Investment Rating - The report gives a "Buy" rating for the company, marking it as the first coverage [5]. Core Views - The company is positioned as a leading player in high-performance carbon fiber, benefiting from dual growth drivers in military and civilian sectors, with a comprehensive industry chain established since its founding in 1992 [1][13]. - Revenue is projected to grow from 1.715 billion yuan in 2019 to 2.450 billion yuan in 2024, with a CAGR of 7.38%, while net profit is expected to rise from 522 million yuan to 741 million yuan in the same period, reflecting a CAGR of 7.25% [2][28]. - The company is expected to benefit from the increasing demand for domestic carbon fiber in the aviation sector, driven by geopolitical uncertainties and the need for self-sufficiency in key materials [3][46]. Summary by Sections Company Overview - The company has established a full industry chain from precursor to composite materials, covering both military and civilian applications, and has developed core technologies such as wet and dry spinning [1][18]. - It has a diversified customer base and a strong technological barrier in high-end equipment, which positions it well to expand market share during industry consolidation [2][28]. Market Dynamics - The demand for high-performance domestic carbon fiber is entering a strategic expansion phase, particularly in the aviation sector, as the application ratio of composite materials in domestic aircraft is expected to increase significantly [3][46]. - The company has seen a substantial increase in its T800 grade products, with a 495% year-on-year revenue growth in 2024, indicating strong market traction [3][52]. Financial Projections - The company forecasts net profits of 898 million yuan, 1.073 billion yuan, and 1.275 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.08 yuan, 1.29 yuan, and 1.53 yuan [4][60]. - The current stock price corresponds to a PE ratio of 28.61, 23.97, and 20.16 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [4][60]. Business Segments - The company operates across six major business segments, including carbon fiber, general new materials, energy new materials, composite technology, precision machinery, and optical technology, which collectively support its growth strategy [18][19]. - The carbon fiber segment is expected to contribute significantly to revenue, with a projected increase in demand from both military and civilian applications, particularly in the context of new energy and low-altitude economy developments [28][59].

当地时间6月5日，据印尼军方消息，印尼政府正就采购中国制造的歼-10战斗机进行可行性评 估。 印尼国防部副部长道凡托（Taufanto）表示，此举旨在提升印尼空军的现代化作战能力，同时兼顾国防 预算的性价比。 道凡托指出，中国歼-10战斗机在印巴冲突中的表现是印尼考虑该机型的重要因素之一。此外，相较于西 方同类战机，歼-10的价格更具竞争力，且技术配置符合印尼对"高性价比先进装备"的需求。 道凡托透露，目前，印尼正重点审查歼-10与现有国防系统的兼容性、售后维护支持以及具体采购条款。 采购范围可能不限于战斗机，还包括中国制造的舰艇、护卫舰及其他武器装备。 作为东南亚最大经济体，印尼近年来持续推进军事现代化。2022年，印尼与法国签署协议，以81亿美元 订购42架"阵风"战斗机，首批6架预计2026年交付。 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 突发！央行将出手：1万亿元！ 丨 午后爆发！A股拉升、港股狂飙！ 美方拟收紧外国公司在美上市 外交部回应 丨 暴跌80%！4倍牛股放 量闪崩 丨 官宣！新汽车央企即将成立！东风 ...

Group 1 - The meeting of AVIC Heavy Machinery Co., Ltd. is scheduled for June 10, 2025, at 9:00 AM in Guiyang, Guizhou Province [1] - Participants of the meeting include shareholders, board members, supervisory board members, senior management, and the company's appointed lawyer [1] - The agenda includes the introduction of the meeting, review of proposals, voting on proposals, and announcement of the meeting's closure [2] Group 2 - The first proposal is regarding the company's plan to repurchase shares through centralized bidding, which has been approved by the board [2] - The details of the share repurchase plan were disclosed on April 16, 2025, on the Shanghai Stock Exchange website [2] - The second proposal involves the election of directors, which has also been approved by the board [3] - The specifics of the director election proposal were disclosed on April 28, 2025, on the Shanghai Stock Exchange website [3]

