"融资租赁产业的蓬勃发展，已成为厦门服务重点产业发展、构建现代化产业体系的重要纽带。"厦门自 贸片区相关负责人表示。 作为连接金融资本与实体产业的桥梁，厦门自贸片区融资租赁业务不仅聚焦航空领域，更广泛覆盖船 舶、集成电路、影视设备、绿色能源等多个细分领域，累计服务企业超2.8万家，其中绝大部分为中小 微企业，有效助力厦门"4+4+6"现代化产业体系建设。同时，片区租赁产业与厦门全球一站式航空维修 基地深度协同，推动租赁飞机本地维修率持续提升，形成"租赁+维修"产业联动效应，为厦门打造国际 枢纽航空港、建设临空经济示范区提供了有力支撑。 以首架C919租赁飞机落地为新起点，下一步，厦门自贸片区将持续深化制度创新，优化营商环境，进 一步拓展与中国商飞、建信金租、中航集团等龙头企业的战略合作，在国产大飞机租赁、产业链协同创 新等领域探索更多突破，贡献更多厦门力量。 12月27日，建信金租首架国产C919租赁飞机交付，这意味着厦门自贸片区首架国产C919租赁飞机正式 落地，为厦门航空金融产业发展注入新动能，也成为厦门深度融入国家航空产业大局、助力国产大飞机 产业化发展的新成果。 该笔国产C919飞机租赁业务由建信金租 ...

Core Insights - The milestone of 30 million passengers on the domestically developed C909 aircraft marks a new phase of large-scale operation for China's aviation industry [1][4] - The C909 aircraft has been in commercial operation since June 28, 2016, and has maintained a strong safety record while transporting over 30 million passengers [1] - The aircraft has been delivered to over ten domestic and international customers, with more than 170 units delivered and nearly 800 routes opened, connecting 178 cities [1] Industry Development - Xinjiang has become a key area for the development of regional aviation in China, with the C909 aircraft playing a significant role in this region [4] - Over two years of operation in Xinjiang, the C909 fleet has grown to 28 aircraft, covering nearly 200 routes and achieving full coverage of all transportation airports in the region [4] - The operation of C909 aircraft by Huaxia Airlines has established a network connecting four operational bases in Xinjiang, significantly enhancing transportation efficiency in and out of the region [4]

Group 1 - Shenyang has a strong industrial foundation and has played a significant role in the development of China's industry, being referred to as the "Republic's Equipment Department" due to its contributions [1] - The city has seen economic progress through industrial transformation and deepened reform, with the aviation cluster being recognized as a national advanced manufacturing cluster in 2024 [1] - Shenyang's government report emphasizes focusing on "military-civilian integration + low-altitude economy" to optimize the aviation industry structure and build an international first-class aircraft structural component R&D and production base [1] Group 2 - The rapid development of Shenyang's aviation industry has spurred growth in various sectors, including the domestic industrial mother machine industry, which is increasingly meeting the demand for domestic aviation and aerospace [2] - In 2023, Shenyang identified key directions for the aviation industry, focusing on complete assembly, major components, key parts, and airborne systems, while also developing the aerospace and space-related industries [2] - The development of the aviation industry is seen as a key engine for Shenyang's new round of stable growth, with expectations for continuous breakthroughs and achievements [2]

