Core Viewpoint - The stock of Aviation Power has shown a positive trend with a year-to-date increase of 3.86% and a significant rise of 15.89% over the past 60 days, indicating strong market interest and potential growth in the defense and aerospace sector [1][2]. Financial Performance - For the first half of 2025, Aviation Power reported a revenue of 14.098 billion yuan, reflecting a year-on-year decrease of 23.99%, while the net profit attributable to shareholders was 91.78 million yuan, down 84.57% compared to the previous year [2]. - The company has cumulatively distributed 4.057 billion yuan in dividends since its A-share listing, with 1.072 billion yuan distributed over the last three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased to 149,900, with an average of 17,778 shares held per shareholder, a decrease of 6.03% from the previous period [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 73.4625 million shares, and new entrants like the Fortune China Securities Military Industry Leader ETF [3]. Stock Performance and Trading Activity - On October 13, the stock price reached 42.95 yuan per share, with a trading volume of 783 million yuan and a turnover rate of 0.69% [1]. - The stock has seen significant trading activity, with net inflows of 7.4662 million yuan from main funds and notable buying and selling by large orders [1].

Group 1 - The core point of the news is that China Aviation Power Co., Ltd. experienced a 5% increase in stock price, reaching 42.38 CNY per share, with a trading volume of 1.904 billion CNY and a turnover rate of 1.73%, resulting in a total market capitalization of 112.968 billion CNY [1] - The company, established on December 23, 1993, and listed on April 8, 1996, is primarily engaged in the manufacturing of aircraft engines and related products, with 91.55% of its revenue coming from aircraft engines and derivatives, 6.17% from foreign trade exports, and 2.28% from non-aerospace products [1] Group 2 - From the perspective of major fund holdings, one fund under Southern Fund has a significant position in China Aviation Power, specifically the Southern CSI National New Central Enterprise Technology Leading ETF (560170), which reduced its holdings by 412,800 shares in the second quarter, now holding 1.8647 million shares, accounting for 4.93% of the fund's net value, ranking as the fifth-largest holding [2] - The Southern CSI National New Central Enterprise Technology Leading ETF (560170) was established on June 21, 2023, with a latest scale of 1.456 billion CNY, achieving a year-to-date return of 21.3%, ranking 2659 out of 4220 in its category, and a one-year return of 39.37%, ranking 1801 out of 3846 [2]

Core Viewpoint - The stock of Aviation Power has shown fluctuations with a recent increase of 2.05%, reflecting a total market capitalization of 107.72 billion yuan and a trading volume of 8.91 billion yuan [1] Financial Performance - For the first half of 2025, Aviation Power reported a revenue of 14.098 billion yuan, a year-on-year decrease of 23.99%, and a net profit attributable to shareholders of 91.78 million yuan, down 84.57% year-on-year [2] - The company has cumulatively distributed dividends of 4.057 billion yuan since its A-share listing, with 1.072 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders of Aviation Power increased to 149,900, up 6.41% from the previous period, with an average of 17,778 shares held per shareholder, a decrease of 6.03% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 73.4625 million shares, an increase of 15.3358 million shares from the previous period [3] Stock Market Activity - The stock has experienced a decline of 2.28% year-to-date, but has seen a 7.44% increase over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -1.447 billion yuan on April 2, where total buying amounted to 291 million yuan, accounting for 8.90% of total trading volume [1]

金鹰先进制造股票(LOF)A（162107）基金经理为杨刚。 截至发稿，杨刚累计任职时间11年0天，现任基金资产总规模5.03亿元，任职期间最佳基金回报 57.24%， 任职期间最差基金回报-31.11%。 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。 9月26日，航发动力涨5.01%，截至发稿，报39.37元/股，成交10.54亿元，换手率1.02%，总市值1049.44 亿元。 资料显示，中国航发动力股份有限公司位于陕西省西安市未央区徐家湾，成立日期1993年12月23日，上 市日期1996年4月8日，公司主营业务涉及航空发动机制造及衍生产品的生产、民用航空发动机零部件外 贸转包生产及部分非航空产品的生产。主营业务收入构成为：航空发动机及衍生产品91.55%，外贸出 口6.17%，非航空产品及其他2.28%。 从基金十大重仓股角度 数据显示，金鹰基金旗下1只基金重仓航发动力。金鹰先进制造股票(LOF)A（162107）二季度增持1000 股，持有股数1.88万股，占 ...

