美银证券发布研报称，结合上半年业绩，下调中创新航(03931)2025年、2026年及2027年每股盈利预 测，分别下调21%、15%及7%，反映更高的销售和毛利率预期，但同时上调了所得税费用和非控股股东 权益的预期。目标价从25港元下调至24港元，重申"买入"评级，理由包括2025年电动车和储能系统电池 出货量稳健增长;规模经济改善和优质产品组合推动盈利能力提升;逐步推进的海外产能扩张计划。 中创新航上半年总收入为164亿元人民币(下同)，同比增长32%，较上年底增长7%，超出该行预期4%。 毛利率为17.5%，同比提升1.9个百分点，较上年底提升1.4个百分点，高于该行预估的15.8%。营业利润 为11亿元，同比增长73%，较上年底增长237%，超出该行预期21%。净利润为4.66亿元，同比增长 87%，较上年底增长36%，较该行预期低38%，主要由于财务成本、所得税费用高于预期，以及少数股 东权益分配增加。 ...

Group 1 - The core viewpoint of the report is that Bank of America Securities has downgraded the earnings per share forecasts for China Innovation Aviation (03931) for 2025, 2026, and 2027 by 21%, 15%, and 7% respectively, reflecting higher sales and gross margin expectations, while also increasing the forecasts for income tax expenses and non-controlling interests [1] - The target price for China Innovation Aviation has been reduced from HKD 25 to HKD 24, while maintaining a "Buy" rating due to expected steady growth in electric vehicle and energy storage system battery shipments in 2025, improved economies of scale, and a strong product mix driving profitability [1] - For the first half of the year, China Innovation Aviation reported total revenue of RMB 16.4 billion, a year-on-year increase of 32%, and a 7% increase compared to the end of last year, exceeding the bank's expectations by 4% [1] Group 2 - The gross margin for the company was 17.5%, an increase of 1.9 percentage points year-on-year and 1.4 percentage points compared to the end of last year, which is higher than the bank's estimate of 15.8% [1] - Operating profit reached RMB 1.1 billion, a year-on-year increase of 73% and a 237% increase compared to the end of last year, exceeding the bank's expectations by 21% [1] - Net profit was RMB 466 million, a year-on-year increase of 87% and a 36% increase compared to the end of last year, but 38% lower than the bank's expectations, primarily due to higher financial costs, income tax expenses, and increased distribution to minority shareholders [1]