1H25 业绩符合我们预期 公司公布1H25 业绩：收入10.38 亿元，同比增长7.90%；归母净利润1.53 亿元，同比增长15.85%。分季 度看，2Q25 公司营业收入5.42 亿元，同比增长7.47%，归母净利润6219 万元，同比上涨27.28%。 受益海油业务增长，1H25 收入增速稳健。公司1H25 营业收入同比增长7.9%，分业务类型看，公司通 航运输收入同比增长8.8%、通航维修收入同比下滑58%。分区域看，上半年收入增长主要由浙江、湛 江、天津等区域贡献。分主体看，母公司上半年实现收入9.10 亿元，同比增长13%。 维持中性评级和目标价21.0 元不变，对应44 倍2025 年市盈率和38 倍2026 年市盈率，较当前股价有14% 的下行空间。 风险 下行风险：下游客户需求不及预期；低空经济商业化进程不及预期；成本费用超预期。 上行风险：低空经济发展快于预期；成本费用控制好于预期。 盈利预测与估值 我们维持公司2025、2026 年盈利预测3.70 亿元、4.28 亿元不变。 当前股价对应51.1 倍2025 年市盈率和44.2 倍2026 年市盈率。 营业成本增速控制良好。成本端，公 ...

Group 1 - CITIC Group is a large comprehensive enterprise group founded in 1979, headquartered in Beijing, and is one of the first multinational enterprises established after China's reform and opening up [1] - The group operates under a unique "finance + industry" dual-drive model, covering sectors such as finance, resource energy, high-end manufacturing, and engineering contracting [1] - CITIC Group has a significant presence in both domestic and international markets, consistently ranking in the Fortune Global 500 [1] Group 2 - CITIC Bank, established in 1987, is one of the earliest emerging commercial banks in China, providing a wide range of financial services [3] - CITIC Securities, founded in 1995, is the largest securities company in China, leading in investment banking market share for five consecutive years [5] - CITIC Special Steel, established in 1993, is a global leader in special steel manufacturing, with products used in high-end applications [7] Group 3 - CITIC Heavy Industries, founded in 2008, specializes in heavy machinery manufacturing and has a global presence in 68 countries [10][11] - CITIC Offshore Helicopter, established in 1999, is the largest general aviation operator in China, focusing on offshore oil and emergency rescue services [13] - CITIC Guoan Information Industry, founded in 1997, holds a significant position in the integrated information services sector [15] Group 4 - CITIC Metal, established in 1988, is a leading trader of metal and mineral products, with a focus on iron ore and non-ferrous metals [17] - CITIC Publishing Group, founded in 1993, is a leading publishing group in China, focusing on book publishing and digital reading [18] - CITIC Resources Holdings, established in 1997, engages in the exploration and trading of natural resources [20] Group 5 - CITIC International Financial Holdings serves as the main asset integration platform for CITIC Group, covering various sectors including finance and manufacturing [22] - CITIC International Telecommunications is one of the largest international telecommunications hubs in the Asia-Pacific region [24] - CITIC Financial Asset Management, restructured in 2023, focuses on managing non-performing assets and financial services [26] Group 6 - CITIC Group's listed companies benefit from a "strategic control + market-oriented operation" model, enjoying resource synergy while maintaining competitiveness in niche markets [26] - Many of the group's listed companies are currently undervalued compared to their industry positions, presenting potential investment opportunities [26] - The ongoing national policy for state-owned enterprise value reassessment and the effective layout of emerging industries may lead to structural opportunities for CITIC Group companies [26]