Group 1 - The core viewpoint of the news is the establishment of a regional center for the recycling and utilization of used power batteries in Sichuan Province, aiming to create a comprehensive and efficient recycling system for retired batteries by the end of 2024 [1][2] - By the end of 2024, the number of new energy vehicles in Sichuan is expected to reach 1.402 million, with a peak in battery retirements anticipated in the next 2-3 years [1][2] - The national new energy vehicle ownership is projected to reach 31.4 million by the end of 2024, highlighting the growing importance of battery recycling as the volume of retired batteries increases [1][2] Group 2 - The recycling of retired batteries can meet significant portions of annual demand for lithium (24%), cobalt (31.2%), and nickel (16.8%), which is crucial for the sustainable development of the new energy vehicle industry [2] - The current standardized recycling rate of power batteries in China is below 25%, with many batteries ending up in unregulated small workshops, indicating a need for stricter regulations [2] - The Ministry of Industry and Information Technology emphasizes the importance of comprehensive supervision across the battery lifecycle, from production to disposal, to prevent environmental pollution and ensure safety [2] Group 3 - Sichuan Province, rich in lithium resources, accounts for about 20% of the national power battery production, and is developing a complete industrial chain from lithium mining to battery recycling [3] - The establishment of a recycling system is expected to promote technological innovation and create a sustainable industrial ecosystem [3]

泰国空军3日通过社交媒体发布消息称，将从瑞典采购最新型萨博"鹰狮"(GRIPEN E/F)战斗机。此举旨在增强 泰国空军实力，以保卫国家主权。 泰国空军表示，该采购计划是推动空军发展战略的重要项目之一，符合泰国把空军发展成为强大而高效的空中 力量的愿景。此次采购将给空军补充高性能装备，用于保卫国家主权和维护国家利益，并有效应对当前和未来 环境中的威胁。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 百万用户都在看 A股突发！牛市风向标，突然爆发！发生了什么？ 重大转变！特朗普，决定撤回！ 50%关税！刚刚，特朗普宣布！ 利空突袭！这家A股突发：实控人被刑事立案！ 深夜！中国资产，全线爆发！ 与此同时，泰国空军还发布了一段时长近两分钟的视频，展示了GRIPEN E/F战斗机的性能。 来源：中新社 责编：王璐璐 校对：彭其华 ...

近日，一架"中国造"飞机模型成为"爆款"。 "多少钱一架？""性能参数如何？"……马来西亚兰卡威国际海事和航空展上，一架歼—10CE飞机模型 前，围着许多"询价"的参观者。 近3000公里外，在位于四川成都的成飞航空主题教育基地，1∶1全尺寸歼—10飞机模型前，首飞试飞员 雷强被慕名前来的市民游客围住，又是签名，又是合影。 自1998年原型机试飞成功至今，歼—10系列战机已在蓝天翱翔近30年。其研制成功，标志着我国实现了 自主研制、具有自主知识产权的世界先进水平战机的历史性跨越。 在歼—10飞机的研制队伍里，有已经故去的总设计师宋文骢、现场总指挥杨宝树，也有一批满腔热血、 紧随其后的青年科研人员。一代代人几十年如一日，为研制出属于中国自己的先进战机而默默探索。 立项 "竭尽全力，为国家研制出属于我们自己的先进战机" "就是摔，我也要把飞机摔在跑道上！"回忆歼—10原型机试飞前的场景，如今年近七旬的雷强难掩激 动，思绪回到了1998年3月23日的成都温江机场： 天空布满云层，地面众人瞩目。启动、滑行、加速……前轮抬起，腾空一跃，"起来了！"雷强驾机直插 苍穹。完成所有预定动作后，飞机下降、拉平、减速，平稳落地。 ...

Core Viewpoint - The main focus of the news is on the net inflow and outflow of funds in various industries and individual stocks, highlighting significant movements in the market on June 3rd. Industry Summary - The total net outflow of main funds from the Shanghai and Shenzhen markets was 9.189 billion yuan, with the ChiNext board experiencing a net outflow of 4.249 billion yuan and the CSI 300 index seeing a net outflow of 1.785 billion yuan [2]. - Among the 20 first-level industries, the beauty and personal care sector had the highest increase, rising by 3.86%. Other notable sectors with gains included textiles and apparel, and comprehensive industries, both exceeding 2% [2]. - In terms of net inflow, 10 industries saw positive fund movement, with the transportation sector leading at 706 million yuan. The non-ferrous metals, textiles and apparel, and coal industries also had significant inflows, each exceeding 300 million yuan [2]. - Conversely, 21 industries experienced net outflows, with the computer industry leading at 2.415 billion yuan. Other sectors such as electronics, automotive, and defense also saw outflows exceeding 1 billion yuan [2]. Company Summary - Among individual stocks, 30 stocks had net inflows exceeding 100 million yuan, with 5 stocks surpassing 200 million yuan. The media stock, Changqu Technology, had the highest net inflow at 544 million yuan, marking a new high since December 6, 2023, and a cumulative inflow of 727 million yuan over three days [3]. - The remote work leader, Company 263, also saw a significant net inflow of 305 million yuan, reaching a new high since December 3, 2024 [4]. - Other notable stocks with high net inflows included Shandong Mining Machinery, New Golden Road, Debon Logistics, and Qianhong Pharmaceutical [5]. - On the flip side, 40 stocks had net outflows exceeding 100 million yuan, with 14 stocks seeing outflows over 200 million yuan. Haige Communication led the outflows at 929 million yuan, followed by Wuliangye with 481 million yuan [6][7].

