Avic Hi-Tech(SH:600862) 光大证券研究·2025-08-30 00:03Core Viewpoint - The company demonstrated steady growth in revenue and profit in the first half of 2025, driven by increased deliveries of key products and improved operational efficiency [4][5]. Financial Performance - In 25H1, the company achieved operating revenue of 2.747 billion yuan, a year-on-year increase of 7.87% - The total profit reached 726 million yuan, up 3.06% year-on-year - The net profit attributable to shareholders was 605 million yuan, reflecting a modest increase of 0.24% - The revenue and total profit completed 47.37% and 53.27% of the annual operational targets, respectively [4]. Business Segment Analysis - The aerospace new materials segment generated revenue of 271.73 million yuan, a growth of 7.89%, primarily due to increased deliveries of prepreg products - The net profit attributable to shareholders in this segment was 64.38 million yuan, up 1.75%, driven by the growth in aerospace composite material deliveries - The aerospace advanced manufacturing technology segment reported revenue of 28.85 million yuan, a significant increase of 83.37%, mainly due to higher income from aerospace components and specialized equipment - This segment reduced its net loss to 681.31 thousand yuan, an improvement of 483.30 thousand yuan year-on-year, attributed to reduced redundancy and lower labor costs [5]. Margin and Cash Flow - The company's gross margin slightly improved to 37.79%, an increase of 0.54 percentage points, mainly due to changes in product delivery structure - Cash flow from operating activities showed a significant increase, with a net inflow of 894 million yuan, up 160.85%, primarily due to the maturity of receivables from the previous year - The company anticipates a noticeable improvement in cash collection rhythm in the second half of the year [6]. Future Growth Potential - The company is actively expanding its presence in the civil aviation and low-altitude sectors, with subsidiaries focusing on the rapid incubation and transformation of advanced civil resins and prepreg technologies - Achievements include obtaining CAAC-PMA and STC certifications for carbon brake discs for Boeing 747-400/400F and ARJ21-700 aircraft, with ongoing certification efforts for another aircraft model - The company is also advancing its capabilities in commercial engine components and general aviation equipment, which will provide strong capacity support for the ongoing expansion in civil aviation and low-altitude economic sectors [7][8].