Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The company achieved a record high revenue of 7.45 billion yuan in 2025, representing a year-on-year growth of 41.8%. The net profit attributable to shareholders was 40 million yuan, with a growth of 1.3%, while the net profit excluding non-recurring items increased by 42.4% to 37 million yuan. The growth in revenue was primarily driven by an increase in product deliveries [4][9] - The company expects a significant increase in related procurement for 2026, with a projected upper limit of 2.9 billion yuan, which is a 50% increase compared to the actual amount in 2025. The positive outlook is supported by the development of trainer aircraft and the C919 domestic aircraft business [6][9] Financial Performance Summary - In 2025, the company reported quarterly revenues of 510 million, 1.01 billion, 1.61 billion, and 4.32 billion yuan, with year-on-year growth rates of 90.6%, -7.4%, -3.4%, and 94.2% respectively. The net profits for the quarters were -10 million, 10 million, 10 million, and 30 million yuan [6] - The company’s revenue from other aviation products increased by 56.7% to 5.61 billion yuan, while the revenue from trainer aircraft grew by 7.6% to 1.77 billion yuan, benefiting from increased delivery quantities and improved gross margins [6][9] - The company’s financial forecasts for 2026 to 2028 indicate revenues of 10.29 billion, 14.45 billion, and 18.96 billion yuan, with corresponding growth rates of 38%, 40%, and 31% respectively. The net profit is expected to reach 158 million, 254 million, and 368 million yuan in the same years [8][9]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of HKD 4.86 [6]. Core Views - The company achieved a revenue of CNY 89.442 billion in 2025, representing a year-on-year increase of 2.84%, while the net profit attributable to shareholders was CNY 1.765 billion, down 19.30% year-on-year [1]. - The revenue from aviation equipment systems grew steadily, but the gross margins for both complete aircraft and supporting products faced pressure [1]. - The company is strategically investing in the development of a fully tilting flight control system, collaborating with a subsidiary to enhance its technological capabilities [3]. Financial Summary - The company's main revenue for 2025 was CNY 88.799 billion, with a projected increase to CNY 93.5 billion in 2026 and CNY 98.5 billion in 2027 [4]. - The net profit attributable to shareholders is expected to rise from CNY 1.765 billion in 2025 to CNY 1.937 billion in 2026 and CNY 2.132 billion in 2027, reflecting growth rates of 9.8% and 10.1% respectively [4]. - The average PE ratio for comparable companies is projected to be 48 and 38 times for 2026 and 2027, respectively, while the company is given a PE of 20 times for 2026 [4][11]. Company Performance - The subsidiary Hongdu Aviation reported a revenue of CNY 7.449 billion in 2025, a significant increase of 41.83% year-on-year, marking a historical high [2]. - The company’s gross margin for aviation equipment systems was 27.66%, down 3.63 percentage points year-on-year, while the gross margin for aviation engineering services improved to 12.82% [1].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company has demonstrated stable operating performance, with a focus on developing its second growth curve in civil aviation, high-end equipment, and international business [7] - The company achieved a revenue of RMB 24.212 billion in 2025, representing a year-over-year growth of 1.39%, and a net profit attributable to shareholders of RMB 1.067 billion, with a year-over-year increase of 2.56% [7] - The company is expected to benefit from the upward demand in the aviation equipment sector, with a projected EPS of RMB 0.25, RMB 0.30, and RMB 0.39 for 2026, 2027, and 2028 respectively [7] Financial Performance Summary - Revenue and Profitability: - Revenue for 2024 is projected at RMB 23.880 billion, with a decline of 17.7%, followed by a slight increase of 1.4% in 2025 [2] - EBITDA is expected to be RMB 3.248 billion in 2024, with a gradual increase in subsequent years [2] - Net profit attributable to shareholders is forecasted to be RMB 1.041 billion in 2024, with a significant decline of 44.8% [2] - Margins: - The gross margin for 2025 is reported at 28.70%, showing a year-over-year increase of 0.52 percentage points [7] - The net profit margin for 2025 is 5.55%, reflecting a year-over-year increase of 0.55 percentage points [7] - Business Segmentation: - Revenue from aviation products, non-aviation defense, and modern industries accounted for 78%, 5%, and 17% respectively in 2025, with respective year-over-year changes of -3.31%, +36.21%, and +19.03% [7] - The automotive products segment generated revenue of RMB 3.188 billion, with a year-over-year growth of 35.48% [7] Valuation - The reasonable value of the company is estimated at RMB 15.26 per share, based on a PE ratio of 60 times for 2026 [7]

