AVIC SAC(SH:600760) Shanxi Securities·2025-08-26 09:46Investment Rating - The report maintains a "Buy-A" rating for AVIC Shenyang Aircraft Corporation (600760.SH) [1][6] Core Views - The company experienced a significant increase in contract liabilities, up 113.47% from the beginning of the year, despite a 32.35% year-on-year decrease in revenue for the first half of 2025 [4][5] - The company is expected to benefit from strong demand for its J-16 series and the new J-35 stealth fighter, as well as the J-15 series, which will continue to serve as the main carrier-based aircraft [5][6] Financial Performance - For the first half of 2025, the company reported revenue of 146.28 billion yuan, a decrease of 32.35% year-on-year, and a net profit attributable to shareholders of 11.36 billion yuan, down 29.78% year-on-year [2][4] - Total liabilities reached 445.60 billion yuan, an increase of 44.60% year-on-year, while cash and cash equivalents rose to 153.53 billion yuan, up 84.72% year-on-year [2][4] - Accounts receivable and inventory also saw significant increases, with accounts receivable at 186.07 billion yuan (up 31.99%) and inventory at 115.15 billion yuan (up 59.46%) [2][4] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.44 yuan, 1.65 yuan, and 1.84 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 44.5, 38.9, and 34.8 [6][11]