Financial Performance - The company reported a basic earnings per share of 0.0300 yuan for Q1 2025, a decrease of 62.5% compared to 0.0800 yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 2.1 billion yuan, down 32.04% from 3.09 billion yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.2 billion yuan, representing a decline of 67.21% from 0.61 billion yuan in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 was 0.86%, a significant drop of 64.61% compared to 2.43% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 53,569.25 million shares, accounting for 67.7% of the circulating shares, with a decrease of 743,600 shares from the previous period [2] - China Aviation Industry Corporation holds 11,211.20 million shares, representing 14.17% of the total share capital, and is a new entrant among the top shareholders [2] - The top shareholder, AVIC Systems Co., Ltd., maintains its position with 32,459.24 million shares, accounting for 41.02% of the total shares [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in this period [3]

Group 1 - The core viewpoint of the news is the establishment of a platform for value enhancement among listed companies in Henan, aimed at improving development quality and increasing investor returns [1][2] - A total of 37 major A-share companies and H-share representatives participated in the exchange meeting, sharing experiences and practices for value enhancement [1] - The "Henan Listed Company Value Enhancement Professional Committee" was established to serve as a platform for ongoing communication and to promote value enhancement practices [1][2] Group 2 - Participating companies expressed commitment to implementing the new "National Nine Articles" spirit, focusing on internal system establishment and value management centered on investors [2] - The meeting enriched the practical experience of value enhancement for Henan listed companies through the sharing of case studies and best practices [2] - The Henan Listed Company Association plans to leverage the meeting's outcomes to solidify responsibilities, enhance value management tools, and contribute to the stability and prosperity of the capital market [2]

Group 1: Company Overview - AVIC Chengfei is a major base for the research, production, and export of aviation equipment in China, recognized as a key enterprise at national and provincial levels [2] - The company has developed various aircraft including the J-20 and J-10, and possesses a complete design and manufacturing system for aircraft components [2] Group 2: Financial Performance - In Q1 2025, the company's sales revenue is expected to decline due to concentrated product delivery in Q1 2024, resulting in a high comparative base [3] - Profitability is impacted by decreased sales revenue and consistent management expenses, leading to a decline in gross margin [3] - The company is on track to meet its operational targets for 2025, with revenue expected to rise as product delivery begins in Q2 [3] Group 3: Technological Innovation - The company emphasizes technological innovation and has established multiple national and provincial innovation platforms, increasing R&D investment year-on-year since the 14th Five-Year Plan [3] - Key projects include the development of a hydrogen-powered drone with a 30-hour flight capability and the establishment of an intelligent factory recognized by the Ministry of Industry and Information Technology [3] - The company is implementing a "Hundred Regiments War" initiative to foster innovation and streamline project approval processes [4] Group 4: Market Value Management - The company is building a value management system focused on high-quality development, aiming to enhance investment value and shareholder returns through various strategies [4] - Strategies include high-quality information disclosure, cash dividends, stock buybacks, and employee stock ownership plans [4] Group 5: Governance and Compliance - Following a significant restructuring, the company is updating its governance structure and internal management systems to align with regulatory requirements and operational realities [4] - The goal is to establish a comprehensive, efficient, and clear governance framework to support high-quality development [4]

