AVICOPTER(SH:600038) Xin Lang Cai Jing·2025-10-30 12:47Core Viewpoint - The company, Zhongzhihang, is a leading player in the domestic helicopter manufacturing industry, focusing on the development, design, production, and sales of aviation products and components, with significant growth in revenue and contracts indicating strong market demand [1][6]. Group 1: Business Performance - As of Q3 2025, Zhongzhihang reported a revenue of 15.047 billion, ranking 5th in the industry, surpassing the industry average of 3.456 billion and the median of 1.171 billion [2]. - The main business revenue from aviation products reached 10.18 billion, accounting for 99.41% of total revenue, while advanced manufacturing and other segments contributed minimally [2]. - The net profit for the same period was 326 million, ranking 12th in the industry, above the average of 224 million and the median of 89.7 million [2]. Group 2: Financial Ratios - The company's debt-to-asset ratio stood at 67.23% in Q3 2025, a decrease from 69.08% year-on-year, but still above the industry average of 39.42% [3]. - The gross profit margin was reported at 7.75%, down from 8.60% year-on-year, and significantly lower than the industry average of 30.54% [3]. Group 3: Corporate Governance - The chairman, Yan Lingxi, has a background in various leadership roles within the aviation industry, while the general manager, Xu Bin, received a salary of 351,600 for 2024 [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.43% to 58,800, with an average holding of 11,400 shares, a decrease of 0.43% [5]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in shareholdings among the top ten shareholders [5]. Group 5: Future Outlook - According to招商证券, the projected net profits for 2025, 2026, and 2027 are 612 million, 723 million, and 850 million respectively, with corresponding valuations of 49, 41, and 35 times [6]. - The company is experiencing a significant increase in contract liabilities, up 32.77% year-on-year, indicating strong demand and ongoing investment in production capacity [6].