Investment Rating - The report assigns an "Accumulate" rating for Hongdu Aviation (600316.SH) as a first-time coverage [3]. Core Views - Hongdu Aviation is a leading domestic manufacturer of military training aircraft, benefiting from the rising demand for both training and unmanned aerial vehicles (UAVs) [1][2]. - The company has a comprehensive product line that includes primary, basic, and advanced training aircraft, positioning it uniquely in the market [1][2]. - The global military trade environment is improving, with the company expected to see significant growth in international sales, particularly with its K-8 training aircraft [2][3]. Summary by Sections Company Overview - Hongdu Aviation is recognized as a cradle for training aircraft in China, integrating research, production, and operations, with a focus on both training aircraft and defense products [14]. - The company has undergone asset restructuring to enhance its core competencies in training aircraft and missile production [14][17]. Market Position and Demand - The company is a rare full-spectrum training aircraft assembly unit in China, poised to benefit from the upward trend in the training aircraft and UAV markets [1][2]. - The global demand for training aircraft is increasing, with many countries seeking cost-effective solutions for pilot training [2][45]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 77.0 billion, 119.6 billion, and 159.1 billion RMB, respectively, with year-on-year growth rates of +46.6%, +55.4%, and +33.0% [3][7]. - Net profit forecasts for the same period are 1.2 billion, 2.0 billion, and 2.7 billion RMB, reflecting significant growth rates of +203.8%, +70.4%, and +34.6% [3][7]. Competitive Advantages - The company offers integrated training solutions that include pilot training, ground crew training, and operational support, enhancing its competitive edge in military exports [2][3]. - Hongdu Aviation's "air-to-surface" missile production capabilities provide a significant advantage, simplifying the development and certification processes for military equipment [2][3]. International Sales Growth - The company is expected to achieve a compound annual growth rate (CAGR) of 137% in foreign revenue from 2020 to 2024, indicating a strong position in the international military trade market [2][3][26]. - The K-8 training aircraft has captured a 26.3% market share in the global mid-to-high level training aircraft segment, establishing a solid foundation for future exports [2][3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 中國航空科技工業股份有限公司 AviChina Industry & Technology Company Limited* (於中華人民共和國註冊成立之股份有限公司) (股份代號：2357) 以下爲江西洪都航空工業股份有限公司於上海證券交易所所網站刊發之公告。 承董事會命 中國航空科技工業股份有限公司 公司秘書 吳筠 北京，二零二五年八月二十九日 於本公告日，董事會由執行董事閆靈喜先生和孫繼忠先生，非執行董事徐東升先生、周訓文 先生和胡世偉女士，以及獨立非執行董事劉威武先生、毛付根先生和林貴平先生組成。 *僅供識別 江西洪都航空工业股份有限公司2025 年半年度报告 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 公司代码：600316 公司简称：洪都航空 江西洪都航空工业股份有限公司 2025 年半年度报告 1 / 107 江西洪都航空工业股份有限公司2025 年 ...