AVICOPTER(SH:600038) Xin Lang Cai Jing·2025-09-01 04:48Financial Performance - In the first half of 2025, the company achieved operating revenue of 10.241 billion (up 25.28% year-on-year, completing 33.86% of the annual budget) and a net profit attributable to shareholders of 282 million (down 5.12% year-on-year, completing 46.69% of the annual budget) [1] - For Q2, the company reported revenue of 7.865 billion (up 63.80% year-on-year) and a net profit of 80.32 million (down 51.99% year-on-year) [1] - The overall gross margin decreased by 6.82 percentage points to 6.28% [1] Segment Performance - The Harbin division had total assets of 29.967 billion, generating revenue of 8.093 billion and a net profit of 339 million, with a net profit margin of 4.19% [1] - The Jingdezhen division had total assets of 18.701 billion, generating revenue of 2.072 billion and a net loss of 41.47 million, with a net profit margin of -2.00% [1] Expense Management - Selling expenses for the first half were 52 million (up 4.47% year-on-year), management expenses were 465 million (up 2.63% year-on-year), and financial expenses were -38.53 million (compared to -16.46 million in the same period last year) [1] - R&D expenses were 155 million (down 12.64% year-on-year) [1] - The overall expense ratio decreased by 2.02 percentage points to 4.67% [1] 2025 Financial Forecast - The company expects to achieve revenue of 30.249 billion (up 1.63% year-on-year) and a net profit of 604 million (up 8.66% year-on-year) in 2025, with a projected net profit margin of around 2% [2] Capital Raising and Project Development - The company plans to raise 2.968 billion through a private placement to enhance competitiveness in core business areas, focusing on new helicopter development, drone R&D, and aviation maintenance [2] - As of mid-2025, the progress of cumulative investment reached 12.33%, with the Harbin production capacity enhancement project progressing the fastest at 84% [2] Industry Development - The company is enhancing its low-altitude economy layout by advancing eVTOL R&D and applications [3] - Collaborations with universities and research institutions are established to tackle key technologies in the development of electric vertical takeoff and landing aircraft [3] - The company has received new orders for 3 AC311A helicopters and is progressing with the AC332 system testing to support diverse applications in emergency rescue and high-altitude services [3] Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 612 million, 723 million, and 850 million respectively, with corresponding valuations of 54, 46, and 39 times [3]