AVIC SAC(SH:600760) Shanxi Securities·2025-11-03 10:40Investment Rating - The report maintains a "Buy-A" rating for AVIC Shenyang Aircraft Corporation (600760.SH) [1][7] Core Views - The company has shown recovery in revenue and net profit in Q3 2025, with a significant year-on-year increase in sales and profitability [5][6] - The company is actively advancing its long-term capability construction, benefiting from high demand for its products, particularly the J-35 stealth fighter and J-15 series aircraft [6][7] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 206.07 billion yuan, a year-on-year decrease of 18.54%, and a net profit attributable to shareholders of 13.62 billion yuan, down 25.10% [4] - In Q3 2025, the company achieved revenue of 59.78 billion yuan, a year-on-year increase of 62.77%, and a net profit of 2.25 billion yuan, up 12.89% [5] - The company's total liabilities reached 399.33 billion yuan, an increase of 11.64% year-on-year, while cash and cash equivalents grew by 8.59% to 97.09 billion yuan [4] Future Earnings Estimates - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.44, 1.65, and 1.84 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 42.6, 37.3, and 33.3 [7][9]