宗申动力航空动力板块战略调整谋新局 今年前三季净利预增70%—100%

Core Viewpoint - Zongshen Power is strategically adjusting its aviation power segment while consolidating its traditional business advantages, aiming to explore new development paths in the context of the accelerating low-altitude economy [1][5][8] Group 1: Termination of IPO Guidance - The termination of the IPO guidance for Zongshen Aviation Engine is a proactive adjustment based on strategic development needs and changes in the capital market environment, rather than a passive abandonment [2][3] - Zongshen Aviation Engine's shift from "advancing listing" to "terminating guidance" reflects a rebalancing of strategic paths amid complex macroeconomic conditions [2][3] Group 2: New Business Platform - The establishment of Chongqing Chenyu Technology Co., Ltd. by Zongshen Power is seen as a new platform tailored for the aviation power segment, potentially responsible for resource integration, business separation, and technology research and development [4][5] - The core management team of Chenyu Technology overlaps significantly with that of Zongshen Aviation Engine, indicating a strategic alignment [4] Group 3: Low-Altitude Economy Development - Zongshen Power's strategic adjustment aligns with the rapid development of the low-altitude economy in Chongqing, supported by government policies and major projects [5][6] - Chongqing's low-altitude flight activities have seen significant growth, with flight hours increasing by 109% year-on-year in the first half of 2025 [6] Group 4: Financial Performance - Zongshen Power expects a net profit of between 665 million to 782 million yuan for the first three quarters of 2025, representing a year-on-year increase of 70% to 100% [7] - The growth is driven by the expansion of its general machinery and motorcycle engine businesses, alongside increased investment income from joint ventures [7][8] Group 5: Dual-Driven Growth Strategy - The company is forming a dual-driven growth pattern of stable growth in traditional businesses and strategic breakthroughs in aviation power, supported by cash flow from its core operations [8] - The termination of the IPO does not diminish the long-term growth potential of the aviation power segment, which is bolstered by the new platform and favorable policies in the low-altitude economy [8]