AVICHM(SH:600765) Changjiang Securities·2025-09-05 10:44Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company reported a revenue of 5.751 billion yuan in the first half of 2025, a year-on-year decrease of 4.51%, and a net profit attributable to shareholders of 492 million yuan, down 32.59% year-on-year [2][6] - In Q2 2025, the company achieved a revenue of 3.444 billion yuan, representing a year-on-year increase of 11.2% and a quarter-on-quarter increase of 49.34% [2][6] - The company is actively expanding its "Big National Defense" business and has a solid order backlog, with new product development increasing by 10.07% year-on-year [12] Financial Performance Summary - For H1 2025, the company achieved a gross profit margin of 29.27%, a decrease of 1.38 percentage points year-on-year, and a net profit margin of 10.42%, down 3.5 percentage points year-on-year [12] - The company’s total revenue for 2025 is projected to reach 11.5 billion yuan, with a profit target of 1.3 billion yuan [12] - The company’s inventory balance at the end of H1 2025 was 5.454 billion yuan, an increase of 9.57% from the beginning of the period [12] Business Development and Market Position - The company has signed new orders worth 78.28 million yuan in the shipbuilding sector and has developed overseas clients, including a partnership with Italy's Iveco [12] - The company is focusing on expanding its domestic and international user base while developing new products [12]