东方证券：维持中航重机“买入”评级，予目标价20.8元

Core Viewpoint - 中航重机's H1 2025 net profit attributable to shareholders was 492 million yuan, a decrease of 32.59%, while Q2 2025 net profit was 294 million yuan, down 27.50% due to product delivery progress and structural adjustments [1] Group 1: Financial Performance - H1 2025 net profit attributable to shareholders was 492 million yuan, reflecting a decline of 32.59% [1] - Q2 2025 net profit attributable to shareholders was 294 million yuan, showing a decrease of 27.50% [1] Group 2: Business Development - The company experienced a decline in performance due to product delivery progress and structural adjustments, but commercial aviation, non-aviation civil products, and "big national defense" businesses maintained stable growth [1] - The company focused on both existing and new markets, expanding domestic and international user bases, and developed 4,002 new products, a year-on-year increase of 10.07% [1] - New signed orders increased by 9.39% year-on-year, indicating diversified business development [1] Group 3: Future Outlook - The company is expected to see a recovery in performance as defense product deliveries accelerate and large forging equipment capacity gradually releases [1] - The "research institute + enterprise" operational model continues to strengthen, enhancing the core competitiveness in technological innovation [1] - As a leader in aviation forging, the company is entering a new phase of military-civilian collaborative development [1] Group 4: Valuation - Based on comparable companies, a target price of 20.80 yuan is set, maintaining a "buy" rating with a reference PE of 32 times for 2025 [1]