中航西飞（000768）：营收净利稳步增长，持续受益下游景气度

Investment Rating - The report maintains an "Accumulate-A" rating for the company [7] Core Views - The company has shown steady growth in revenue and net profit, benefiting from the favorable conditions in the downstream market [5][6] - The company is expected to continue benefiting from the high demand in the domestic and international civil aviation sectors, with significant advantages in core technologies for integrated manufacturing of aircraft components [6] Financial Performance - For the first three quarters of 2025, the company reported a revenue of 302.44 billion yuan, a year-on-year increase of 4.94%, and a net profit attributable to shareholders of 9.92 billion yuan, up 5.15% year-on-year [5] - In Q3 2025, the company achieved a revenue of 108.28 billion yuan, representing a year-on-year growth of 27.51%, and a net profit of 3.03 billion yuan, up 5.89% year-on-year [6] - The company's operating cash flow improved significantly, with a net cash flow from operating activities increasing by 40.04% year-on-year [6] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.42, 0.48, and 0.57 yuan respectively, with corresponding P/E ratios of 60.9, 52.9, and 44.9 [7][9]