Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 19.416 billion yuan in the first half of 2025, a year-on-year decrease of 4.49%, while the net profit attributable to shareholders was 689 million yuan, an increase of 4.83% year-on-year [7] - The company is a core supplier of civil aircraft components and is actively participating in international cooperation and subcontracting work [7] - The company is expected to achieve revenues of 45.809 billion yuan, 49.473 billion yuan, and 53.926 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.108 billion yuan, 1.174 billion yuan, and 1.270 billion yuan for the same years [7] Financial Performance - In the first half of 2025, the company achieved a gross profit margin of 7.27%, an increase of 2.36 percentage points year-on-year, and a net profit margin of 3.55%, an increase of 0.32 percentage points year-on-year [7] - The company's revenue growth rates are projected to be 7.0% in 2023, 7.2% in 2024, 6.0% in 2025, 8.0% in 2026, and 9.0% in 2027 [6][8] - The earnings per share (EPS) are expected to be 0.40 yuan in 2025, 0.42 yuan in 2026, and 0.46 yuan in 2027 [6][8] Market Performance - The company's stock price closed at 28.09 yuan as of August 27, 2025 [2] - The company has shown a market performance of -9% over the last 12 months compared to the CSI 300 index [4]

Core Viewpoint - The company, AVIC Xi'an Aircraft Industry Group, focuses on the research, manufacturing, sales, maintenance, and service of large and medium-sized transport aircraft, bombers, and special aircraft, differentiating its product types and structures from those of AVIC Shenyang Aircraft Corporation and AVIC Chengdu Aircraft Industry Group [1] Group 1 - In the second quarter of 2025, the stock performance of AVIC Xi'an Aircraft Industry Group outperformed the military industry sector, indicating the effectiveness of the company's focus on its core business and enhancement of core competitiveness [1] - The company plans to continue deepening its focus on the aviation sector, emphasizing research and production, technological innovation, and management optimization to solidify its performance foundation [1] - The company aims to strengthen communication with investors, actively convey development value, and continuously improve its market value management level to strive for better returns for investors [1]