Q&A 摘要 航发控制是国内航发控制系统唯一核心上市平台，主业营收占比 89%， 在国产大飞机发动机控制系统机械液压执行机构中具备唯一供应商地位。 长江系列商用发动机已列入"十五五"重点任务，对标国际第五代水平； 测算未来 20 年国内商用航发控制系统年化市场规模约 237 亿元。 低空经济布局加速，AES100 发动机已获型号合格证并适配蓝影 R6,000 等机型，2024 年航展签约 1,500 台订单，总额超 100 亿元。 技术研发正由第二代监控型向第三代 FADEC 系统迭代，旨在实现闭环 数字控制与自诊断能力，缩小与国际主流（柯林斯等）的技术差距。 2025 年业绩预期承压，预计归母净利润 3.39 亿元（同比-55%），主 因价税改革、行业调价及商用/低空领域战略投入增加。 财务结构稳健，资产负债率仅 19.28%；预计 2025-2027 年归母净利 润分别为 3.4 亿、3.8 亿、4.1 亿元，业绩呈逐步修复态势。 航发控制 20260303 航发控制在航空发动机控制系统领域的定位、核心竞争力及业务布局情况如何？ 根据中国商飞预测，未来 20 年我国将交付窄体机 7,250 架，窄体机通常 ...

Core Viewpoint - The stock of Aviation Power Control has shown a significant increase in price this year, despite a recent decline in the last five trading days, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Aviation Power Control reported a revenue of 3.968 billion yuan, a year-on-year decrease of 5.75% [2]. - The net profit attributable to shareholders for the same period was 401 million yuan, reflecting a year-on-year decline of 36.25% [2]. Stock Market Activity - As of February 12, the stock price of Aviation Power Control was 27.25 yuan per share, with a market capitalization of 35.839 billion yuan [1]. - The stock has increased by 27.87% year-to-date, with a 2.43% decline over the last five trading days, a 24.66% increase over the last 20 days, and a 43.80% increase over the last 60 days [1]. Shareholder Information - As of January 30, the number of shareholders for Aviation Power Control was 88,500, a decrease of 3.32% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.43% to 14,865 shares [2]. Dividend Distribution - Aviation Power Control has distributed a total of 900.3 million yuan in dividends since its A-share listing, with 514 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the fifth largest circulating shareholder was Huaxia Military Industry Safety Mixed A, holding 26.1391 million shares, an increase of 14.3277 million shares from the previous period [3]. - The seventh largest circulating shareholder was Fortune Zhongzheng Military Industry Leader ETF, holding 17.8382 million shares, an increase of 2.6773 million shares [3].

Group 1 - The core point of the news is that China Aviation Power Control Co., Ltd. experienced a 5.3% drop in stock price, reaching 26.45 CNY per share, with a trading volume of 808 million CNY and a turnover rate of 2.27%, resulting in a total market capitalization of 34.787 billion CNY [1] - The company, established on June 20, 1997, and listed on June 26, 1997, is located in Wuxi, Jiangsu Province, and specializes in the research, production, sales, and repair of aviation and aerospace engine control systems, as well as automotive and motorcycle parts [1] - The main revenue composition of the company includes 89.13% from aviation engine and gas turbine control systems, 7.48% from international cooperation, and 3.39% from derivative products of control system technology [1] Group 2 - According to data from the top ten circulating shareholders, Huaxia Fund's Huaxia Military Industry Safety Mixed A (002251) fund increased its holdings by 14.3277 million shares in the third quarter, holding a total of 26.1391 million shares, which accounts for 1.99% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 38.6858 million CNY [2] - The fund, established on March 22, 2016, has a latest scale of 3.84 billion CNY, with a year-to-date return of 13.4%, ranking 351 out of 8,873 in its category, and a one-year return of 80.78%, ranking 370 out of 8,123 [2] Group 3 - The fund manager of Huaxia Military Industry Safety Mixed A (002251) is Wan Fangfang, who has been in the position for 5 years and 181 days, with a total asset scale of 8.412 billion CNY [3] - During Wan Fangfang's tenure, the best fund return was 46.57%, while the worst return was -28.59% [3] Group 4 - In the fourth quarter, Huaxia Military Industry Safety Mixed A (002251) reduced its holdings by 6.155 million shares, now holding 19.9841 million shares, which represents 5.06% of the fund's net value, making it the tenth largest holding [4] - The estimated floating loss for the fund today from this position is approximately 29.5764 million CNY [4]

