业绩简评 2025 年 8 月 21 日公司披露半年报，25H1 总收入 38.9 亿元，yoy- 3.6%；毛利率 58.8%，yoy-0.8pct；归母净利润 14.5 亿元， yoy+5.9%，归母净利率 37.2%，yoy+3.3pct。 经营分析 盈利预测、估值与评级 我们预计公司 2025/2026/2027 年归母净利润分别为 23/25/27 亿 元，基于 8 月 21 日股价，对应 PE 分别为 14X/13X/12X，维持"买 入"评级。 风险提示 民航客运量增长不及预期；外航恢复不及预期；行业竞争加剧；系 统集成项目建设及验收进度不及预期。 0 50 100 150 200 250 300 350 400 450 8.00 9.00 10.00 11.00 12.00 13.00 14.00 240822 241122 250222 250522 港币(元) 成交金额(百万元) 成交金额 中国民航信息网络 | 主要财务指标 | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023A | 2024A | 2025E | 20 ...

Summary of China Civil Aviation Information Network Conference Call Company Overview - **Company**: China Civil Aviation Information Network - **Fiscal Year**: 2024 Key Financial Performance - **Net Profit**: Achieved a net profit of 2.129 billion RMB, representing a year-on-year increase of 47% [3] - **Revenue Growth**: - **Aviation Information Technology Services**: Revenue increased by 12.2%, driven by an 18.1% increase in total system processing volume [3] - **System Integration Services**: Revenue surged by 89.9%, attributed to the orderly progress of engineering construction and an increase in the number of projects reaching completion [3] - **Technical Support and Product Revenue**: Increased by 51.8%, mainly due to rising demand for customer IP services and product expansion [3] - **Settlement and Clearing Services**: Revenue grew by 32.2%, supported by the gradual recovery of international business volume [3] Dividend Policy - **Dividend Payout Ratio**: Increased to 35%-45% of net profit, with a payout of 41% for the fiscal year 2024 [7] - **Future Adjustments**: Management indicated that the dividend rate will be flexibly adjusted based on operational conditions and funding needs, considering potential risks from airlines' cash flow issues [3][7] Capital Expenditure Plans - **Future Capital Expenditure**: Estimated at 546 million RMB for 2025, primarily for fixed asset investments, intangible asset purchases, and R&D [8][9] - **Flexibility in Spending**: Actual expenditures may be lower than planned amounts, allowing for adjustments based on market conditions [8] Accounts Receivable and Cash Flow - **Accounts Receivable**: Primarily from airlines, with a collection period of about one year; growth in accounts receivable is lower than revenue growth due to the recovery of airlines' cash flow [11][26] - **Operating Cash Flow**: Net operating cash flow for the year was 2.5 billion RMB [16] Market and Business Outlook - **International Flight Recovery**: Recovery of international flights is slower than expected, impacting AIT pricing; however, domestic pricing remains stable [19][20][23] - **Future Growth Areas**: Anticipated growth in technical services and product revenue, with a stable demand for technology support-related products [6][21] Cost Structure - **Fixed Costs**: Constitute 60%-70% of total costs, with significant increases in labor costs (20.6% year-on-year) and depreciation (23.2% year-on-year) [5] - **Cost Management**: The company aims to maintain a balance between cost control and investment in R&D and technology [5][24] Additional Insights - **Shareholder Engagement**: Management is responsive to shareholder feedback regarding dividend policies and is committed to enhancing shareholder returns [12][13] - **Stock Incentive Plans**: Currently under research, exploring feasible methods for stock incentive plans [22] Conclusion The company demonstrated strong financial performance in 2024, with significant revenue growth across various segments. The management is focused on maintaining flexibility in capital expenditures and dividend policies while navigating the challenges posed by the recovery of the aviation market. Future growth is expected to be driven by technical services and product offerings, with a cautious approach to cash management and cost control.