Core Viewpoint - UBS reported that AVIC Aircraft (02357) experienced a year-on-year revenue increase of 11.4% 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] Financial Performance - Revenue for AVIC Aircraft increased by 11.4% to 37.5 billion RMB [1] - Net profit decreased by 18% to 1.03 billion RMB, falling short of expectations [1] Target Price and Earnings Forecast - UBS lowered the target price for AVIC Aircraft from 5.7 HKD to 5 HKD while maintaining a "Buy" rating [1] - Earnings per share forecasts for 2025 to 2027 were reduced by 35%, 37%, and 35% respectively, to 0.28 RMB, 0.32 RMB, and 0.38 RMB [1] Industry Outlook - UBS believes that the push from the domestic government for low-altitude economy will significantly advance civil helicopters and general-purpose airport construction [1] - Key subsidiaries such as Hongdu Aviation (600316.SH), AVIC Helicopter (600038.SH), and the China Aviation Planning and Design Institute are expected to provide strong support for AVIC Aircraft's profit growth [1]
瑞银：降中航科工(02357)目标价至5港元 维持“买入”评级