Core Insights - The report emphasizes the construction of a strategy portfolio based on industry and thematic ETFs, leveraging quantitative analysis of industry style continuation and switching perspectives [2]. - The strategy update indicates adjustments in holdings, with specific ETFs being added or maintained based on their performance and market signals [3][12]. ETF Holdings and Performance - The report lists various ETFs along with their market values and sector weights, highlighting significant holdings such as the Shipbuilding ETF with 41.57% in marine equipment and the Wine ETF with 84.12% in liquor [3]. - The strategy's cumulative net return from March 23 to March 27, 2026, was approximately -1.33%, with an excess return of about 0.15% compared to the CSI 300 ETF [3][11]. - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 27.53%, outperforming the CSI 300 ETF by about 8.23% [3]. Recommended Sectors and Products - For the upcoming week, the report recommends focusing on sectors such as marine equipment, liquor, and securities, with specific ETFs like the Shipbuilding ETF and Securities Insurance ETF being highlighted for addition to the portfolio [12]. - The report also notes that some ETFs and indices have provided daily or weekly risk signals, indicating potential market volatility [12].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The Financial Street Securities Research Institute constructs a strategy portfolio based on industry and thematic ETFs, and the model recommends allocating sectors such as marine equipment, liquor, and securities in the week of March 30, 2026 [2][12] - The strategy will newly hold products like the Ship ETF Fuguo, Securities and Insurance ETF E Fund, and Aerospace ETF Huatai-PineBridge, and continue to hold products like the Liquor ETF Penghua and Building Materials ETF Guotai in the next week [12] - As of last weekend, the trading timing signals of some ETFs and underlying indexes gave daily or weekly risk warnings [12] Group 3: Summary by Relevant Catalogs Strategy Portfolio Construction - The Financial Street Securities Research Institute constructs a strategy portfolio based on industry and thematic ETFs, referring to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2] ETF Portfolio Information - The ETF portfolio includes multiple products such as the Ship ETF Fuguo, Liquor ETF Penghua, and Securities and Insurance ETF E Fund, with details on their market values, holding situations, heavy - held Shenwan industries and their weights, as well as weekly and daily timing signals [3] Performance Tracking - From March 23 to March 27, 2026, the cumulative net return of the strategy was approximately - 1.33%, and the excess return relative to the CSI 300 ETF was approximately 0.15% [3] - From October 14, 2024, to March 27, 2026, the out - of - sample cumulative return of the strategy was approximately 27.53%, and the cumulative excess return relative to the CSI 300 ETF was approximately 8.23% [3] ETF Portfolio Changes - In the week of March 23 - 29, 2026, some ETFs such as the Film and Television ETF Yin Hua, Telecommunications ETF E Fund were调出, while the Liquor ETF Penghua and Building Materials ETF Guotai were continued to be held. The average return of the ETF portfolio was - 1.33%, and the excess return relative to the CSI 300 ETF was 0.15% [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved a revenue of 24.21 billion (up 1.39% year-on-year) and a net profit attributable to shareholders of 1.07 billion (up 2.56% year-on-year) for the year 2025. In Q4 2025, the revenue was 7.44 billion (up 1.71% year-on-year, up 32.98% quarter-on-quarter), with a net profit of 78 million (up 147.9% year-on-year, down 77.67% quarter-on-quarter) [5][11]. - The revenue structure is continuously optimizing, with non-aerospace product revenue accounting for 13.17% of total revenue, an increase of 3.31 percentage points compared to 2024. The gross margin for the automotive manufacturing sector reached 25.81%, up 5.16 percentage points from 2024 [5][11]. - The company is positioned as a leading domestic airborne flagship platform enterprise, with expectations for steady performance improvement due to its diversified industry layout [11]. Summary by Sections Financial Performance - In Q4 2025, the company reported a sales gross margin of 30.42%, a decrease of 2.26 percentage points year-on-year. The period expense ratio was 28.06%, down 2.77 percentage points year-on-year, while the net profit margin increased by 4.18 percentage points year-on-year to 2.43% [5][11]. - The company generated foreign revenue of 1.38 billion, accounting for 5.71% of total revenue, an increase of 1.92 percentage points year-on-year, with a gross margin of 26.69%, up 5.82 percentage points year-on-year [5][11]. Industry Outlook - The company is expanding into various sectors, including civil aviation equipment, automotive, engineering vehicles, and international military trade, which is expected to significantly enhance future revenue potential [11]. - The transition of military aircraft from early mechanization to information and intelligence is anticipated to increase the value proportion of airborne systems in aircraft [11]. - The domestic large aircraft C919 has achieved a breakthrough and is in a rapid ramp-up phase, with airborne equipment expected to account for approximately 25-30% of its value [11]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders is 1.24 billion, 1.50 billion, and 1.83 billion for 2026, 2027, and 2028, respectively, with year-on-year growth rates of 16.25%, 21.00%, and 21.68%. The corresponding price-to-earnings ratios are projected to be 50.54, 41.77, and 34.33 [11].

Investment Rating - The report maintains an "Accumulate" rating for Hongdu Aviation (600316.SH) [1] Core Views - The company achieved a record high revenue of 7.449 billion RMB in 2025, representing a year-on-year increase of 41.8%. The net profit attributable to shareholders was 40 million RMB, up 1.3% year-on-year. In Q4 2025, revenue reached 4.316 billion RMB, showing a significant year-on-year growth of 94.2% and a quarter-on-quarter increase of 168.2% [1][2] - The growth in revenue is driven by high demand for aviation defense products and a substantial increase in the gross margin of trainer aircraft, which rose to 9.84%, an increase of 6.56 percentage points year-on-year. The overall gross margin for the year was 2.95%, a decrease of 0.65 percentage points year-on-year [1][2] - The company is expected to benefit from military trade and ammunition market growth, with projected net profits for 2026-2028 at 120 million, 202 million, and 306 million RMB respectively, corresponding to EPS of 0.17, 0.28, and 0.43 RMB, with PE ratios of 240, 143, and 94 times [3] Summary by Sections Revenue and Profitability - In 2025, the company reported a revenue of 7.449 billion RMB, with a growth rate of 41.83%. The net profit attributable to shareholders was 40 million RMB, with a growth rate of 1.33% [7] - The gross margin for trainer aircraft significantly improved, while other aviation products faced margin pressure due to low-cost military product development [1][2] Cash Flow and Inventory - The net cash flow from operating activities improved to 165 million RMB in 2025, compared to a negative 566 million RMB in 2024. Inventory decreased by 26.3% year-on-year to 2.239 billion RMB, and contract liabilities fell by 33.5% to 2.840 billion RMB [2] Market Outlook - The company has a comprehensive production capability for various trainer aircraft and is expanding into international military trade markets. The civil aviation supply chain is also progressing, with potential for new growth driven by efficiency and digital upgrades [2]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 36.34 CNY and a fair value of 42.87 CNY [5]. Core Insights - The company has shown a significant recovery trend in its performance for 2025, with revenue reaching 918 million CNY, a year-on-year increase of 70.66%, and a net profit of 200 million CNY, up 1138.28% [5][6]. - The growth in revenue is attributed to the normalization of contract signing processes and improved efficiency in client personnel adjustments, leading to a substantial rebound in income [6]. - The company is positioned to benefit from both military and civilian markets, with a focus on the dual-use landing gear systems and brake products, and is transitioning from a component supplier to a system-level supplier [5][39]. Summary by Sections Financial Performance - In 2025, the company reported a gross margin of 48.06%, a decrease of 4.77 percentage points year-on-year, while the net profit margin increased by 19.07 percentage points to 22.76% [5][6]. - Revenue forecasts for 2026 to 2028 are projected at 1.13 billion CNY, 1.40 billion CNY, and 1.75 billion CNY respectively, with growth rates of 22.8%, 24.0%, and 25.4% [4][39]. Business Segments - The landing gear systems segment generated 614 million CNY in revenue, a 96.21% increase, while the testing services segment achieved 252 million CNY, growing by 20.06% [8][39]. - The company is actively expanding its production capacity and has plans to invest up to 1.97 billion CNY in projects aimed at enhancing its landing gear systems and civil aviation product capabilities [22][39]. Market Position and Strategy - The company is a leading player in the military and civilian dual-use landing gear systems and brake products, with a strong focus on integrating into the global landing gear market [15][39]. - The military aviation sector is expected to see sustained demand due to increased defense budgets and modernization efforts, while the civil aviation market is projected to grow significantly, driven by the expansion of the domestic aircraft fleet [27][39]. - The company is also enhancing its capabilities in the testing and inspection sector, which is crucial for the quality assurance of military equipment [31][39].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 中國航空科技工業股份有限公司 AviChina Industry & Technology Company Limited* (於中華人民共和國註冊成立之股份有限公司) (股份代號：2357) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下爲江西洪都航空工業股份有限公司於上海證券交易所網站刊發之公告。 承董事會命 中國航空科技工業股份有限公司 公司秘書 吳筠 北京，二零二六年三月二十七日 於本公告日，董事會由執行董事閆靈喜先生和孫繼忠先生，非執行董事徐東升先生、周訓文 先生、胡世偉女士和高繼明先生，以及獨立非執行董事劉威武先生、毛付根先生和林貴平先 生組成。 *僅供識別 江西洪都航空工业股份有限公司2025 年年度报告 公司代码：600316 公司简称：洪都航空 江西洪都航空工业股份有限公司 2025 年年度报告 1 / 143 江西洪都航空工业股份有限公司20 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 中國航空科技工業股份有限公司 AviChina Industry & Technology Company Limited* (於中華人民共和國註冊成立之股份有限公司) (股份代號：2357) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下爲中航機載系統股份有限公司於上海證券交易所網站刊發之公告。 承董事會命 中國航空科技工業股份有限公司 公司秘書 吳筠 北京，二零二六年三月二十七日 於本公告日，董事會由執行董事閆靈喜先生和孫繼忠先生，非執行董事徐東升先生、周訓文 先生、胡世偉女士和高繼明先生，以及獨立非執行董事劉威武先生、毛付根先生和林貴平先 生組成。 *僅供識別 中航机载系统股份有限公司 2025 年年度报告 公司代码：600372 公司简称：中航机载 中航机载系统股份有限公司 2025 年年度报告 1 / 251 中航机载系统股份有限公司 2025 年年度 ...