Group 1 - The core viewpoint of the news highlights the financial performance and market position of AVIC Chengfei, indicating a significant decline in revenue and profit for the first quarter of 2025 compared to the previous year [2] - As of May 30, 2025, the number of shareholders for AVIC Chengfei decreased by 17,007 to a total of 88,366, with an average holding value of 352,800 yuan per shareholder [1] - The company's latest market capitalization stands at 207.58 billion yuan, with a price-to-earnings ratio (PE) of -169.85 (TTM) and a price-to-book ratio of 10.59 [3] Group 2 - AVIC Chengfei specializes in the research and production of aircraft measurement control products, power distribution systems, strain gauges, and various other aviation and industrial equipment [2] - The company has achieved numerous international certifications for its products, including 73 OIML certifications and 207 NEPSI explosion-proof certifications, indicating a strong compliance with international standards [2] - The latest financial report shows that for Q1 2025, the company reported a revenue of 3.309 billion yuan, reflecting a year-on-year decrease of 81.10%, and a net profit of 156 million yuan, down 89.50% from the previous year [2]

央视网消息：照片上的这架飞机是我国自主研发的出口型战斗机——歼-10CE。它最近在国际地区冲突中一战成名，火爆出圈，引起国际 军贸市场的广泛关注。歼-10CE是在歼-10基础上改进的一款用于出口的单发单座多用途第三代战斗机，由中国航空工业集团成都所设计、成飞 制造。日前，总台央视记者来到了这里，独家采访当年参与歼-10研制的设计师、制造者们。 如今，歼-10系列战机早已摆脱了"近视眼"的困扰。歼-10CE装备了有源相控阵雷达，在中距空战中能先敌发现、先敌跟踪、先敌射击，成 为当下空中作战的主力军。 在机库里，记者见到了当年参与歼-10飞机研制的副总设计师——今年已经86岁高龄的谢品老先生。谢总告诉记者，歼-10CE是在歼-10基 础上改进的一款用于出口的单发单座多用途战斗机，它具有体系协同作战，强电磁对抗环境下，超视距多目标攻击以及多模式对地精确打击能 力，很多人亲切称它为"猛龙"。 尽管它的设计始于40多年前，但通过不断的技术升级，如今的歼-10CE依然保持着强大的战斗力。例如，为了降低雷达反射面积，它的座 舱进行了镀膜处理，进气道也采用一种独特设计。蚌式进气道、鸭式气动布局……歼-10CE身上的秘密武器， ...

致尊敬的您： 2025年5月7日，由中国制造的外销型战机J-10CE在首次实战中一举击 落多架战机。这一消息在极短的时间内引起了全球的广泛关注，当日 中信国防军工指数大涨3.82%，J-10CE战斗机的制造商中航成飞一度涨 停，且在后续三个交易日继续上涨接近40%。这一实战结果无疑提振 了对于中国军工装备水平的信心，有评价称这是中国军工的Deepseek 时刻。那么，中国军工的突破是如何实现的？在全球比较中处于什么 水平？对于投资来说孕育着怎样的机会？本篇重阳来信以当下最受关 注的战斗机为例试着做个梳理。 战斗机也称歼击机，是以实现制空作战任务、夺取制空权为主，同时 兼顾制地和制海作战任务的飞机。现代战斗机按用途可分为制空战斗 机和多用途战斗机。历史上第一款名义上的战斗机是1913年法国的莫 兰-索尼耶L单翼机。到一战结束，战斗机有了基本型态的雏型：以小 型机为主，强调运动性，需要有向前射击的固定武装。到了1930年 代，动力系统从活塞转为喷气式，并逐渐引入了雷达、导弹等新的系 统和能力。伴随着产品的不断迭代升级，也改变着战斗机的功能、战 术和性能。 进入喷气时代，战斗机逐渐有了代次的划分。从气动外形、动力装 ...