一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0017 | 0.0307 | -94.46 | 0.0128 | | 每股净资产（元） | 3.58 | 3.73 | -4.02 | 3.66 | | 每股公积金(元) | 2.93 | 2.93 | 0 | 2.93 | | 每股未分配利润(元) | -0.39 | -0.26 | -50 | -0.32 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.68 | 1.12 | 50 | 1.33 | | 净利润(亿元) | 0.01 | 0.18 | -94.44 | 0.07 | | 净资产收益率(%) | 0.05 | 0.83 | -93.98 | 0.35 | 本次公司不分配不转赠。 前十大流通股东累计持有： 20492.3万股，累计占流通股比： 35.76%，较上期变化： -68.20万股。 | 名称 | 持有数量 ...

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Capital Goods Index reported at 3466.88 points [1] - The CSI 300 Capital Goods Index has decreased by 7.46% in the past month, 4.71% in the past three months, and 7.97% year-to-date [2] - The index is composed of listed companies in the capital goods sector selected from the CSI 300 Index, reflecting the overall performance of these companies [2] Group 2 - The top ten weights in the CSI 300 Capital Goods Index are: CATL (22.14%), Huichuan Technology (4.95%), China State Construction (4.07%), SANY Heavy Industry (4.01%), Guodian NARI (3.25%), LONGi Green Energy (3.2%), Sungrow Power (3.02%), CRRC (3.02%), Weichai Power (2.92%), and XCMG (2.64%) [2] - The market share of the CSI 300 Capital Goods Index is 50.58% from the Shenzhen Stock Exchange and 49.42% from the Shanghai Stock Exchange [2] - The industry composition of the index includes: Power Equipment (49.10%), Machinery Manufacturing (28.23%), Construction Decoration (15.50%), and Aerospace and Defense (7.17%) [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special cases allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to calculation and maintenance guidelines [3]

Core Viewpoint - Boeing is facing significant challenges due to increased tariffs, leading to halted aircraft deliveries from Chinese customers and potential delays from airlines in the U.S. and Europe [1][6][12]. Financial Performance - Boeing has reported continuous losses for six years, with a net loss of $11.82 billion in 2024 and a further loss of $31 million in Q1 2025, despite some improvement [3][13]. - The company is undergoing a restructuring process, with 2025 seen as a critical year for recovery [3][13]. Tariff Impact - The introduction of tariffs has caused the cost of Boeing aircraft to double, making them unaffordable for many airlines [7][12]. - Chinese airlines have begun returning aircraft, with three planes already sent back, and further delays in accepting deliveries are expected [6][12]. Market Position - Boeing's market share in China has been declining, with Airbus now holding a 52.2% share compared to Boeing's 40.8% as of April 2024 [12]. - Boeing has 130 aircraft awaiting delivery in China, significantly lower than Airbus's planned deliveries of 136 aircraft in 2025 [10][12]. Strategic Moves - To alleviate financial pressure, Boeing has agreed to sell part of its digital aviation solutions business for $10.55 billion, which includes profitable subsidiaries like Jeppesen [14][15]. - The company is also focusing on maintaining close relationships with suppliers to mitigate the impact of tariffs on manufacturing costs [12][15].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 174 million in Q1 2025, representing a year-on-year growth of 8.37%. However, the net profit attributable to shareholders decreased by 3.07% to 31 million. The net profit excluding non-recurring items was 26 million, down 17.77% year-on-year. After adjusting for share-based payment expenses, the net profit reached 37 million, showing a growth of 15.43% year-on-year [2][6][12] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 174 million, up 8.37% year-on-year. The net profit attributable to shareholders was 31 million, down 3.07% year-on-year, while the net profit excluding non-recurring items was 26 million, down 17.77% year-on-year. Adjusted for share-based payment expenses, the net profit was 37 million, reflecting a year-on-year increase of 15.43% [2][6][12] Margin Analysis - The gross margin for Q1 2025 was 41.23%, a decrease of 1.31 percentage points year-on-year. The operating expense ratio increased to 19.57%, up 4.83 percentage points year-on-year. The net profit margin was 17.73%, down 1.38 percentage points year-on-year [12] Capacity Expansion and Business Development - The company is actively expanding new capacities and developing new businesses to meet downstream demand. As of the end of Q1 2025, fixed assets amounted to 863 million, a 0.73% increase from the beginning of the period. The inventory balance was 193 million, up 6.28% from the beginning of the period. The completion of investment projects has enhanced the company's production capabilities [12] Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 165 million, 222 million, and 290 million for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30%, 35%, and 31%. The corresponding price-to-earnings ratios are projected to be 31, 23, and 18 times [12]

