中航重机 20260129 摘要 中航重机是航空工业集团下属首批上市公司，通过多次并购重组，聚焦 高端特种锻铸造及液压环控业务，确立了世界级供应商的发展战略，目 前由航空工业集团实际控制。 公司主要业务板块包括锻造、铸造及液压环控，其中锻造业务是核心收 入和利润来源，2022 年锻造环节收入达 84 亿元，远超其他竞争对手。 2020 年至 2022 年，中航重机的营收和利润保持稳定增长，但 2023 年以来，受军工采购节奏变化及产品价格压力影响，公司整体业绩面临 一定挑战。 锻造行业正朝着为主机场提供一体化综合解决方案方向发展，以满足装 备低成本化需求，小型大学主科研生产模式也成为趋势。 主机厂通过供应链管理控制装备成本，目标价格激励约束下，主机厂愿 意通过供应链管理实现超额利润，这也促使锻造企业调整经营思路。 锻造企业成本管控的核心挑战集中在原材料和生产制造成本上，原材料 成本占比最高，国内外锻造行业都在探索返回料的重复利用技术以降低 成本。 中航重机通过优化产线、扩张产能以及收购大型锻造公司等措施巩固其 龙头地位，并推动一体化交付转变，向上游延伸至原材料供应，向下游 拓展至精密加工业务。 Q&A 中航重 ...

Group 1 - The export value of high-tech products in China reached 5.7 trillion yuan in the first 11 months, showing a year-on-year growth of 7.4%, with notable performance in biotechnology, electronics, and aerospace technology [1] - In Suzhou, over 100 aerospace-related enterprises are concentrated in the industrial park, contributing to the growth of high-value-added product exports [1] - A local aircraft parts company reported an increase in high-difficulty, high-value orders, leading to a steady rise in export scale [3] Group 2 - A Suzhou-based aircraft maintenance company is engaged in "bonded maintenance," allowing them to inspect and repair foreign aircraft within a special customs supervision area, effectively reducing capital occupation and operational costs [5] - The vice president of Jet Aviation highlighted that a mature engineering team has led to stable production efficiency, accelerating the growth of bonded aviation maintenance and increasing the export of aviation parts [7] - The general manager of Safran's maintenance service in Suzhou noted a doubling of maintenance numbers in 2024 compared to 2023, with a 90% increase in business volume year-on-year, indicating optimism for the future [9] Group 3 - The deputy director of customs in Suzhou Industrial Park reported that the total import and export value of related enterprises reached 16.8 billion yuan from January to October, with a year-on-year growth of 9.7%, maintaining a stable growth trend [11] - The export structure is evolving, with a focus on core products such as aircraft structural components and engine parts, which account for 90% of exports [11]

Core Viewpoint - Guanglian Aviation's stock price experienced a decline of 0.76% on August 19, closing at 20.84 yuan, with a trading volume of 2.41 billion yuan [1] Company Overview - The company specializes in the research and manufacturing of aerospace composite materials, covering products such as aircraft structural components and spacecraft parts [1] - Guanglian Aviation is one of the few domestic companies with full industry chain capabilities in aerospace composite materials, operating in various segments including commercial aircraft, military aircraft, and drones [1] Industry Developments - Guangdong Province has recently released a three-year commercial aerospace plan that includes multiple support policies, such as a maximum of 10 million yuan for ground station network construction and up to 15 million yuan in rewards for satellite application terminal production line upgrades [1] - The plan emphasizes the promotion of satellite internet applications in low-altitude economy sectors, which aligns with Guanglian Aviation's business direction [1] Financial Metrics - On the trading day mentioned, the company saw a net outflow of 23.24 million yuan in main funds, with a cumulative net outflow of 84.13 million yuan over the past five trading days [1] - The current price-to-earnings ratio for the company is 33.69 times, and the price-to-book ratio is 4.82 times [1]

Core Insights - Sichuan Tengdun Technology Co., Ltd. focuses on the development and manufacturing of large drones, achieving significant technological breakthroughs in low-altitude logistics and autonomous navigation [1][3] - The company has successfully developed the "Mixianglong" amphibious drone, which can operate in water-rich areas for emergency rescue and ecological monitoring, filling a gap in domestic drone applications [3] - Chengdu's aviation industry is experiencing rapid growth, with the establishment of a flexible automated production line that has increased production efficiency by over four times [3] - Chengdu Aileida Aviation Manufacturing Co., Ltd. specializes in precision manufacturing for aerospace, with capabilities spanning from material forming to final inspection [4] Company Developments - Sichuan Tengdun Technology Co., Ltd. has been recognized as a national-level "little giant" enterprise and has made advancements in key technologies such as intelligent payload management and flight safety [1] - The "Mixianglong" drone can reach altitudes of 10,000 meters and utilizes BeiDou satellite technology for precise control, applicable in various fields including emergency rescue and ecological monitoring [3] - Sichuan SanChuan Aviation Technology Co., Ltd. operates the first private five-axis flexible automated production line in China, enhancing production capabilities significantly [3] - Hanmo Industrial Co., Ltd. has developed high-end industrial machines, achieving international standards in precision and stability, and has created a fully autonomous core CNC system [3] Industry Trends - Chengdu's aviation industry is becoming one of the largest and most comprehensive specialized manufacturing parks globally, focusing on enhancing the entire supply chain [3][4] - The Chengdu Aviation Industry Park aims to strengthen project recruitment and integrate more companies into the core supply systems of major manufacturers like COMAC and AVIC [4] - The industry is set to expand its scale and enhance competitiveness, promoting the rapid development of the aerospace sector [4]