➢ 2Q25 业绩承压；1H25 利润率同比提升。1）单季度：公司 2Q25 实现营 收 109.8 亿元，YOY -7.5%；归母净利润 4.0 亿元，YOY +4.0%；扣非净利润 3.5 亿元，YOY +2.8%。2）利润率：公司 1H25 毛利率同比提升 1.4ppt 至 7.3%； 净利率同比提升 0.3ppt 至 3.5%。净利率方面，公司净利率由 1H18 的 0.81% 逐年提升至 1H25 的 3.55%，连续八年（上半年）实现同比提升，变化趋好。 ➢ 积极争取 929 外翼盒段工作包；空客交付速率稳步提升。飞机零部件方面， a）国内：公司研制的飞机零部件已涵盖所有国产民用大中型飞机主力型号，承 担 C909、C919、AG600、新舟系列的机身、机翼等关键核心部件研制工作， 是上述型号最大的机体结构供应商。目前，公司 C919 部件已实现稳定交付，交 付数量持续增加。公司也是 C929 后机身前段、缝翼、副翼、小翼初选供应商， 并积极争取其外翼盒段工作包。b）国际：公司承担空客 A320/A321 系列飞机 机翼、机身，波音 B737 系列垂尾与内襟翼等制造工作，空客项目交付速率稳步 提升 ...

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [4]. Core Insights - The report highlights the significant growth potential in the military trade equipment sector, particularly focusing on aircraft engines as high-value consumables, which are expected to see increased demand due to long-term maintenance and replacement needs [10][15]. - The potential for domestic aircraft, such as the C919, to penetrate Southeast Asian markets is emphasized, with countries like Malaysia and Pakistan showing interest in adopting these aircraft [38][41]. - The report discusses the strategic positioning of companies like Huayin Technology in stealth materials and the anticipated growth in the ceramic-based composite materials sector [84][86]. Summary by Sections Military Trade Equipment - Aircraft engines hold a primary position in military trade, with their export share decreasing from 3.6% (2014-2018) to 2.0% (2019-2023) [14]. - The demand for maintenance and replacement of aircraft engines is driven by the long service life of military aircraft, which often exceeds the lifespan of the engines themselves [15][18]. C919 Aircraft - The C919 is expected to gain traction in Southeast Asia, with significant interest from Malaysian and Pakistani airlines [41][47]. - The global demand for commercial aircraft remains robust, with Airbus and Boeing having backlogs that exceed their annual delivery rates, indicating a favorable market for the C919 [47][55]. - The C919's production capacity is projected to increase significantly, with plans to reach 200 aircraft per year by 2029 [54][76]. Stealth Materials - Stealth technology is becoming a standard feature in advanced military aircraft, significantly enhancing their operational capabilities [86]. - The report identifies Huayin Technology as a key player in the stealth materials market, focusing on the development of ceramic-based composites [84][86]. Maintenance and Aftermarket - The military aircraft engine aftermarket is projected to exceed 428.7 billion yuan over the next 20 years, with an average annual market value of 21.44 billion yuan [25][28]. - Companies involved in the maintenance and aftermarket services for aircraft engines are expected to see substantial revenue growth as the market expands [28][31]. Supply Chain and Domestic Production - The report outlines the potential for increased domestic production and supply chain development for the C919, with a focus on enhancing the localization rate of components [77][80]. - The growth of domestic suppliers is anticipated to benefit from the increasing demand for locally produced aircraft and components [80][82].

Investment Rating - The investment rating for the company is "Add" and is maintained [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 65 million to 90 million yuan in the first half of 2025, representing a year-on-year growth of 46.78% to 103.23% [4][5] - The growth in revenue and decrease in expenses are key factors contributing to the high profit growth in H1 2025 [5] - The company is enhancing its self-research capabilities in domestic aviation materials, which is expected to improve supply chain security and reduce procurement costs [6] - The acceleration in the production and delivery of the C919 aircraft is anticipated to create a significant demand for aviation materials [7][8] - The company has implemented multiple measures to mitigate the impact of tariff shocks, ensuring stable operations [8] - Profit forecasts for the company from 2025 to 2027 are 138.4 million yuan, 169.85 million yuan, and 205.37 million yuan, with corresponding P/E ratios of 27.69, 22.56, and 18.66 [10][11] Company Overview - The latest closing price of the company's stock is 33.28 yuan, with a total market capitalization of 3.8 billion yuan [3] - The company has a debt-to-asset ratio of 13.5% and a P/E ratio of 30.43 [3]