Core Insights - The company, AVIC High-Tech (600862), reported a revenue of 1.401 billion yuan for the first quarter of 2025, representing a year-on-year growth of 6.38% [1] - The net profit for the same period was 358 million yuan, showing a year-on-year increase of 1.93% [1] Financial Performance - Revenue: 1.401 billion yuan, up 6.38% year-on-year [1] - Net Profit: 358 million yuan, up 1.93% year-on-year [1]

成都立航科技于2025年4月26日发布公告，披露关于回购注销限制性股票减资暨通知债权人的相关事 宜。 因激励对象离职及业绩未达标，拟回购注销40.26万股限制性股票 2025年4月25日，成都立航科技召开第三届董事会第七次会议、第三届监事会第六次会议，审议通过 《关于回购注 销限制性股票的议案》等议案。 此次回购注销完成后，公司股份总数将由77,907,622股变更为77,505,022股，注册资本也将相应变更为人 民币77,505,022元。 债权人可在45日内要求清偿债务或提供担保 由于本次回购注销部分股权激励限制性股票将导致注册资本减少，根据相关法律法规，公司通知债权 人，自本公告之日起四十五日内，债权人有权要求公司清偿债务或者提供相应的担保。若债权人未在规 定期限内行使上述权利，本次回购注销将按法定程序继续实施。 债权申报所需材料：法人：需携带法人营业执照副本原件及复印件、法定代表人身份证明文件；委托他 人申报的，还需法定代表人授权委托书和代理人有效身份证件的原件及复印件。自然人：需携带有效身 份证的原件及复印件；委托他人申报的，还需授权委托书和代理人有效身份证件的原件及复印件。 债权申报具体方式：登 ...

Core Points - The China A-shares market showed mixed performance with the CN Industrial Comprehensive Index closing at 2306.63 points, reflecting a decline of 7.42% over the past month, 1.74% over the past three months, and 3.58% year-to-date [1] Group 1: Index Overview - The CN Industrial Comprehensive Index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Index industry classification standard [1] - The index is based on a starting point of 1000.0 points as of December 31, 2004 [1] Group 2: Index Holdings - The top ten weighted stocks in the CN Industrial Comprehensive Index include CATL (6.13%), Beijing-Shanghai High-Speed Railway (1.72%), and others such as Huichuan Technology (1.38%) and Sany Heavy Industry (1.14%) [1] - The index's market segment distribution shows that the Shenzhen Stock Exchange accounts for 47.03%, while the Shanghai Stock Exchange accounts for 45.33% [2] Group 3: Industry Composition - The industry composition of the CN Industrial Comprehensive Index indicates that machinery manufacturing constitutes 29.03%, followed by electric power equipment at 28.24% and transportation at 14.11% [2] - Other notable sectors include construction decoration (9.83%), aerospace and defense (8.17%), and environmental protection (3.82%) [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, specifically on the second Friday of June and December, with provisions for temporary adjustments under special circumstances [3] - Adjustments occur when there are changes in the industry classification of sample companies or when companies are delisted [3]

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Capital Goods Index at 3459.62 points, reflecting a decline of 7.36% over the past month, 4.91% over the past three months, and 8.16% year-to-date [1] - The CSI 300 Capital Goods Index is composed of listed companies in the capital goods sector selected from the CSI 300 Index, aiming to represent the overall performance of these companies [1] - The index's top ten weightings include CATL (22.21%), Huichuan Technology (4.91%), China State Construction (4.08%), Sany Heavy Industry (4.01%), and others, indicating a concentration in a few key players [1] Group 2 - The CSI 300 Capital Goods Index has a market composition of 50.57% from the Shenzhen Stock Exchange and 49.43% from the Shanghai Stock Exchange, showing a balanced representation between the two exchanges [1] - In terms of industry composition, the index is heavily weighted towards power equipment (49.09%), followed by machinery manufacturing (28.23%), construction decoration (15.52%), and aerospace and defense (7.16%) [1] - The index sample is adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, ensuring that the index remains reflective of the current market conditions [2]

今天上午，一架尚未交付国航的波音737Max飞机从舟山波音完工中心起飞，目的地是波音总装厂所在 地西雅图。 在此之前，已有两架待交付厦航的波音飞机退回美国。由于"对等关税"，国内航司开始暂停接收波音飞 机，吉祥航空也确认推迟接收原本要交付的波音787飞机。 ...

Core Viewpoint - Boeing's first-quarter revenue exceeded market expectations, indicating a positive performance despite challenges in cash flow [1] Financial Performance - Boeing reported first-quarter revenue of $19.5 billion, surpassing market expectations of $19.37 billion [1] - The adjusted free cash flow for the first quarter was -$2.29 billion, better than the market expectation of -$3.42 billion [1] - Following the earnings report, Boeing's stock rose over 4% in pre-market trading [1]