航发控制所属申万行业为：国防军工-航空装备Ⅱ-航空装备Ⅲ。所属概念板块包括：通用航空、大飞 机、商业航天（航天航空）、航母产业、航天军工等。 截至1月9日，航发控制股东户数8.50万，较上期增加16.99%；人均流通股15477股，较上期减少 14.52%。2025年1月-9月，航发控制实现营业收入39.68亿元，同比减少5.75%；归母净利润4.01亿元，同 比减少36.25%。 分红方面，航发控制A股上市后累计派现9.03亿元。近三年，累计派现5.14亿元。 机构持仓方面，截止2025年9月30日，航发控制十大流通股东中，华夏军工安全混合A（002251）位居 第五大流通股东，持股2613.91万股，相比上期增加1432.77万股。富国中证军工龙头ETF（512710）位 居第七大流通股东，持股1783.82万股，相比上期增加267.73万股。南方中证500ETF（510500）位居第 十大流通股东，持股1147.03万股，相比上期减少19.92万股。 责任编辑：小浪快报 1月19日，航发控制盘中上涨2.01%，截至10:49，报21.83元/股，成交2.66亿元，换手率0.94%，总市值 287.10亿 ...

中证智能财讯航发控制（000738）1月13日晚间披露2025年度业绩预告，预计2025年实现营业收入51.56亿元至52亿元，同比下降5.13%-5.93%；归母净利润 3.15亿元至3.6亿元，同比下降52.02%-58.02%；扣非净利润预计3.1亿元-3.55亿元，同比下降51.07%-57.27%；基本每股收益0.2395元/股-0.2737元/股。以1月 13日收盘价计算，航发控制目前市盈率（TTM）约为83倍-94.86倍，市净率（LF）约2.38倍，市销率（TTM）约5.77倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 210 @ 80 150 120 90 9105 73.2 60 6500 30 0 2020-12-37 ' 2021-12-37 2-12 3- 2n- - 公司 -{}- 行业均值 100 ହ 90 80 72.61 70 60 674 2 - 82 50 4321 40 349 30 233 20 1207 1846 10 0 2020-12-37 ' 2021-12-37 ' 2-12-37 , -12-37 2n ...

从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，嘉合基金旗下1只基金重仓航发控制。嘉合锦元回报混合A（011015）三季度持有股数5.17万 股，占基金净值比例为2.68%，位居第十大重仓股。根据测算，今日浮盈赚取约6.05万元。 责任编辑：小浪快报 1月12日，航发控制涨5.02%，截至发稿，报24.50元/股，成交15.11亿元，换手率4.81%，总市值322.22 亿元。 截至发稿，李超累计任职时间4年198天，现任基金资产总规模174.44亿元，任职期间最佳基金回报 15.67%， 任职期间最差基金回报-10.46%。 资料显示，中国航发动力控制股份有限公司位于江苏省无锡市滨湖区梁溪路792号，成立日期1997年6月 20日，上市日期1997年6月26日，公司主营业务涉及航空、航天发动机控制系统产品的研制、生产、销 售、修理;汽车零部件、摩托车零部件生产、销售。主营业务收入构成为：航空发动机及燃气轮机控制 系统89.13%，国际合作 ...

1月5日，航发控制盘中下跌2.02%，截至10:59，报20.88元/股，成交4.71亿元，换手率1.69%，总市值 274.61亿元。 资金流向方面，主力资金净流出1384.54万元，特大单买入2816.23万元，占比5.98%，卖出3488.97万 元，占比7.41%；大单买入1.17亿元，占比24.86%，卖出1.24亿元，占比26.37%。 截至12月19日，航发控制股东户数7.23万，较上期增加6.02%；人均流通股18182股，较上期减少 5.68%。2025年1月-9月，航发控制实现营业收入39.68亿元，同比减少5.75%；归母净利润4.01亿元，同 比减少36.25%。 分红方面，航发控制A股上市后累计派现9.03亿元。近三年，累计派现5.14亿元。 机构持仓方面，截止2025年9月30日，航发控制十大流通股东中，华夏军工安全混合A（002251）位居 第五大流通股东，持股2613.91万股，相比上期增加1432.77万股。富国中证军工龙头ETF（512710）位 居第七大流通股东，持股1783.82万股，相比上期增加267.73万股。南方中证500ETF（510500）位居第 十大流通股东 ...

