Core Viewpoint - The company reported a mixed performance for 1H25, with revenue declining by 3.6% to 3.895 billion yuan, while net profit attributable to shareholders increased by 5.9% to 1.448 billion yuan, aligning with the company's profit forecast [1] Group 1: Financial Performance - The company's AIT processing volume grew steadily by 5.3%, while system integration revenue experienced fluctuations [1][2] - AIT revenue increased by 2.1% to 2.313 billion yuan, although this growth was lower than the processing volume increase [2] - The company benefited from a reversal of credit impairment losses amounting to 177 million yuan, contributing positively to net profit [2] Group 2: Business Segments - Technical support and product revenue surged by 30.4% to 385 million yuan, driven by increased IT service demands from civil aviation-related companies [2] - The system integration business saw a significant decline of 38.5% to 418 million yuan, attributed to project completion timing and a high base from 1H24 [2] - Data network business revenue fell by 12.4% to 190 million yuan, influenced by high usage baselines from certain customers [2] Group 3: Future Outlook - The company maintains a positive long-term outlook on civil aviation demand growth, expecting continued profitability driven by its leading market position and technological expertise [1][3] - The net profit forecast for 2025-2027 has been slightly adjusted to 2.194 billion, 2.476 billion, and 2.776 billion yuan respectively, with an EPS of 0.75, 0.85, and 0.95 yuan [3] - The target price is set at 15.60 HKD, reflecting a PE ratio of 19 times for 2025 earnings [3]

1H25 民航出行需求稳步提升，公司航空信息技术（AIT）业务处理量同增 5.3%，其中内航同增 5.5%，不过单价较高的外航恢复较慢，公司外航处理 量同降 7.8%，仅为 19 年同期的 45%。AIT 营收同比上升 2.1%至 23.13 亿， 涨幅低于处理量增速。同时技术支持与产品收入同增 30.4%至 3.85 亿，或 主因为民航相关公司提供 IT 服务及产品等业务增多，该业务或将成为公司 业绩新增量来源。另外民航需求提升也推动结算及清算营收同增 12.4%至 3.12 亿。 系统集成业务下滑，拖累整体营收 系统集成业务或由于项目竣工节奏影响，且 1H24 存在高基数，营收同降 38.5%至 4.18 亿，全年该业务营收需关注可达竣工条件的项目数及规模。 数据网络业务受到部分用户使用量基数较高影响，营收同降 12.4%至 1.90 亿。其余业务营收同降 10.2%至 2.76 亿，或主要随相关业务量波动。 证券研究报告 中国民航信息网络 (696 HK) 港股通 盈利小幅提升，关注 AIT 外业务表现 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | ...