Core Viewpoint - The report from Dongfang Securities indicates that AVIC Heavy Machinery experienced a decline in net profit for H1 2025, attributed to product delivery schedules and structural adjustments, but shows potential for recovery due to stable growth in various business segments [1] Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 492 million yuan, representing a decrease of 32.59% year-on-year [1] - In Q2 2025, the net profit attributable to shareholders was 294 million yuan, down 27.50% compared to the previous year [1] Business Development - The company maintains stable growth in commercial aviation, non-aviation civilian products, and "big national defense" sectors [1] - The company focused on both existing and new markets, expanding its domestic and international user base [1] - The development of new products reached 4,002 items, marking a year-on-year increase of 10.07% [1] - New signed orders increased by 9.39% year-on-year [1] Strategic Initiatives - The company is diversifying its business, with civil aviation and civil engineering entering a rapid development phase [1] - As defense product deliveries accelerate, the production capacity of large forging equipment is gradually being released, indicating potential for performance recovery [1] - The "Research Institute + Enterprise" operational model is being strengthened, enhancing the core competitiveness in technological innovation [1] Market Position - The company is recognized as a leader in aviation forging, entering a new phase of military-civilian collaborative development [1] - Based on comparable companies, a target price of 20.80 yuan is set, maintaining a "buy" rating with a reference PE of 32 times for 2025 [1]

东方证券研报指出，中航重机25H1实现归母净利润4.92亿元（-32.59%）；25Q2实现归母净利润2.94亿 元（-27.50%）。受产品配套交付进度及产品结构调整影响，25年H1业绩出现一定程度下滑。但从订单 层面看，商用航空、非航空民品与"大国防"业务保持稳定增长，公司聚焦存量、增量市场，拓展国内、 国外用户，开发新产品4002项，同比增长10.07%，新签订单同比增长9.39%。公司业务实现多元化发 展，民机、民用工程逐步迈入快速发展快车道；同时随着防务产品交付加快，公司大型锻造设备产能逐 步释放，公司业绩有望回升。公司"研究院+企业"新业态运营模式持续加强，科技创新核心竞争力进一 步增强。航空锻造龙头，开启军民协同发展新阶段。参考可比公司25年32倍PE，给予目标价20.80元， 维持"买入"评级。 ...