Core Viewpoint - The stock of Aviation Power has experienced a decline of 9.68% year-to-date, with recent trading showing mixed performance, indicating potential volatility in the market [1][2]. Company Overview - Aviation Power, established on December 23, 1993, and listed on April 8, 1996, is located in Xi'an, Shaanxi Province. The company specializes in the manufacturing of aircraft engines and related products, with 91.55% of its revenue coming from aircraft engines and derivatives, 6.17% from foreign trade exports, and 2.28% from non-aerospace products [1][2]. Financial Performance - For the first half of 2025, Aviation Power reported a revenue of 14.098 billion yuan, a year-on-year decrease of 23.99%. The net profit attributable to shareholders was 91.778 million yuan, down 84.57% compared to the previous year [2][3]. - Cumulatively, the company has distributed 4.057 billion yuan in dividends since its A-share listing, with 1.072 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Aviation Power reached 149,900, an increase of 6.41% from the previous period. The average number of tradable shares per shareholder decreased by 6.03% to 17,778 shares [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 73.4625 million shares, an increase of 15.3358 million shares from the previous period. The new shareholder, Fortune China Securities Military Industry Leader ETF, holds 25.5778 million shares [3].

Company Overview - China Aviation Power Co., Ltd. is located in Xi'an, Shaanxi Province, established on December 23, 1993, and listed on April 8, 1996. The company specializes in the manufacturing of aircraft engines and related products, production of civil aviation engine components for foreign trade, and some non-aviation products. The main business revenue composition is: 91.55% from aircraft engines and related products, 6.17% from foreign trade exports, and 2.28% from non-aviation products and others [1]. Financial Performance - As of June 30, 2025, the company achieved an operating income of 14.098 billion yuan, a year-on-year decrease of 23.99%. The net profit attributable to the parent company was 91.778 million yuan, down 84.57% year-on-year [2]. - The company has cumulatively distributed 4.057 billion yuan in dividends since its A-share listing, with 1.072 billion yuan distributed in the last three years [3]. Stock Performance - On September 18, the stock price of Aviation Power rose by 2.02%, reaching 37.80 yuan per share, with a trading volume of 241 million yuan and a turnover rate of 0.24%. The total market capitalization is 100.759 billion yuan [1]. - Year-to-date, the stock price has decreased by 8.59%, with a slight increase of 0.03% over the last five trading days, a decline of 4.74% over the last 20 days, and an increase of 4.64% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders is 149,900, an increase of 6.41% from the previous period. The average circulating shares per person decreased by 6.03% to 17,778 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 73.4625 million shares, an increase of 15.3358 million shares from the previous period. The Fortune China Securities Military Industry Leader ETF is the seventh-largest shareholder with 25.5778 million shares, a new entry [3].

Core Viewpoint - The stock of Aviation Power experienced a decline of 2.04% on September 3, with a trading price of 38.93 yuan per share and a total market capitalization of 103.77 billion yuan. The company has faced a year-to-date stock price drop of 5.86% and a significant decrease in revenue and net profit for the first half of 2025 compared to the previous year [1][2]. Company Overview - Aviation Power, established on December 23, 1993, and listed on April 8, 1996, is located in Xi'an, Shaanxi Province. The company specializes in the manufacturing of aircraft engines and related products, with 93.97% of its revenue coming from this core business [2]. - The company is classified under the defense and military industry, specifically in the aviation equipment sector, and is involved in various concept sectors including general aviation and commercial aerospace [2]. Financial Performance - For the first half of 2025, Aviation Power reported an operating income of 14.098 billion yuan, a year-on-year decrease of 23.99%. The net profit attributable to shareholders was 91.78 million yuan, down 84.57% from the previous year [2]. - The company has distributed a total of 4.057 billion yuan in dividends since its A-share listing, with 1.072 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 149,900, with an average of 17,778 shares held per shareholder, a decrease of 6.03% from the previous period. The top ten circulating shareholders include significant institutional investors [3].