Group 1: Business Outlook - The company expects a decline in revenue for 2025 due to peak demand for certain military products and tax policies, but long-term trends remain positive with new models and market expansions [2] - The military aviation power control business is driven by rapid growth in maintenance services and urgent demand for new models [2] - The company is actively pursuing opportunities in general aviation and international trade, aiming to increase market share despite short-term challenges from trade tensions [2][5] Group 2: Financial Performance - In 2024, the repair business revenue is projected to increase to approximately 16%, with a year-on-year growth of about 290 million [3] - International cooperation revenue grew by 5.48%, but gross margin slightly decreased due to rising material costs and increased R&D efforts [5] - Subsidiary West Control Technology reported revenue of 2.383 billion, a year-on-year increase of 2.28%, while Guizhou Honglin achieved revenue of 1.685 billion, remaining stable [6] Group 3: Product Development - The company is focusing on the development of high-end pumps and electro-hydraulic products, which are expected to support future revenue growth [2] - The company is advancing the development of various control systems for commercial engines, with significant progress in the Longjiang series [3] - The company is also exploring maintenance services for domestic aircraft like C919, which is expected to positively impact future performance [3] Group 4: Challenges and Risks - The company faces challenges with accounts receivable due to industry settlement characteristics, with approximately 90% of revenue coming from military products [7] - Operating cash flow turned negative in 2024, influenced by the timing of accounts receivable, but is expected to improve in early 2025 [7] - The company is navigating uncertainties in international cooperation due to potential impacts from U.S. tariff policies [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [6]. Core Insights - The company experienced a significant decline in revenue in 2024, with a total revenue of 538 million yuan, down 43.62% year-on-year, and a net profit attributable to shareholders of 16 million yuan, down 92.57% [1][2]. - In Q1 2025, the company reported a revenue of 262 million yuan, reflecting a year-on-year increase of 9.27%, and a net profit of 53.8 million yuan, although this was still a decline of 26.72% compared to the previous year [1][2]. - The company’s landing gear business is expected to ramp up, with significant revenue potential as various models reach important application milestones [3]. - The domestic aviation brake products are poised to benefit from the trend of localization and self-sufficiency in the aviation supply chain, particularly as domestic airlines face rising import costs [4]. Summary by Sections Financial Performance - In 2024, the company’s revenue from various segments included 163 million yuan from aircraft brake control systems, 210 million yuan from wheels, 65.83 million yuan from testing, and 83.62 million yuan from landing gear, with respective year-on-year changes of -60.60%, -35.98%, -65.80%, and +1766.18% [2]. - The gross margins for these segments were 56.08%, 63.46%, 64.90%, and 13.91% respectively, indicating a shift towards lower-margin products [2]. Business Development - The company has made progress in the research and delivery of multiple landing gear types, with expectations for continued revenue growth in 2025 [3]. - A new surface treatment production line for military and civilian large aircraft landing gear has been put into operation, which is expected to enhance cost efficiency and support production and delivery timelines [3]. Market Outlook - The report forecasts a recovery in net profit, projecting 188 million yuan in 2025, 355 million yuan in 2026, and 461 million yuan in 2027, with corresponding EPS estimates of 0.57, 1.07, and 1.39 yuan [4][5]. - The company’s current stock price corresponds to a PE ratio of 47x for 2025, 25x for 2026, and 19x for 2027, suggesting potential for valuation improvement as earnings recover [4][5].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600038 证券简称：中直股份 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人闫灵喜、主管会计工作负责人章苑及会计机构负责人（会计主管人员）章苑保证季度报告中 财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, primarily due to delayed contract signings and an increase in the proportion of lower-margin landing gear business, but anticipates a recovery in demand and growth in the coming years [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 538 million yuan, a year-over-year decrease of 43.62%, and a net profit of 16.15 million yuan, down 92.57% year-over-year [1]. - The company's various business segments experienced revenue declines, with the aircraft brake control systems and wheels generating 163 million yuan (down 60.60%), testing and inspection services at 210 million yuan (down 35.98%), and brake discs at 66 million yuan (down 65.80%) [2]. - The landing gear business, however, saw a remarkable increase in revenue to 84 million yuan, a year-over-year growth of 1766.18%, marking it as a new growth curve for the company [2]. Group 2: Future Outlook - For Q1 2025, the company reported revenue of 262 million yuan, a year-over-year increase of 9.27%, while net profit was 54 million yuan, down 26.72% due to increased R&D expenses and credit impairment losses [3]. - The company expects demand in the military aircraft sector to gradually recover, with significant growth anticipated in the wheels and brake discs segments, and the landing gear business emerging as a new growth point [3]. - The civil aviation brake business is expected to benefit from domestic substitution opportunities, particularly as the cost of imported materials rises, leading to potential rapid growth [3]. Group 3: Profit Forecast and Valuation - The company forecasts net profits of 249 million yuan, 351 million yuan, and 459 million yuan for 2025-2027, reflecting a downward adjustment due to increased R&D investment and a higher proportion of lower-margin landing gear revenue [4]. - The target price for the company is set at 40.60 yuan, based on a 54 times PE ratio for 2025, indicating a significant increase from the previous target of 23.46 yuan [4].

