历时近三年的资本运作终现关键成果。 1月26日，中航成飞（302132.SZ）发布2025年度业绩预告，交出了完成百亿规模重大资产重组后的首份 年度成绩单。 财报显示，中航成飞预计2025全年实现归属于上市公司股东的净利润34亿元至36亿元，较重组前同期大 幅增长2927.37%至3105.45%；扣除非经常性损益后的净利润达32亿元至34亿元，同比增幅更高达 3280.32%至3491.58%。 这一业绩表现不仅远超市场预期，也标志着公司通过重组实现了经营层面质的跨越。 本次业绩爆发式增长的核心驱动力，源于2025年1月正式完成的与成飞集团的重大资产重组交割。 中航成飞表示，主营业务由测控类产品拓展至航空装备整机及部附件研制生产，进一步增强抗风险能力 和核心竞争力，大幅提升公司盈利能力。 在当前深化国资国企改革、推动优质资产证券化的政策背景下，中航成飞此番"重组即增效"，为资本市 场提供了通过战略并购实现产业整合的鲜活案例，亦预示着公司在航空制造领域的长期发展路径已进入 全新阶段。 业绩强势反弹 2025年对中航成飞而言是一个完整的财务年度，也是检验其"百亿重组"成果的关键一年。纵观全年业绩 表现，公司呈现 ...

历时近三年的资本运作终现关键成果。 1月26日，中航成飞（302132）（302132.SZ）发布2025年度业绩预告，交出了完成百亿规模重大资产重 组后的首份年度成绩单。 财报显示，中航成飞预计全年实现归属于上市公司股东的净利润34亿元至36亿元，较重组前同期大幅增 长2927.37%至3105.45%；扣除非经常性损益后的净利润达32亿元至34亿元，同比增幅更高达3280.32% 至3491.58%。 这一业绩表现不仅远超市场预期，也标志着公司通过重组实现了经营层面质的跨越。 面对营收与净利润的双重下滑压力，该公司进入第三季度后，实现了业绩的强势反弹。 具体到单季度表现，第三季度公司实现营业收入275.84亿元，同比大幅增长139.04%。这一强劲增长一 举扭转了上半年的下滑态势，成为全年业绩的转折点。 净利润指标同样显著改善。前三季度公司归母净利润为21.69亿元，尽管同比下滑35.21%，但单季度归 母净利润达12.56亿元，同比增长169.53%。 更为亮眼的是扣非净利润指标，前三季度公司扣非净利润为21.10亿元，同比增长2432.10%，其中第三 季度单季度扣非净利润12.55亿元，同比增幅高达 ...

主营业务在行业领先的同时，中航成飞日前还布局"昊龙"空天飞机，开启了商业航天关键一步。 2025年12月16日，中航成飞全资子公司成飞工业集团拟实施空天装备装配基地建设项目，该项目计划总 投资约10亿元，主要目的是构建空天装备能力，为"昊龙"空天飞机等空天装备研制生产任务奠定基础。 资料显示，"昊龙"实现了可重复使用，能再入大气层飞行、水平着陆，实现航天器航班化的回收处置和 重复使用，大幅降低货运飞行器的重复使用周期和单次任务成本。其采用带翼构型，具有更多的返回机 会、更好的再入返回条件，支撑货物下行能力。 中航成飞自重组上市后，产业链布局持续拓展，产业控制力显著增强，构建起全链条航空产业体系并实 现数字化协同升级。深耕军贸40余年，在巩固航空主业领先优势的同时，中航成飞瞄准商业航天赛道， 通过布局"昊龙"空天飞机及建设空天装备装配基地，迈出关键一步，有望开启全新发展空间。 《每日经济新闻》记者注意到，重组上市后，中航成飞产业链和产业控制力得到了扩展和增强，目前公 司下属企业主要包括贵飞、国创中心、长飞、成飞民机、电测、成飞航产、成飞会议，已形成覆盖科技 创新、产品设计、生产制造、维修与服务保障及航空制造配套 ...

Core Viewpoint - The report from Guojin Securities highlights that AVIC Chengfei has laid out plans for the Haolong spaceplane, marking a significant advancement for the leading aerospace manufacturer in the commercial space sector [1] Group 1: Company Overview - Haolong is China's first independently developed reusable cargo spaceplane, designed and developed by Chengfei, aimed at creating a low-cost transportation system for commercial space stations [1] - The Haolong spaceplane possesses unique advantages of low cost, high efficiency, and flexibility, positioning the company favorably in the aerospace market [1] Group 2: Industry Implications - As a leading aerospace manufacturer, the company is expected to leverage the Haolong spaceplane to successfully enter a new layout in the commercial aerospace field [1] - The integration of research and production within the company, with Chengfei responsible for design and the company handling large-scale commercial production, enhances its competitive edge [1] - The company is identified as a rare innovative aerospace manufacturer in China, with prospects for accelerated development in both domestic and military trade sectors [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company is set to invest approximately 1 billion RMB in the construction of an aerospace equipment assembly base, which aims to establish capabilities for the development and production of aerospace equipment, including the "Haolong" spaceplane [2]. - The "Haolong" aircraft is China's first reusable cargo spaceplane, designed for low-cost transportation systems for commercial space stations, offering significant advantages in cost efficiency and operational flexibility [3]. - The market potential for commercial space services, such as supply to space stations and satellite deployment, is vast, aligning with the company's strategic positioning as a leading aerospace manufacturer [3]. - The company is expected to see substantial growth in net profit from 2025 to 2027, with projections of 3.79 billion RMB, 4.76 billion RMB, and 5.71 billion RMB, reflecting year-on-year growth rates of 3271.88%, 25.81%, and 19.85% respectively [3][8]. Financial Projections - Revenue is projected to grow significantly from 1.68 billion RMB in 2023 to 80.61 billion RMB in 2025, representing a staggering growth rate of 4429.50% [8]. - The company's diluted earnings per share are expected to increase from 0.17 RMB in 2023 to 1.42 RMB in 2025 [8]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 263.28 in 2023 to 51.74 in 2025, indicating improving valuation metrics as profitability increases [8].