 800 million yuan in a new robot intelligent control system production project, with a construction period of 24 months [2]. - The company is experiencing steady growth in its core business and has made significant progress in its internationalization strategy, particularly in the PLC and drive systems segments [3]. Summary by Sections Performance Review - In Q2 2025, the company achieved a revenue of 490 million yuan, a 6.9% year-on-year increase, with a net profit of 80 million yuan, down 1.3% year-on-year [2]. - The gross margin for Q2 was 38.4%, an increase of 0.3 percentage points year-on-year [2]. Business Operations - The PLC segment generated 310 million yuan in revenue for H1 2025, a 0.5% increase year-on-year, maintaining a leading market share in domestic small PLCs [3]. - The drive systems segment saw a revenue increase of 19% year-on-year, with stepper motors and variable frequency drive products achieving a 50% revenue growth [3]. - The company is focusing on large clients and expanding its international presence, with overseas orders increasing by nearly 50% year-on-year in H1 [3]. Emerging Industry Expansion - The company is accelerating its investment in humanoid robots, achieving small-scale sales of key components and collaborating with major robotics firms [4]. - The partnership with Huawei Cloud aims to develop advanced collaborative robots, indicating a strong potential for commercialization in the robotics sector [4]. Financial Projections - The company is expected to achieve net profits of 270 million yuan, 340 million yuan, and 400 million yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 19%, 25%, and 19% [6]. - The current price corresponds to a P/E ratio of 34, 27, and 23 for the years 2025, 2026, and 2027 [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Viewpoints - The company reported a revenue of 1.798 billion yuan for the first half of 2025, representing an 8.80% year-on-year growth, and a net profit of 516 million yuan, which is a 17.19% increase year-on-year [1]. - The blood products business continues to grow steadily, with a revenue of 1.738 billion yuan, up 7.49% year-on-year, and a net profit of 501.89 million yuan, up 18.51% year-on-year [2]. - The company is actively enhancing its plasma collection capabilities, achieving a total plasma collection of 803.66 tons in the first half of 2025, a 5.23% increase compared to the same period last year [2]. - Revenue from similar drugs is on the rise, with the company's affiliate, Hualan Gene, generating sales of 59 million yuan from Bevacizumab [3]. - The company is advancing its innovative drug development, with several products in various stages of clinical trials [3]. Summary by Sections Performance Review - In the first half of 2025, the company achieved an operating income of 1.798 billion yuan, a year-on-year increase of 8.80%, and a net profit attributable to shareholders of 516 million yuan, up 17.19% year-on-year [1]. Operational Analysis - The blood products segment generated 1.738 billion yuan in revenue, a 7.49% increase year-on-year, with a net profit of 501.89 million yuan, reflecting an 18.51% growth [2]. - The company has successfully established a new plasma collection station in Fengdu County, Chongqing, contributing to a total plasma collection of 803.66 tons, a 5.23% increase year-on-year [2]. Profit Forecast, Valuation, and Rating - The report forecasts the company's net profit for 2025-2027 to be 1.25 billion yuan (+15%), 1.41 billion yuan (+13%), and 1.59 billion yuan (+13%) respectively, with corresponding EPS of 0.68, 0.77, and 0.87 yuan [4].