证券日报网讯12月24日，航发控制（000738）在互动平台回答投资者提问时表示，公司航空发动机及燃 气轮机控制系统业务占比约90%，科研生产区域涉及国家秘密事项，依据武器装备科研生产保密管理规 定，该类区域不对外开放访问。目前公司正在积极拓展民用大飞机、通航动力等战略性新兴业务，后续 如想参观了解该类业务，可以根据公司公告的有关联系方式，向公司董办提交正式申请，公司将在确认 条件合规并履行相关审批程序后及时反馈。 ...

资金流向方面，主力资金净流入350.56万元，特大单买入1324.06万元，占比4.28%，卖出1211.63万元， 占比3.91%；大单买入7484.77万元，占比24.17%，卖出7246.63万元，占比23.40%。 截至12月19日，航发控制股东户数7.23万，较上期增加6.02%；人均流通股18182股，较上期减少 5.68%。2025年1月-9月，航发控制实现营业收入39.68亿元，同比减少5.75%；归母净利润4.01亿元，同 比减少36.25%。 分红方面，航发控制A股上市后累计派现9.03亿元。近三年，累计派现5.14亿元。 航发控制今年以来股价跌7.33%，近5个交易日涨5.36%，近20日涨8.66%，近60日涨5.90%。 资料显示，中国航发动力控制股份有限公司位于江苏省无锡市滨湖区梁溪路792号，成立日期1997年6月 20日，上市日期1997年6月26日，公司主营业务涉及航空、航天发动机控制系统产品的研制、生产、销 售、修理;汽车零部件、摩托车零部件生产、销售。主营业务收入构成为：航空发动机及燃气轮机控制 系统89.13%，国际合作7.48%，控制系统技术衍生产品3.39%。 航发 ...