Core Viewpoint - The stock of AVIC Control has shown fluctuations with a recent increase of 2.01%, while the company faces a decline in revenue and profit for the year 2025 [1][2]. Group 1: Stock Performance - As of January 19, AVIC Control's stock price is 21.83 CNY per share, with a market capitalization of 28.71 billion CNY [1]. - Year-to-date, the stock has increased by 2.44%, but it has decreased by 12.22% over the last five trading days [1]. - The stock has shown a 9.70% increase over the last 20 days and a 14.83% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, AVIC Control reported a revenue of 3.968 billion CNY, a year-on-year decrease of 5.75% [2]. - The net profit attributable to shareholders for the same period was 401 million CNY, reflecting a significant year-on-year decrease of 36.25% [2]. Group 3: Shareholder Information - As of January 9, 2025, the number of shareholders for AVIC Control has increased to 85,000, a rise of 16.99% [2]. - The average number of circulating shares per shareholder is 15,477, which has decreased by 14.52% compared to the previous period [2]. Group 4: Dividend and Institutional Holdings - AVIC Control has distributed a total of 9.03 billion CNY in dividends since its A-share listing, with 5.14 billion CNY distributed over the last three years [3]. - As of September 30, 2025, major institutional shareholders include Huaxia Military Industry Safety Mixed A and Fortune CSI Military Industry Leader ETF, with significant increases in their holdings [3].

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 ...

Core Viewpoint - The company,航发控制, primarily focuses on the aerospace engine and gas turbine control systems, which constitute approximately 90% of its business operations [1] Group 1: Business Operations - The aerospace engine and gas turbine control systems business accounts for about 90% of the company's operations [1] - The company is actively expanding into strategic emerging sectors such as civil large aircraft and general aviation power [1] Group 2: Confidentiality and Access - The research and production areas related to the company's operations involve state secrets and are not open for external visits due to military equipment research and production confidentiality regulations [1] - Interested parties wishing to visit or learn more about the company's emerging business areas can submit a formal application to the company's board office, following the procedures outlined in company announcements [1]

Core Viewpoint - The stock of AVIC Control has shown fluctuations with a recent increase of 2.05%, while the company faces a decline in revenue and profit for the year 2025 [1][2]. Group 1: Stock Performance - As of December 24, AVIC Control's stock price is 20.45 yuan per share, with a market capitalization of 26.896 billion yuan [1]. - The stock has decreased by 7.33% year-to-date but has increased by 5.36% in the last five trading days, 8.66% in the last 20 days, and 5.90% in the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, AVIC Control reported a revenue of 3.968 billion yuan, a year-on-year decrease of 5.75%, and a net profit attributable to shareholders of 401 million yuan, down 36.25% year-on-year [2]. - The company has distributed a total of 900.3 million yuan in dividends since its A-share listing, with 514 million yuan distributed in the last three years [3]. Group 3: Shareholder Information - As of December 19, the number of shareholders for AVIC Control has increased to 72,300, a rise of 6.02%, while the average circulating shares per person decreased by 5.68% to 18,182 shares [2]. - Notable institutional shareholders include Huaxia Military Safety Mixed Fund, which increased its holdings by 14.32 million shares, and the Fortune CSI Military Industry Leader ETF, which increased its holdings by 2.68 million shares [3].

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 ...