Group 1: Defense Spending and Market Context - China's defense spending for 2025 is projected to be 1,784.7 billion yuan, reflecting a year-on-year increase of 7.2%[2] - The defense budget has shown a consistent single-digit growth for ten consecutive years from 2016 to 2025[13] - The recent military conflict between India and Pakistan has heightened the focus on defense construction and military-related industries[2] Group 2: Aircraft Industry Insights - The C919 aircraft has over 1,400 orders, with an estimated order value exceeding 1 trillion yuan, scheduled for delivery between 2024 and 2031[42] - The value distribution in aircraft manufacturing shows that the airframe accounts for approximately 30%-35%, engines for 20%-25%, and onboard equipment for 25%-30%[29] - Global passenger turnover is expected to grow at an annual rate of 3.75%, with the global fleet projected to reach 48,931 aircraft by 2043, doubling from 24,077 in 2023[45] Group 3: Market Performance and Valuation - The median price-to-earnings (P/E) ratio for the new energy sector has increased by 7.72% to 37.6X[54] - The median P/E ratio for the electronic equipment sector rose from 55.1X to 56.0X, with the total market value increasing from 131.42 billion yuan to 139.8 billion yuan[57] - The median P/E ratio for the machinery sector increased from 55.8X to 58.7X, with total market value rising from 95.8 billion yuan to 102.28 billion yuan[63] Group 4: Notable Companies and Stock Performance - Among the top performers, Qifeng Precision saw a stock increase of 79.25%, followed by Huiwei Intelligent at 41.00% and Laisai Laser at 26.30%[49] - A total of 133 out of 146 companies in the North Exchange technology growth sector experienced stock price increases, with a median increase of 5.69%[49]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company experienced short-term performance pressure but is expected to see long-term growth in both military and civil aviation sectors [1][4]. - The company's 2024 revenue was 47.88 billion yuan, a year-on-year increase of 9.5%, while the net profit attributable to shareholders was 860 million yuan, a decrease of 39.5% [1][5]. - The fourth quarter of 2024 saw the highest quarterly revenue at 21.92 billion yuan, a year-on-year increase of 25.8%, but net profit dropped by 65.7% [2][3]. Financial Performance Summary - The overall gross margin for 2024 was 10.1%, down 1.03 percentage points year-on-year, with a net profit margin of 2.1%, down 1.42 percentage points [2][3]. - The revenue from the main product line, aviation engines and related products, was 44.99 billion yuan, a year-on-year increase of 10.0%, but the gross margin decreased to 9.5% [3][4]. - The company’s subsidiaries showed varied performance, with significant profit decline in the Southern Company, which reported a net profit of only 1.57 million yuan, down 96.5% year-on-year [3][4]. Future Outlook - The company is deeply involved in the development of domestic commercial engines and is expected to benefit from the growth of the domestic large aircraft industry [3][4]. - The company has signed a significant contract for 1,500 general aviation power products, valued at over 10 billion yuan, indicating strong market demand [3][4]. - Revenue forecasts for 2025-2027 have been adjusted to 47.69 billion yuan, 53.32 billion yuan, and 58.97 billion yuan respectively, with net profit estimates of 690 million yuan, 888 million yuan, and 1.17 billion yuan [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a revenue of 47.88 billion yuan in 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders was 860 million yuan, down 39.5% year-on-year, primarily due to increased R&D and financial expenses, as well as reduced investment income [1][4]. - The company is expected to benefit from the long-term development of military and civil aviation businesses, despite short-term performance pressures [3][4]. Financial Performance Summary - In Q4 2024, the company recorded its highest quarterly revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 130 million yuan [2]. - The overall gross margin for 2024 was 10.1%, a decrease of 1.03 percentage points year-on-year, with a net margin of 2.1%, down 1.42 percentage points year-on-year [2]. - The revenue from the main product line, aviation engines and related products, was 44.99 billion yuan, up 10.0% year-on-year, while the gross margin for this segment was 9.5%, down 0.48 percentage points [3]. Business Development Insights - The company is deeply involved in the development of domestic commercial engines and is a key supplier of core components, which positions it to benefit from the growth of the domestic large aircraft industry [3]. - The company has signed a significant procurement contract for 1,500 general aviation power products, valued at over 10 billion yuan, indicating strong market demand [3]. Earnings Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted to 47.69 billion yuan, 53.32 billion yuan, and 58.97 billion yuan respectively, with net profit forecasts of 690 million yuan, 888 million yuan, and 1.17 billion yuan [4][5]. - The projected price-to-earnings ratios for 2025-2027 are 126.21x, 98.12x, and 74.46x respectively, reflecting the company's valuation outlook [4][5].