Core Viewpoint - The stock of Suzhou Xingye Materials Technology Co., Ltd. has experienced significant volatility and growth since mid-June, with a notable increase in price and trading activity, attributed to market interest in its phenolic resin products for semiconductor applications and solid-state batteries [2][3][4]. Group 1: Stock Performance - Since June 13, the stock price of Xingye has surged from 10.78 yuan to a peak of 20 yuan, before settling at 17.99 yuan, marking a 66.88% increase in two weeks and a market capitalization nearing 5 billion yuan [2]. - The company has issued multiple announcements regarding abnormal stock trading fluctuations, indicating that its main business remains unchanged and production operations are normal [3]. Group 2: Business Operations and Revenue - Xingye's primary business involves the research, production, and sales of organic synthetic resins, with phenolic resin being a key product used in various applications, including semiconductor photoresists and solid-state battery materials [2][3][6]. - Despite the recent stock price surge, the company reported a decline in revenue over the past three years, with revenues of 1.787 billion yuan in 2022, 1.5 billion yuan in 2023, and projected 1.484 billion yuan in 2024 [5]. - The company's gross margin for synthetic resins is low at 10.49%, down 3.12 percentage points from the previous year, indicating pressure from rising raw material costs and competitive pricing [6]. Group 3: Market Context and Future Prospects - The market has linked Xingye's products to the solid-state battery sector, highlighting the advancements in phenolic resin applications for battery anodes, which are seen as critical for future energy storage technologies [4]. - The company has acknowledged that its phenolic resin for semiconductor applications is still in the sample testing phase and has not yet generated significant revenue [3]. Group 4: Shareholder Dynamics - The company is controlled by a family group, with significant shareholding concentrated among a few individuals, including the largest shareholder holding 28.17% [7][8]. - The actual controller, Shen Genzhen, plans to reduce her shareholding, citing personal asset allocation needs, which coincides with a favorable market price for her shares [8].

Group 1 - The core viewpoint of the news highlights that Zhen Investment has conducted research on Guanglian Aviation, which has established a comprehensive production base covering multiple cities in China and is expanding into various sectors such as aerospace and low-altitude economy [1] - Guanglian Aviation has achieved growth in its aviation tooling business due to enhanced industrial support capabilities post-listing and increasing demand for new aerospace product development from the government [1] - The company is focusing on acquiring pre-research tasks to secure market share and is actively engaging in the development of structural products in the low-altitude economy sector, increasing R&D investment to explore niche markets [1] Group 2 - The international geopolitical changes have allowed Guanglian Aviation to expand its overseas market through military trade channels, with the WJ-700 high-altitude high-speed drone structure already being delivered in bulk [1] - The domestic large aircraft project is expected to provide long-term development opportunities for the company, optimizing its industrial layout and driving business towards high value-added segments, which will enhance revenue and profit continuously [1]

Group 1 - The successful landing of the C919 aircraft on June 20 marks its first commercial flight to Zhengzhou, establishing Zhengzhou Xinzheng International Airport as a key part of the C919 commercial route network [1][2] - The Civil Aviation Henan Air Traffic Control Bureau prioritized the C919's operational needs, ensuring optimal descent rates and ground handling, which included providing the best taxi routes and considering various factors like wind direction and runway conditions [2] - The Zhengzhou-Guangzhou route is described as an "air economic corridor" connecting the Central Plains Economic Zone with the Guangdong-Hong Kong-Macao Greater Bay Area, with the C919's entry expected to enhance cultural and economic integration between the two regions [2] Group 2 - The Civil Aviation Henan Air Traffic Control Bureau emphasized safety and innovation in its operations, aiming to build a robust air traffic support system for the C919 and contribute to the high-quality development of China's civil aviation [2]

Core Viewpoint - China Southern Airlines (CSA) has successfully launched its first C919 flight on the "Taiyuan-Guangzhou" route, marking a significant milestone for the airline and the domestic aviation industry [1][2] Group 1: Flight Details - The flight from Guangzhou to Taiyuan (CZ3695) departed at 16:05 and arrived at 18:30, while the return flight (CZ3696) left Taiyuan at 19:55 and reached Guangzhou at 22:45 [1] - The inaugural flight was celebrated with a water salute at Taiyuan Wusu International Airport, showcasing the highest level of aviation ceremony [1] Group 2: Aircraft and Technology - The C919 is a new generation passenger aircraft developed independently by China, featuring advanced technologies that enhance comfort, safety, and environmental performance [1] - The aircraft includes a spacious cabin and an advanced air circulation system, providing a comfortable flying experience for passengers [1] Group 3: Operational Preparations - CSA selected experienced flight crews to operate the C919, ensuring thorough preparation from aircraft performance verification to crew training [1] - Special check-in counters were set up at both Guangzhou Baiyun International Airport and Taiyuan Wusu International Airport to facilitate the inaugural flight, with a focus on guiding passengers through check-in, security, and boarding processes [2] Group 4: Market Strategy - The launch of the "Taiyuan-Guangzhou" route is part of CSA's strategy to respond to market demand and optimize its route network [2] - CSA holds a 55% market share for routes from Taiyuan to the Guangdong-Hong Kong-Macau Greater Bay Area and plans to continue expanding its route network and improving service quality by the summer and autumn seasons of 2025 [2]

