中航机载（600372）：营收业绩稳定增长，产品结构持续优化

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved a revenue of 24.21 billion (up 1.39% year-on-year) and a net profit attributable to shareholders of 1.07 billion (up 2.56% year-on-year) for the year 2025. In Q4 2025, the revenue was 7.44 billion (up 1.71% year-on-year, up 32.98% quarter-on-quarter), with a net profit of 78 million (up 147.9% year-on-year, down 77.67% quarter-on-quarter) [5][11]. - The revenue structure is continuously optimizing, with non-aerospace product revenue accounting for 13.17% of total revenue, an increase of 3.31 percentage points compared to 2024. The gross margin for the automotive manufacturing sector reached 25.81%, up 5.16 percentage points from 2024 [5][11]. - The company is positioned as a leading domestic airborne flagship platform enterprise, with expectations for steady performance improvement due to its diversified industry layout [11]. Summary by Sections Financial Performance - In Q4 2025, the company reported a sales gross margin of 30.42%, a decrease of 2.26 percentage points year-on-year. The period expense ratio was 28.06%, down 2.77 percentage points year-on-year, while the net profit margin increased by 4.18 percentage points year-on-year to 2.43% [5][11]. - The company generated foreign revenue of 1.38 billion, accounting for 5.71% of total revenue, an increase of 1.92 percentage points year-on-year, with a gross margin of 26.69%, up 5.82 percentage points year-on-year [5][11]. Industry Outlook - The company is expanding into various sectors, including civil aviation equipment, automotive, engineering vehicles, and international military trade, which is expected to significantly enhance future revenue potential [11]. - The transition of military aircraft from early mechanization to information and intelligence is anticipated to increase the value proportion of airborne systems in aircraft [11]. - The domestic large aircraft C919 has achieved a breakthrough and is in a rapid ramp-up phase, with airborne equipment expected to account for approximately 25-30% of its value [11]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders is 1.24 billion, 1.50 billion, and 1.83 billion for 2026, 2027, and 2028, respectively, with year-on-year growth rates of 16.25%, 21.00%, and 21.68%. The corresponding price-to-earnings ratios are projected to be 50.54, 41.77, and 34.33 [11].