AVICHM(SH:600765) Xin Lang Cai Jing·2025-10-30 14:23Core Viewpoint - 中航重机 is a leading enterprise in China's aviation forging sector, with a strong technical barrier and full industry chain advantages, focusing on forging, high-end hydraulic integration, and new energy [1] Group 1: Business Performance - In Q3 2025, 中航重机 reported revenue of 7.776 billion, ranking 6th in the industry, above the industry average of 3.456 billion and median of 1.171 billion [2] - The main business segments include forging with 4.774 billion (83.02%), hydraulic control with 982 million (17.08%), and others with 33.72 million (0.59%) [2] - Net profit for Q3 2025 was 710 million, also ranking 6th in the industry, exceeding the industry average of 224 million and median of 89.704 million [2] Group 2: Financial Ratios - As of Q3 2025, 中航重机's asset-liability ratio was 49.05%, down from 51.61% year-on-year but still above the industry average of 39.42% [3] - The gross profit margin for Q3 2025 was 28.32%, a decrease from 31.48% year-on-year and below the industry average of 30.54% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.02% to 98,200, while the average number of circulating A-shares held per household increased by 13.19% to 15,900 [5] - Major shareholders include 富国中证军工龙头ETF and 国投瑞银国家安全混合A, with significant increases in holdings [5] Group 4: Management Compensation - The chairman, 冉兴, received a salary of 893,900, an increase of 95,600 from the previous year [4] - The general manager, 胡灵红, received a salary of 887,500, an increase of 93,200 from the previous year [4] Group 5: Future Outlook - 天风证券 noted that 中航重机's revenue and net profit were under short-term pressure in H1 2025, but showed significant improvement in Q2 [5] - The company is expected to see a substantial increase in related procurement in 2025, potentially leading to a recovery in annual revenue performance [5] - Long-term growth is supported by new orders and breakthroughs in various markets, including the shipbuilding sector [6]