Core Viewpoint - UBS reported that AVIC's revenue for the first half of the year increased by 11.4% year-on-year to 37.5 billion yuan, while net profit fell by 18% to 1.03 billion yuan, which was below both UBS and market expectations [1] Financial Performance - AVIC's revenue for the first half of the year was 37.5 billion yuan, reflecting an increase of 11.4% year-on-year [1] - The company's net profit decreased by 18% to 1.03 billion yuan, falling short of expectations [1] Earnings Forecast - UBS has lowered its earnings per share (EPS) estimates for AVIC for the years 2025 to 2027 by 35%, 37%, and 35% respectively, resulting in revised EPS of 0.28 yuan, 0.32 yuan, and 0.38 yuan [1] Target Price Adjustment - UBS has reduced its target price for AVIC from 5.7 HKD to 5 HKD while maintaining a "Buy" rating [1] Growth Drivers - The report suggests that the push from the Chinese government for low-altitude economy initiatives could significantly advance the civil helicopter and general-purpose airport construction sectors, which may provide strong support for AVIC's profit growth through its key subsidiaries [1]
大行评级｜瑞银：下调中航科工目标价至5港元 下调2025至27年每股盈测