Group 1 - UBS reported that AVIC Aircraft (02357) achieved a revenue increase of 11.4% year-on-year to 37.5 billion RMB in the first half of the year, while net profit fell by 18% to 1.03 billion RMB, which was below both UBS and market expectations [1] - UBS lowered the target price for AVIC Aircraft from 5.7 HKD to 5 HKD, maintaining a "Buy" rating [1] - The firm revised down its earnings per share estimates for AVIC Aircraft for the years 2025 to 2027 by 35%, 37%, and 35% respectively, to 0.28 RMB, 0.32 RMB, and 0.38 RMB, primarily reflecting the disappointing revenue and gross profit in the first half [1] Group 2 - UBS believes that the strong push from the domestic government for the low-altitude economy will significantly advance civil helicopters and general-purpose airport construction, which may provide strong support for AVIC Aircraft's profit growth [1] - Key subsidiaries such as Hongdu Aviation (600316), AVIC General Aviation (600038), and the China Aviation Planning and Design Institute are expected to contribute positively to AVIC Aircraft's profitability [1]
瑞银：降中航科工目标价至5港元 维持“买入”评级