AECC AP(SH:600893) Soochow Securities·2025-08-29 09:47Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has made significant breakthroughs in both technology and market, enhancing its core competitiveness. The AES100 civil turboshaft engine has received production licenses from the Civil Aviation Administration, and the AEP100 engine has completed two deliveries, positioning the company to seize opportunities in low-altitude logistics [3] - The company reported a substantial decline in revenue and net profit for the first half of 2025, with total revenue of 14.098 billion yuan, down 23.99% year-on-year, and a net profit of 91.78 million yuan, down 84.57% year-on-year. This decline is attributed to changes in customer demand and delays in product deliveries [9] - The company has increased its patent portfolio, with 271 new invention patents and 120 authorized patents during the reporting period, further deepening its technological moat [3] Financial Summary - For the first half of 2025, the company achieved total revenue of 14.098 billion yuan, a decrease of 23.99% year-on-year, and a net profit of 91.78 million yuan, a decline of 84.57% year-on-year [9] - The company's gross profit margin decreased to 10.96%, while the expense ratio increased to 13.9%, primarily due to rising financial expenses from increased interest-bearing liabilities [9] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 626 million yuan, 904 million yuan, and 943 million yuan respectively, with corresponding P/E ratios of 169, 117, and 112 [10]