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Viewpoints - The company is a leading manufacturer of high-end casting components, benefiting from trends in AIDC, aerospace technology, and nuclear fusion industries [1][9] - The company has established a complete high-end component production system and is a key member of the high-end equipment manufacturing industry chain in China [18][19] - The company plans to issue 1.5 billion convertible bonds to enhance its production capabilities in turbine blade processing and advanced nuclear materials [9][33] Summary by Relevant Sections Business Overview - The company focuses on aviation engines and gas turbine products, benefiting from the demand for domestic large aircraft and AIDC [18] - The company has a strong presence in the high-end parts, aerospace technology, and advanced materials sectors, serving various high-end equipment fields [18][22] Financial Summary - In 2024, the company expects revenue of 2,513 million yuan, a year-on-year increase of 4.2%, and a net profit of 286 million yuan, a year-on-year decrease of 5.6% [4][25] - The company's sales gross margin is projected to be 34.2%, with a net margin of 10% for 2024 [27][28] Gas Turbine Sector - The global gas turbine market is estimated to be 28.14 billion USD in 2024, with a compound annual growth rate (CAGR) of 7.4% from 2025 to 2034 [46] - The company is recognized as a domestic leader in gas turbine blades, with a significant increase in orders, achieving a 102.8% year-on-year growth in 2024 [2][61] Aerospace Sector - The global aerospace engine market was approximately 113.97 billion USD in 2023, expected to reach 151.20 billion USD by 2030, with a CAGR of 4.12% [67] - The company is positioned to benefit from the doubling of global aircraft numbers over the next 20 years, as predicted by Airbus [68] Nuclear Power Sector - The nuclear power industry is expected to grow, with a projected CAGR of 8.4% for installed capacity from 2023 to 2035 [3] - The company has established joint ventures to engage in nuclear fusion materials and components, enhancing its position in the nuclear energy sector [3][9]

Core Viewpoint - The successful landing of the domestically developed C919 aircraft marks a new era for China's commercial aviation and signifies the rise of a comprehensive aviation manufacturing industry chain in the Yangtze River Delta, which is crucial for the country's economic transformation and upgrading [1][3]. Industry Overview - The aviation manufacturing industry is considered the "crown" of modern manufacturing, with large passenger aircraft development reflecting a nation's technological capabilities and industrial strength [3]. - Historically, the global aviation industry has been dominated by Boeing and Airbus, which together hold 93.1% of the market share as of 2024 [3]. - The emergence of the C919 is changing this landscape, with over 1,200 orders received since its commercial operation began in 2022, including international orders from airlines in Asia, Africa, and Latin America [3]. Regional Development - The Yangtze River Delta region is home to over one-third of China's large aircraft installation suppliers and more than 900 related enterprises, forming an industrial cluster with an output value exceeding 100 billion yuan [3]. - Suzhou, as a core city in this economic belt, has accumulated hundreds of aerospace supporting enterprises, with the related industry scale exceeding 30 billion yuan [1][3]. Company Profile: Lianjia Technology - Lianjia Technology is a key player in the C919 supply chain, involved in various critical components from aircraft interiors to avionics systems and flight control systems [7]. - The company has developed high-precision continuous forming processes that have improved production efficiency by 50% and enhanced product quality stability [7][8]. - Lianjia Technology has achieved an annual production volume of 500,000 pieces, covering over 10,000 product types, and has the capacity to manage 100,000 types of aviation components [8]. Historical Context and Growth - Founded in 2004 by Zhang Wujiao, Lianjia Technology has evolved from a small workshop to a significant player in the aviation precision component sector, reflecting the broader evolution of China's manufacturing industry [11][19]. - The company transitioned to the aviation sector in 2015, focusing entirely on aviation components after recognizing the strategic importance of the industry [14][19]. Technological Advancements - Lianjia Technology has made significant advancements in manufacturing processes, achieving a precision level of 0.005mm, which meets international standards [17]. - The company has developed a unique flexible management model that integrates various production and supply chain processes, ensuring high reliability and efficiency in small-batch, multi-variety production [8][29]. Future Outlook - The Chinese government has outlined a vision for a green aviation manufacturing system by 2035, which will guide companies like Lianjia Technology in their development strategies [21]. - Lianjia Technology plans to expand its operations internationally, reflecting its commitment to contributing to the national goal of becoming a strong manufacturing power [29].

Group 1 - The three major indices showed strong performance in early trading on June 9, with the aerospace and defense sector experiencing significant gains, including a 2.88% increase in the Aerospace ETF (159227) and a 2.46% rise in the General Aviation ETF (159230) [1] - The global aerospace industry is undergoing historic changes, with China, as the world's second-largest economy, driving unprecedented development in the aerospace sector due to national defense, technological independence, and industrial upgrading [1] - The military industry in China is transitioning from a "follower" to a "leader" in the strategic emerging industries, gaining renewed attention after years of dormancy [1] Group 2 - The Aerospace ETF (159227) closely tracks the National Aerospace Index, covering core companies in China's military industry with a 99.2% representation in the military sector, focusing on aerospace and space equipment [1] - The General Aviation ETF (159230) tracks the National General Aviation Industry Index, emphasizing the general aviation and low-altitude economy, with 84.7% of its content related to the low-altitude economy and 58.6% related to national defense and military [2] - The domestic large aircraft content in the General Aviation ETF is 47.4%, aligning well with popular investment themes in the military sector [2]