12月12日盘后，航发控制（000738）公告称，公司及相关人员收到江苏证监局警示函。 经查，航发控制存在以下违规行为： (一)募集资金现金管理存在超额、超期的情况 上述情形违反了《信披办法》第三条第一款，第二十二条第一款及第二款第一项、第四十一条等规定。闫聪敏作为公司财务总监未能勤勉尽责，违反了 《信披办法》第四条的规定，对该事项承担主要责任。 根据《信披办法》第五十二条的规定，江苏证监局决定对航发控制及其财务总监闫聪敏采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。 航发控制表示，公司及相关责任人在收到上述行政监管措施决定书后，对《警示函》中指出的问题高度重视，公司将认真反思、汲取教训。 2022年11月10日，公司召开股东大会审议通过《关于继续使用闲置募集资金进行现金管理的议案》，同意使用不超过人民币21亿元的暂时闲置募集资金进 行现金管理，自股东大会审议通过之日起12个月内有效。2022年11月18日至2023年1月11日期间，公司使用闲置募集资金开展现金管理金额存在超出额度 的情况。对于购买7天通知存款的超额部分，公司未及时履行审议程序和信息披露义务。 2023年10月25日，公司召开董事 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 28.35 CNY [7] Core Views - The company achieved its performance expectations with significant improvement in operating cash flow despite a slight decline in profitability due to the impact of military product VAT reform [2][3] - The company completed 51.61% of its annual revenue target for 2025 in the first half of the year, indicating a steady progress towards its goals [4] - The report anticipates net profits for the company to be 7.5 billion CNY, 8.3 billion CNY, and 9.4 billion CNY for the years 2025, 2026, and 2027 respectively, with growth rates of -0.6%, 11.4%, and 13.2% [5] Financial Performance Summary - For the first half of 2025, the company reported revenue of 2.736 billion CNY, a year-on-year decrease of 2.5%, and a net profit of 309 million CNY, down 34.32% year-on-year [1] - The revenue from the aviation engine and gas turbine control systems was 2.438 billion CNY, a decline of 3.05% year-on-year, while international cooperation business revenue increased by 11.84% to 205 million CNY [2] - The company's gross margin for the reporting period was 27.49%, down 3.6 percentage points year-on-year, and the net profit margin was 11.38%, down 5.44 percentage points year-on-year [2] R&D and Cash Flow - R&D expenses decreased slightly to 262 million CNY, a year-on-year decline of 14.75%, while selling and management expenses increased by 12.42% and 9.87% respectively [3] - The net operating cash flow improved significantly to 1.009 billion CNY, a year-on-year increase of 446.13%, attributed to increased cash receipts from sales [3] Subsidiary Performance - The subsidiary Beijing Hangke reported a slight increase in net profit by 3.81% year-on-year, while other subsidiaries experienced varying degrees of revenue and profit changes [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and growth potential [4][6]. Core Views - The company achieved 52% of its annual revenue target in the first half of 2025, with total revenue of 2.74 billion yuan, reflecting a year-over-year decrease of 2.5%. The net profit attributable to shareholders was 310 million yuan, down 34.3% year-over-year, primarily due to the impact of VAT reform on product pricing [1][4]. - The company is positioned as a leader in the control systems for aviation engines and gas turbines, and despite facing challenges during the transition between old and new models in 2025, it is expected to benefit from the stable growth of new model production and the aftermarket [4]. Summary by Sections Financial Performance - In 2Q25, the company reported revenue of 1.39 billion yuan, a slight decrease of 0.3% year-over-year, with a net profit of 160 million yuan, down 22.8% year-over-year. The gross margin for 1H25 decreased by 3.6 percentage points to 27.5%, while the net margin fell by 5.4 percentage points to 11.4% [1][2]. - The company’s revenue from aviation engine and gas turbine control systems was 2.44 billion yuan, down 3.1% year-over-year, accounting for 89% of total revenue. International cooperation revenue grew by 11.8% to 200 million yuan, representing 7% of total revenue [2]. Cost and Cash Flow - The company’s operating cash flow improved significantly, reaching 1.01 billion yuan in 1H25 compared to 180 million yuan in the same period last year. The period expense ratio increased by 1.3 percentage points to 11.2% [3]. - As of the end of 2Q25, accounts receivable decreased by 3.9% to 5.3 billion yuan, while inventory decreased by 1.0% to 1.52 billion yuan [3]. Future Projections - The company is projected to achieve net profits of 755 million yuan, 838 million yuan, and 938 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 36x, 32x, and 29x [4][5].

Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [6]. Core Views - The company reported a revenue of 1.35 billion yuan in Q1 2025, a year-over-year decrease of 4.7%, and a net profit of 150 million yuan, down 43.6% year-over-year, primarily due to tax policy adjustments and price changes [1]. - The company achieved a revenue of 5.481 billion yuan in 2024, a growth of 2.95% year-over-year, and a net profit of 750 million yuan, up 3.26% year-over-year, indicating that the operational goals for 2024 were largely met [2]. - The company is focusing on the collaborative development of military, civilian, and fuel sectors, with a positive outlook on the long-term development of large aircraft business due to advancements in commercial engine development [3]. - The company is positioned as a major supplier of aviation engine and gas turbine control systems in China, benefiting from the growing demand in aviation equipment, large aircraft, general aviation, and drones, indicating significant long-term growth potential [4]. Financial Summary - For 2025, the company expects revenues of 5.316 billion yuan, a slight decrease from 2024, with net profits adjusted to 725 million yuan [4]. - The company’s revenue growth rates are projected to be -3.01% in 2025, followed by 11.36% in 2026 and 13.70% in 2027 [5]. - The company’s EBITDA for 2025 is estimated at 1.520 billion yuan, with a net profit margin of 13.64% [5]. - The company’s financial metrics include a PE ratio of 32.97 for 2025, decreasing to 25.78 by 2027 [5].