Group 1 - The report highlights three main investment directions: 1) Technology AI+ led by Deepseek breakthroughs and open-source initiatives, 2) Valuation recovery and gradual revival of consumer stocks, 3) The rise of undervalued dividends [2] - Overall industry sentiment shows an upward trend in sectors such as machinery, food and beverage, non-bank financials, real estate, environmental protection, and retail, while sectors like oil and petrochemicals, pharmaceuticals, home appliances, banking, and public utilities are trending downward [2][20] - The report predicts strong performance in specific sub-industries over the next four weeks, emphasizing automotive services, general equipment, logistics, components, specialized equipment, paper, semiconductors, wind power equipment, consumer electronics, motors, textiles, optical electronics, photovoltaic equipment, jewelry, and infrastructure [2][20] Group 2 - In the agriculture sector, there is a strong short-term pig price due to a supply gap and inventory demand driven by state storage and increased channel inventory [3] - The report indicates a growing pressure on pig supply due to increasing inventory levels, with a notable rise in the number of small pigs stored [3] - The report recommends leading breeding companies such as Wens Foodstuffs, Muyuan Foods, and New Hope, while suggesting attention to flexible stocks like Shennong Group and Dekang Animal Husbandry [3] Group 3 - The aerospace industry is experiencing growth, with the domestic C919 aircraft entering commercial operation, leading to increased orders and production capacity [4][7] - The report anticipates significant benefits for the company as a key supplier in the aerospace engine industry, particularly with the development of advanced fighter jets and drones [4][7] - Revenue projections for the company are set at 44.84 billion, 54.48 billion, and 68.54 billion for 2025-2027, with a target price of 33.96 per share [7] Group 4 - The home appliance sector is seeing a return to growth, with new business and scenarios contributing to revenue despite short-term profitability pressure [8][29] - The company reported a revenue of 19.1 billion in 2024, with a slight increase in sales from industrial pumps and significant growth in the commercial pump segment [8][29] - The report maintains a "buy" rating for the company, projecting net profits of 2.7 billion, 3.3 billion, and 3.8 billion for 2025-2027 [29] Group 5 - The report on the food and beverage sector indicates a stable performance for Laobai Ganjiu, with revenue and net profit showing slight increases [10][14] - The company is benefiting from market dynamics in Hebei and Hunan, with a positive outlook for future sales growth [10][14] - The report adjusts profit forecasts for 2025-2026, expecting net profits of 8.87 billion and 10.27 billion, reflecting a cautious but optimistic view of the market [14] Group 6 - The cosmetics and personal care sector is experiencing a temporary performance pressure, but the color cosmetics business is showing remarkable growth [14][15] - The company reported a revenue of 57.36 billion in 2024, with a significant increase in color cosmetics sales [14][15] - The report anticipates a revenue growth trajectory for 2025-2027, with adjusted profit expectations reflecting competitive pressures in the market [15]

Financial Performance - The company's basic earnings per share for Q1 2025 is 0.0586 yuan, a decrease of 89.5% compared to Q1 2024, which was 0.5580 yuan [1] - The net profit for Q1 2025 is 1.56 billion yuan, down 89.54% from 14.91 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 is 33.09 billion yuan, representing an 81.1% decline from 175.1 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 is 0.80%, slightly down from 0.83% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 34,273.8 million shares, accounting for 58.01% of the circulating shares, with an increase of 2.2613 million shares compared to the previous period [2] - The largest shareholder is Hanzhong Hanhang Electromechanical Co., Ltd., holding 15,359.77 million shares, which is 26.00% of the total share capital [2] - The second-largest shareholder is Hanzhong Aviation Industry Group Co., Ltd., with 14,144.30 million shares, representing 23.94% of the total [2] Dividend Policy - The company has announced that it will not distribute or transfer any dividends this time [3]

数据四舍五入，查看更多财务数据>> | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.6900 | 1.3600 | -49.26 | 1.2600 | | 每股净资产（元） | 10.17 | 9.73 | 4.52 | 8.27 | | 每股公积金(元) | 4.53 | 4.56 | -0.66 | 4.49 | | 每股未分配利润(元) | 4.19 | 3.85 | 8.83 | 2.61 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 15.9 | 22.71 | -29.99 | 18.76 | | 净利润(亿元) | 3.8 | 7.47 | -49.13 | 6.25 | | 净资产收益率(%) | 6.80 | 15.97 | -57.42 | 22.71 | 一、主要会计数据和财务指标 二、前10名无限售条件股东持股情况 三、分红送配方案情况 10派2元(含税) 前十大流通股东累计持有： 214 ...