Core Viewpoint - The report indicates that changes in customer demand have impacted delivery, leading to a significant decline in revenue and net profit for the company in the first half of 2025, but a notable increase in contract liabilities suggests a gradual recovery in demand [2][4]. Financial Performance - In the first half of 2025, the company reported revenue of 141.0 billion yuan, a year-over-year decrease of 24.0%, and a net profit of 0.9 billion yuan, down 84.6% year-over-year [2]. - The second quarter of 2025 saw revenue of 79.3 billion yuan, a decline of 35.4% year-over-year, with a net profit of 0.8 billion yuan, down 80.8% year-over-year [2]. - The gross margin for the second quarter increased by 0.79 percentage points to 11.9%, while the net margin decreased by 2.40 percentage points to 1.5% [2]. - The company’s contract liabilities reached 62.5 billion yuan by the end of Q2 2025, reflecting a 39.4% increase from the beginning of the year, indicating potential future demand recovery [2][4]. Cost Structure - The company’s operating expense ratio for the first half of 2025 was 9.1%, an increase of 2.01 percentage points year-over-year [2]. - Breakdown of expenses includes: - Sales expense ratio at 0.9%, down 0.67 percentage points year-over-year - Management expense ratio at 4.9%, up 1.16 percentage points year-over-year - R&D expense ratio at 1.5%, up 0.51 percentage points year-over-year due to increased R&D tasks - Financial expense ratio at 1.8%, up 1.01 percentage points year-over-year, with financial expenses of 2.6 billion yuan, a 71.1% increase year-over-year [2]. Subsidiary Performance - The subsidiary LiYang Power showed positive development, with revenue from aviation engines and related products at 128.9 billion yuan, down 24.9% year-over-year [3]. - The South Company capitalized on opportunities in the general aviation engine market, obtaining production licenses for the AES100 engine and signing contracts for six units [3]. - The company is deeply involved in the development of domestic commercial engines, positioning itself to benefit from the growth of domestic large aircraft [3]. Profit Forecast and Rating - The company is the only domestic leader capable of developing a full range of aviation engines and maintains a positive overall development outlook [4]. - Adjusted net profit forecasts for 2025-2027 are 6.17 billion yuan, 9.02 billion yuan, and 12.25 billion yuan, respectively, with corresponding P/E ratios of 173.74, 118.90, and 87.52 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has made significant breakthroughs in both technology and market, enhancing its core competitiveness. The AES100 civil turboshaft engine has received production licenses from the Civil Aviation Administration, and the AEP100 engine has completed two deliveries, positioning the company to seize opportunities in low-altitude logistics [3] - The company reported a substantial decline in revenue and net profit for the first half of 2025, with total revenue of 14.098 billion yuan, down 23.99% year-on-year, and a net profit of 91.78 million yuan, down 84.57% year-on-year. This decline is attributed to changes in customer demand and delays in product deliveries [9] - The company has increased its patent portfolio, with 271 new invention patents and 120 authorized patents during the reporting period, further deepening its technological moat [3] Financial Summary - For the first half of 2025, the company achieved total revenue of 14.098 billion yuan, a decrease of 23.99% year-on-year, and a net profit of 91.78 million yuan, a decline of 84.57% year-on-year [9] - The company's gross profit margin decreased to 10.96%, while the expense ratio increased to 13.9%, primarily due to rising financial expenses from increased interest-bearing liabilities [9] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 626 million yuan, 904 million yuan, and 943 million yuan respectively, with corresponding P/E ratios of 169, 117, and 112 [10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company is currently experiencing performance pressure due to a transition between old and new models, but its long-term growth potential is viewed positively. The company is a leading enterprise in China's aviation engine production and research capabilities, actively participating in the development of domestic commercial engines and expanding into the low-altitude economy and general aviation markets [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 14.1 billion yuan, a year-over-year decline of 24.0%, and a net profit attributable to shareholders of 92 million yuan, down 84.6% year-over-year. The revenue decline was primarily due to changes in customer demand and lower-than-expected deliveries, while the profit drop was attributed to reduced revenue and increased financial expenses [1]. - For the second quarter of 2025, the company achieved revenue of 7.93 billion yuan, a year-over-year decrease of 35.4%, and a net profit of 84 million yuan, down 80.8% year-over-year. The gross margin for the first half of 2025 was 11.0%, down 0.3 percentage points year-over-year, while the net margin was 1.1%, down 2.5 percentage points year-over-year [1][2]. Product Segmentation - The revenue from aviation engines and related products was 12.89 billion yuan, a year-over-year decline of 24.9%, accounting for 91% of total revenue. The gross margin for this segment decreased by 0.35 percentage points to 10.0%. In contrast, foreign trade exports generated revenue of 870 million yuan, down 13.5%, but with a gross margin increase of 5.45 percentage points to 21.8% [2]. Cost and Expenses - The company's expense ratio remained relatively stable, with a total expense ratio increase of 2.0 percentage points to 9.1%. The financial expense ratio rose to 1.8% from 0.8% in the previous year, while the research and development expense ratio increased by 0.5 percentage points to 1.5% [3]. Future Projections - The company expects to achieve a revenue of 47.663 billion yuan in 2025, with a completion rate of 29.6% in the first half of the year. The projected net profit for 2025 is 592 million yuan, with a completion rate of 15.5% in the first half [1][5]. - Forecasted net profits for 2025 to 2027 are 596 million yuan, 1.053 billion yuan, and 1.386 billion yuan, respectively, with corresponding price-to-earnings ratios of 180x, 102x, and 77x [4][5].