| 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.05 | | 摊薄每股收益(元)： | | | 0.05 | | 每股净资产(元)： | | | 4.28 | | 净资产收益率(%)： | | | 1.27 | 仪器仪表Ⅲ 咸亨国际（605056.SH） 增持-A(维持) 2025 年 5 月 22 日 公司研究/公司快报 | 市场数据：2025 | 年 | 月 | 日 | 5 | 21 | 收盘价（元）： | 14.26 | | --- | --- | --- | --- | --- | --- | --- | --- | | 年内最高/最低（元）： | 15.49/9.12 | | | | | | | | 流通A股/总股本（亿）： | 4.07/4.10 | | | | | | | | 流通 | 股市值（亿）： | 57.99 | A | | | | | | 总市值（亿）： | 58.52 | | | | | | | 执业登记编码：S0760519120001 邮箱：yangjingjing@sxz ...

Core Viewpoint - AerSale Corporation (ASLE) has underperformed in the market, with a 5% decline in shares over the past month, contrasting with the 16.2% rise in the Zacks Aerospace-Defense Equipment industry and a 17% gain in the broader Zacks Aerospace sector [1][2]. Company Performance - ASLE's disappointing first-quarter 2025 financial results were the primary reason for its poor stock performance, with a 27.4% year-over-year decline in revenues, largely due to a significant drop in whole asset sales [5][6]. - The company sold only one engine in the quarter, compared to one aircraft and four engines in the same period of 2024 [5]. - ASLE's bottom line also showed deterioration from the previous year and missed analysts' estimates, leading to a 12.5% reduction in its price target by Royal Bank of Canada [6]. Management Outlook - Despite recent setbacks, ASLE's management remains optimistic, citing a 23.4% revenue increase in core business segments (excluding whole asset sales) driven by strong demand for Used Serviceable Material (USM) [7]. - The company ended the first quarter of 2025 with $11 million in cash and only $5 million in total debt, indicating strong solvency and the ability to invest in innovations like the AerAware Enhanced Flight Vision System [10]. Industry Trends - The global increase in air traffic and demand for maintenance, repair, and overhaul (MRO) services is expected to support future demand for ASLE's USMs and other offerings [8]. - However, the imposition of import tariffs by the U.S. government poses a risk to the global aerospace supply chain, potentially affecting demand for ASLE's USMs [11][12]. Financial Estimates - The Zacks Consensus Estimate for second and third-quarter 2025 sales suggests year-over-year growth, but the estimate for 2025 indicates a slight drop, while 2026 sales are projected to improve [13]. - Near-term earnings estimates show solid improvement, but recent downward revisions in estimates indicate a loss of investor confidence [14]. Valuation - ASLE's forward 12-month price-to-earnings (P/E) ratio is 10.92X, significantly lower than its peer group average of 36.06X, suggesting a discount in valuation [17]. - In contrast, industry peers like Astronics (ATRO) and Leonardo DRS (DRS) are trading at higher P/E ratios of 19.08X and 36.20X, respectively [18]. Investment Considerations - Despite trading at a discount, ASLE is perceived to be entering value trap territory due to weak performance and a low Value Score of D [19]. - The company's Zacks Rank of 4 (Sell) further supports the cautious outlook on ASLE stock [20].

ZKH Group (ZKH) Q1 2025 Earnings Call May 20, 2025 08:00 AM ET Company Participants Jin Li - Head of Investor RelationsLong Chen - Founder, Chairman & CEOChun Chiu Lai - Chief Financial OfficerElla Ji - MD & Head - TMT Research Conference Call Participants Leo Chiang - Equity Research AnalystXiaodan Zhang - Equity Research Analyst Operator Ladies and gentlemen, good day, and welcome to ZKH Group Limited's First Quarter twenty twenty five Earnings Conference Call. Today's conference is being recorded. At thi ...

ZKH Group (ZKH) Q1 2025 Earnings Call May 20, 2025 08:00 AM ET Speaker0 Ladies and gentlemen, good day, and welcome to ZKH Group Limited's First Quarter twenty twenty five Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jin Li, Head of Investor Relations. Please go ahead. Speaker1 Thank you, operator. Thank you, everyone, and welcome to our call today. Joining us today are Mr. Eric Chen, our Founder, Chairman and Chief Executive Offic ...

审查组对公司的大力投入和积极准备表示肯定，同时提出以下要求：一是进一步梳理流程和管理程序， 结合实际工序优化提升，夯实基础；二是加强维修人员资质能力培训，确保维修质量；三是加强全流程 质量安全管理，确保维修工作顺畅。 江苏监管局将持续跟进公司的整改情况，做好闭环管理验证，支持辖区公司开发深度维修能力，助力辖 区维修行业高质量发展。（编辑：张彤 校对：李季威 审核：韩磊） 审查组对公司的维修系统组织架构、人员技术档案、管理手册、工作程序手册、人员培训大纲等进行了 文文符合性检查，对公司厂房设施、工具设备、器材、人员、技术文件等进行了文实符合性检查，对发 动机管件维修项目准备情况进行了现场审查，重点审查了工艺流程、技术文件和工具航材的准备、生产 控制、现场管控和人员资质能力等关键环节。 《中国民航报》、中国民航网 记者胡夕姮 通讯员杨绵鹏 报道：在民航华东地区管理局的授权下，近 日，民航江苏监管局成立审查组，对中航材航空技术（江苏）有限公司开展了CCAR-145部维修单位初 始合格审定工作。审查组由适航维修监察员组成，重点评估公司航空发动机零部件深度维修能力资质。 随着国内民用航空器发动机使用年限的增长，航空发动 ...

