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 company reported significant growth in Q3 2025, with revenue and net profit showing substantial increases, indicating a recovery in product delivery and strong operational performance [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 48.286 billion (+6.19%) and a net profit attributable to shareholders of 2.169 billion (-35.21%), with a non-recurring net profit of 2.110 billion (+2432.1%) [1]. - In Q3 2025, the company recorded revenue of 27.584 billion, a year-on-year increase of 139.04% and a quarter-on-quarter increase of 58.59% [1][2]. - The net profit attributable to shareholders for Q3 2025 was 1.256 billion, up 169.53% year-on-year and 66.11% quarter-on-quarter [1][2]. - The non-recurring net profit for Q3 2025 was 1.255 billion, reflecting a year-on-year increase of 7482.52% and a quarter-on-quarter increase of 73.01% [1][2]. Operational Analysis - The significant revenue growth in Q3 2025 is attributed to the recovery of product delivery schedules [2]. - The gross profit margin for Q3 2025 was 7.37%, a decrease of 0.38 percentage points year-on-year and 1.12 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 2025 was 4.55%, an increase of 0.52 percentage points year-on-year and 0.21 percentage points quarter-on-quarter [2]. - The expense ratio for the period was 2.12%, down 2.27 percentage points year-on-year and 0.55 percentage points quarter-on-quarter, indicating scale effects [2]. Business Outlook - The company has set a revenue target of 80 billion for the full year 2025, with Q1-Q3 revenue accounting for 60.36% of this target, suggesting potential acceleration in Q4 [3]. - The company has developed a comprehensive industrial system, enhancing its industry chain and control capabilities, with subsidiaries covering various aspects of aviation manufacturing and services [3]. - The company has a strong focus on military trade, with increased attention on its military products following recent international conflicts, and has been actively participating in exhibitions and market promotions [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 3.787 billion, 4.764 billion, and 5.710 billion for 2025-2027, representing year-on-year growth rates of 3272.88%, 25.81%, and 19.85% respectively [4]. - The projected price-to-earnings ratios for the same period are 64, 50, and 42, indicating a favorable long-term strategic positioning in the market [4].

Core Viewpoint - The report highlights that AVIC Chengfei (中航成飞) is expected to accelerate its product delivery pace in the second half of 2025, with a "buy" rating assigned by Guojin Securities [1] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 20.702 billion (-38.99%) and a net profit attributable to shareholders of 0.913 billion (-68.33%), while the non-recurring net profit was 0.855 billion (+1180.03%) [2] - For Q2 2025, the company reported revenue of 17.393 billion, a year-on-year increase of 5.9% and a quarter-on-quarter increase of 426%; the net profit attributable to shareholders was 0.756 billion, down 45.6% year-on-year but up 383% quarter-on-quarter [2][3] - The gross profit margin for Q2 2025 was 8.49%, down 4.25 percentage points year-on-year and 2.56 percentage points quarter-on-quarter; the net profit margin was 4.35%, down 4.12 percentage points year-on-year and 0.38 percentage points quarter-on-quarter [3] Operational Analysis - The company has seen a significant increase in contract liabilities and inventory, with contract liabilities at 18.72 billion, up 190.3% from the beginning of the year, and inventory at 30.113 billion, up 25.1% [4] - Prepayments increased to 13.688 billion, up 176.3% from the beginning of the year, indicating proactive inventory preparation [4] - The company is focusing on military trade and has a strong historical foundation in this area, with successful products like the J-10 fighter jet [4] Innovation and Development - The company is advancing in high-end aviation weaponry and has made breakthroughs in key technology areas such as advanced materials and digital manufacturing [4] - New directions include hydrogen energy drones and cargo airdrop systems, with successful initial development of the "Wen'ao" system achieving 30 hours of continuous flight [4] Profit Forecast and Valuation - The long-term strategic positioning of AVIC Chengfei is viewed positively, with projected net profits for 2025-2027 at 3.787 billion, 4.764 billion, and 5.710 billion respectively, reflecting substantial growth rates [5] - The company is considered a rare technology-driven main manufacturer in China, with both domestic and military trade developments expected to accelerate [5]

Investment Rating - The report maintains a "Buy" rating for AVIC Chengfei [1] Core Views - The company is expected to accelerate its product delivery pace in the second half of 2025, with a projected annual revenue of 80 billion RMB for 2025, indicating a significant recovery from the first half [2][3] - The company has seen a substantial increase in contract liabilities and inventory, suggesting proactive preparations for production and delivery [3] - The company is focusing on technological innovation and expanding into new areas such as hydrogen energy drones, which positions it well for future growth [4] Financial Performance Summary - In the first half of 2025, the company reported revenue of 20.702 billion RMB, a decrease of 38.99% year-on-year, and a net profit attributable to shareholders of 0.913 billion RMB, down 68.33% [1] - The second quarter of 2025 showed a revenue of 17.393 billion RMB, an increase of 5.9% year-on-year and a significant 426% increase quarter-on-quarter [2] - The company expects net profit attributable to shareholders to grow significantly from 2025 to 2027, with projections of 3.787 billion RMB, 4.764 billion RMB, and 5.710 billion RMB respectively, reflecting a growth rate of 3272.88% in 2025 [4][8]

Core Viewpoint - The company emphasizes the importance of military trade business development and actively seeks to expand its international market presence [1] Group 1: Company Overview - The company is a key assembly and integration manufacturer for the J-10 aircraft [1] - It has been engaged in military trade for over 40 years, establishing a strong historical foundation in this area [1] Group 2: Product Highlights - The company has produced notable products such as the J-7 series and the JF-17 series [1] Group 3: Strategic Focus - The company will continue to align its operations with national political and diplomatic policies while closely monitoring market trends [1] - There is a commitment to actively explore and develop international markets [1]