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].

Investment Rating - The investment rating for the company is "Hold" with a downgrade in rating [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 year-over-year increase of 2.95%, and a net profit of 750 million yuan, up 3.26%, indicating that the operational goals for 2024 were largely met [2]. - The company is focusing on collaborative development in military, civilian, and fuel sectors, with a positive outlook on the long-term development of large aircraft business [3]. - The company is positioned as a major supplier of aviation engine and gas turbine control systems in China, benefiting from the growth in demand for aviation equipment, large aircraft, general aviation, and drones [4]. Summary by Sections Financial Performance - In Q1 2025, the gross margin was 25.1%, a decrease of 7.80 percentage points year-over-year, and the net profit margin was 11.0%, down 7.49 percentage points year-over-year [1]. - The company’s revenue for 2025 is projected to be 5.316 billion yuan, reflecting a slight decline from 2024, with net profit expected to be 725 million yuan [5]. Revenue Breakdown - In 2024, the revenue from aviation engines and gas turbine control systems was 4.88 billion yuan, accounting for 89.1% of total revenue, with a gross margin increase of 1.55 percentage points to 29.2% [2]. - Domestic revenue was 5.11 billion yuan, a 2.8% increase year-over-year, while international revenue was 370 million yuan, a 5.5% increase [2]. Future Outlook - The company aims for a revenue target of 5.3 billion yuan in 2025, indicating a transition period between old and new products [2]. - The company is advancing the development of commercial engines and exploring maintenance services for domestic aircraft like the C919, which is expected to positively impact performance in the mid to late "14th Five-Year Plan" period [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][6][8] Core Views - The company achieved a record high in both revenue and net profit for 2024, with revenue of 5.481 billion yuan, a year-on-year increase of 2.95%, and a net profit of 750 million yuan, up 3.26% year-on-year [5][6] - The company is transitioning between old and new product models, facing challenges as some long-term production models reach peak output while new products are gradually ramping up [6][7] - The company aims for a revenue target of 5.3 billion yuan for 2025, focusing on the successful commercialization of new aviation and drone power control products [6][7] Financial Performance Summary - In 2024, the company reported revenue of 5.481 billion yuan, with a gross margin of 28.11%, an increase of 1.53 percentage points year-on-year [6][9] - The company's subsidiaries also showed stable performance, with revenue increases in several units, while one unit experienced a decline [7] - Profit forecasts for 2025-2027 indicate net profits of 756 million, 805 million, and 881 million yuan, respectively, with corresponding growth rates of 0.75%, 6.46%, and 9.42% [6][9]