本文字数：702，阅读时长大约1分钟 据央视新闻报道，5月4日至5日，中国人民银行行长潘功胜率团赴意大利米兰出席东盟与中日韩 （10+3）财长和央行行长会，并作为10+3财金合作机制联合主席主持相关讨论，与会议各方就美关 税政策对全球和区域宏观经济形势造成的影响、完善清迈倡议多边化（CMIM）机制和10+3宏观经 济研究办公室（AMRO）等议题深入交换了意见，并推动各方在深化区域内政策协调和加强区域金 融安全网等领域达成一系列共识。 会议一致通过了在清迈倡议多边化下新设以人民币等可自由使用 货币出资的快速融资工具相关安排，并明确了清迈倡议机制化下一步讨论方向。 2025.05. 05 中日韩三方同期举行了财长和央行行长会，就经济形势和区域内财金合作交流意见。潘功胜 呼吁区 域国家团结一致应对美关税冲击，介绍了中方相关宏观经济政策。 潘功胜还在会间与日本财长加藤 正信、韩国央行行长李昌镛、马来西亚央行行长拉希德进行双边会谈，就全球不确定性对各国影响交 换了意见。 微信编辑 | 七三 多地宣布发钱奖励结婚！ 潘功胜指出，当前单边主义正冲击以规则为基础的多边经贸体系和国际治理体系，全球经济不确定性 上升，10+3区 ...

中国人民银行行长潘功胜出席并主持东盟与中日韩财长和央行行长会 责编：叶舒筠 校对： 吕久彪 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 2025年5月4日至5日，中国人民银行行长潘功胜率团赴意大利米兰出席东盟与中日韩（10+3）财长和央行行长 会，并作为10+3财金合作机制联合主席主持相关讨论，与会议各方就美关税政策对全球和区域宏观经济形势 造成的影响、完善清迈倡议多边化（CMIM）机制和10+3宏观经济研究办公室（AMRO）等议题深入交换了意 见，并推动各方在深化区域内政策协调和加强区域金融安全网等领域达成一系列共识。会议一致通过了在清迈 倡议多边化下新设以人民币等可自由使用货币出资的快速融资工具相关安排，并明确了清迈倡议机制化下一步 讨论方向。 潘功胜指出，当前单边主义正冲击以规则为基础的多边经贸体系和国际治理体系，全球经济不确定性上升， 10+3区域面临的经济和金融风险亦显著上升。在此背景下，进一步完善清迈倡议机制、强化本区域金融安全 网至关重要。引 ...

中国人民银行行长潘功胜出席并主持东盟与中日韩财长和央行行长会 中日韩三方同期举行了财长和央行行长会，就经济形势和区域内财金合作交流意见。潘功胜呼吁区域国家团结 一致应对美关税冲击，介绍了中方相关宏观经济政策。潘功胜还在会间与日本财长加藤正信、韩国央行行长李 昌镛、马来西亚央行行长拉希德进行双边会谈，就全球不确定性对各国影响交换了意见。 会后，中国和马来西亚作为2025年10+3联合主席召开了联合记者会，潘功胜代表中国人民银行介绍了会议达 成的合作成果。 2025年5月4日至5日，中国人民银行行长潘功胜率团赴意大利米兰出席东盟与中日韩（10+3）财长和央行行长 会，并作为10+3财金合作机制联合主席主持相关讨论，与会议各方就美关税政策对全球和区域宏观经济形势 造成的影响、完善清迈倡议多边化（CMIM）机制和10+3宏观经济研究办公室（AMRO）等议题深入交换了意 见，并推动各方在深化区域内政策协调和加强区域金融安全网等领域达成一系列共识。会议一致通过了在清迈 倡议多边化下新设以人民币等可自由使用货币出资的快速融资工具相关安排，并明确了清迈倡议机制化下一步 讨论方向。 潘功胜指出，当前单边主义正冲击以规则为基础的 ...

Investment Rating - The investment rating for the company is "Accumulate" and maintained [7] Core Views - The company is expected to achieve total revenue of 11.397 billion yuan in 2024, with a year-on-year growth of 3%. However, the net profit attributable to the parent company is projected to decline by 18% to 63 million yuan, and the net profit after deducting non-recurring gains and losses is expected to decrease by 21% to 59 million yuan [2][4] - In Q4 2024, the company anticipates total revenue of 3.001 billion yuan, with a year-on-year decline of 10%. The net profit is expected to be a loss of 96 million yuan [2][4] - For Q1 2025, total revenue is projected to be 2.212 billion yuan, with a slight year-on-year increase of 1%. The net profit attributable to the parent company is expected to be 49 million yuan, showing a decrease of 1% [2][4] Summary by Sections Business Performance - The B2B business is estimated to achieve stable growth in 2024, contributing to a total revenue increase of 3%. The revenue from the B2B segment is expected to be 11.352 billion yuan, driven by digital transformation and the use of AI tools to optimize business processes [11] - The SAAS business is projected to generate 4.5 million yuan in revenue, a decrease of 42%, as the company focuses on the smart education sector [11] Profitability - The company's net profit for 2024 is expected to be 63 million yuan, with a net profit of 110 million yuan after excluding goodwill impairment [11] - The gross margin for 2024 is projected to be 8.6%, an increase of 0.2 percentage points. The gross margins for B2B and SAAS businesses are expected to be 8.58% and 10.40%, respectively [11] Future Outlook - In Q4 2024, the company anticipates revenue pressure across all business segments, leading to losses. The B2B revenue is expected to decline by 10%, while SAAS revenue is projected to drop by 52% [11] - For Q1 2025, the company expects a recovery in B2B revenue and positive profitability from the good vision business adjustments [11] - The company aims to optimize its B2B customer structure and enhance its MRO share, leveraging AI for cost reduction and efficiency improvements [11]