丨证券研究报告丨 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SAC：S0490525040001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% 公司研究丨点评报告丨中航重机（600765.SH） [Table_Title] 收入利润"双过半"，积极拓展"大国防"业务 报告要点 [Table_Summary] 公司发布 25 年半年报，25H1 实现营收 57.51 亿元，同比减少 4.51%；归母净利润 4.92 亿元， 同比减少 32.59%；扣非归母净利润 4.8 亿元，同比减少 30.63%。其中 25Q2 实现营收 34.44 亿元，同比增长 11.2%，环比增长 49.34%；归母净利润 2.94 亿元，同比减少 27.5%，环比增 长 48.74%；扣非归母净利润 2.92 亿元，同比减少 27.68%，环比增长 55.68%。 research.95579.com 1 中航重机（600765.SH） cjzqdt11111 公司发布 25 年半年报，25H1 实现营收 57.51 亿元，同比减少 4.51%； ...

Core Insights - The company reported a revenue of 14.628 billion yuan and a net profit of 1.136 billion yuan for the first half of 2025, with basic earnings per share at 0.41 yuan, indicating a phase of performance adjustment due to industry cyclicality and product delivery schedules, but significant improvements in operating cash flow and asset scale were noted, laying a solid foundation for long-term development [2] Financial Structure Optimization - As of the end of June, the company's total assets reached 64.178 billion yuan, a 4.20% increase from the end of the previous year; net assets attributable to shareholders were 17.614 billion yuan, up 3.15%, indicating steady asset expansion to support business growth [3] - The net cash flow from operating activities significantly improved to 3.087 billion yuan, a substantial increase compared to the same period last year, primarily due to increased cash receipts from sales of goods and services, reflecting enhanced operational collection capabilities [3] - The balance of special payables at the end of the period was 31.704 billion yuan, earmarked for national defense research and infrastructure technical transformation projects, ensuring funding needs for core business [3] Technological Innovation - The company made significant strides in core capability development, with a key focus on a 4 billion yuan targeted fundraising initiative, which was allocated to four major projects: local relocation construction (1.922 billion yuan), composite material production line capacity building (486 million yuan), titanium alloy production line capacity building (355 million yuan), and aircraft maintenance service capability enhancement (393 million yuan) [4] - The local relocation project is progressing smoothly, with a land use rights transfer contract signed in December 2023, facilitating the upgrade of core manufacturing capabilities within Shenyang [4] - The company continues to upgrade its digital intelligent manufacturing system, maintaining a leading position in large structural component CNC processing and composite material applications, with the new generation stealth fighter J-35A showcased at the Zhuhai Airshow and Paris Airshow, demonstrating its technological strength [4] ESG and Corporate Governance - The company systematically revised its articles of association and governance rules, advancing supervisory board reforms and improving information disclosure and fundraising management systems, establishing a closed-loop management system for modern enterprise governance in China [5] - The investor return mechanism has been further improved, with the establishment of a market value management system and the first cash dividend of 386 million yuan planned for the first three quarters of 2024, alongside initiatives to enhance communication channels with investors [5] - In terms of ESG management and social responsibility, the governance layer has integrated ESG functions and established a unique indicator system, achieving a Wind ESG "AA" rating for two consecutive years, ranking first in the aerospace and defense III industry with a comprehensive score of 8.86 [5]

Investment Rating - The industry is rated positively, expecting an overall return exceeding 5% above the CSI 300 index in the next six months [48] Core Insights - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, indicating significant room for growth. The industry is anticipated to recover from a two-year downturn, entering a phase of performance improvement and valuation enhancement, particularly in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology sectors [4][10] - The successful production of the first barrel of uranium from the "Guo Uranium No. 1" project marks a breakthrough in China's natural uranium production, enhancing energy resource security and international influence in uranium resource development [3][16] Summary by Sections Industry Perspective - China's defense spending is expected to grow significantly, potentially outpacing GDP growth in the long term. The year 2025 is seen as a turning point for the industry, with a return to normal order levels and a "Davis Double-Click" phase anticipated for the military industry sector [4][10] Market Performance - The aerospace and defense index decreased by 0.11% this week, while the CSI 300 index increased by 1.18%. Monthly performance shows the aerospace and defense index up by 7.46%, compared to a 3.33% increase in the CSI 300 index [11] Industry News - The "Guo Uranium No. 1" project in Inner Mongolia has successfully produced its first barrel of uranium, marking a significant advancement in China's uranium production capabilities. This project is expected to enhance the country's uranium resource security and has introduced innovative extraction techniques [16][17] - The UK and France have agreed to coordinate their nuclear deterrent forces, marking a significant step in defense collaboration between the two nations [18] - The Pentagon has announced a major transformation to equip the military with thousands of drones, driven by lessons learned from the Ukraine conflict [19][20] Company Tracking - Various companies in the sector have released performance forecasts, with some expecting significant losses while others anticipate substantial profit increases. For instance, China Heavy Industry expects a net profit of between 1.5 billion to 1.8 billion yuan, representing a year-on-year increase of 181.73% to 238.08% [30]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.59 billion in 2024, a year-on-year decrease of 30.02%, and a net profit attributable to shareholders of 380 million, down 49.12% year-on-year [2][5]. - In Q4 2024, the company achieved a revenue of 227 million, a year-on-year decrease of 29.8%, but a quarter-on-quarter increase of 382.99% in net profit [2][5]. - For Q1 2025, the company reported a revenue of 403 million, a year-on-year decrease of 21.07%, with a net profit of 129 million, down 22.92% year-on-year [2][5]. - The company signed contracts worth approximately 875.34 million (including tax) in April 2025, which is expected to positively impact its performance for the year [11]. Summary by Sections Financial Performance - 2024 total revenue was 1.59 billion, with a gross profit margin of 34.44%, down 9.05 percentage points year-on-year [11]. - Q4 2024 gross profit margin was 47.75%, up 0.72 percentage points year-on-year and up 51.52% quarter-on-quarter [11]. - Q1 2025 gross profit margin was 42.75%, up 0.43 percentage points year-on-year [11]. Business Development - The company is actively expanding new production capacity and business lines, with construction projects totaling 1.018 billion at the end of Q1 2025, a 3% increase from the beginning of the year [11]. - The company is conducting feasibility studies for new business opportunities, particularly in the aircraft assembly sector, which may benefit from the delivery of domestically produced large aircraft [11]. Profit Forecast - The company is expected to achieve net profits of 606 million, 831 million, and 998 million for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 59%, 37%, and 20% [11].

2025-03-03 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2025.02.24-2025.03.02)：南部战区、中国海警位黄岩岛领海及周 边区域开展警巡 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% Feb/24 Mar/24 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 行业观点： 国际地缘政治紧张局势加剧，全球进入新一轮军备扩张周期。近 年来，我国在绝大多数年份国防支出预算增速均高于 GDP 增速。我们 认为，中国的国防支出仍有较大增长空间，未来或将长期高于 GDP 增 速。2025 年是"十四五"收官之年，行业有望摆脱近两年的低迷 期，迎来全面复苏的景气拐点。随着订单恢复正常并陆续释放，军工 板块或将进入业绩改善与估值提升的"戴维斯双击"阶段，建议关注 先进战机、低空经济、国产大飞机、卫星互联网、水下攻防等领域中 竞争格局好、技术壁垒高的优质龙头公司。 风险提示： 【太平洋证券】国防 ...