AVIC Chengdu Aircraft 中航成飞
3 significant filings since 29 May 2026: 2 on major contract or bid won and 1 on dividend. The latest, on 24 Aug 2026: 关于签订金融服务框架协议及调整2026年度日常关联交易预计额度的公告.
自 29 May 2026 起有 3 份重大公告：major contract or bid won 2 份、dividend 1 份。最新一份（24 Aug 2026）：关于签订金融服务框架协议及调整2026年度日常关联交易预计额度的公告。
As of 25 Sep 2026 截至2026年9月25日
AVIC Chengdu Aircraft 中航成飞 is an aviation equipment manufacturer listed on the Shenzhen Stock Exchange since 2010. The company reported revenue growth of 15.8% in 2025 to RMB75.36bn, with attributable net profit rising 6.5% to RMB3.43bn. Profit quality improved significantly, as net profit excluding non-recurring items surged 3,391.3%. However, operating cash flow per share remained negative at -RMB0.95 in 2025, though it narrowed from -RMB20.73 in 2024. The company's financial position shows elevated leverage, with liabilities at 78.4% of assets as of 30 Jun 2026. Receivables and inventory turnover are slow, at 229 and 540 days respectively. In the first half of 2026, revenue and profit declined by 26.7% and -22.3% respectively. The stock has declined 31.2% over one year, and the P/E ratio stands at 48.1.
中航成飞是航空装备制造商，2010年8月27日在深圳证券交易所上市。2025年营业收入达753.59亿元，同比+15.8%；归母净利润34.32亿元，同比+6.5%。扣非净利润同比大幅增长3,391.3%。但2025年每股经营现金流为-0.95元，虽较2024年-20.73元收窄，仍为净流出。截至2026年6月30日，资产负债率为78.4%。应收账款周转天数229天，存货周转天数540天，周转较慢。2026年上半年营业收入151.67亿元，同比-26.7%；归母净利润7.09亿元，同比-22.3%。过去一年股价下跌31.2%，市盈率（TTM）为48.1。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Operating cash outflow 经营现金净流出 | The company has an operating cash outflow. 公司经营现金流为净流出。 | Negative operating cash flow per share at -RMB0.95 in 2025 indicates the core business is not generating cash, which could strain liquidity despite reported profits. Although the outflow narrowed from -RMB20.73 in 2024, it remains a concern for financial sustainability. 2025年每股经营现金流为-0.95元，表明主业未能产生现金，尽管较2024年-20.73元收窄，但仍可能影响流动性，与盈利表现形成背离。 |
| Liabilities at 70% of assets or more 资产负债率达70%或以上 | Liabilities are at 70% of assets or more. 负债占资产比例达70%或以上。 | At 78.4%, liabilities to assets is high, limiting financial flexibility and increasing refinancing and interest risks. A high leverage ratio may constrain investment and debt capacity. 截至2026年6月30日，资产负债率达78.4%，处于较高水平，可能限制财务灵活性，增加再融资和利息负担风险。 |
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivables take over 180 days to collect. 应收账款回收周期超过180天。 | Receivable days at 229 indicate slow collection, tying up working capital and increasing credit risk. This delays cash availability and may lead to higher bad debt provisions. 应收账款周转天数为229天，回款周期长，占用营运资金，增加信用风险，可能导致坏账计提上升。 |
- Change in operating cash flow per share for the full year 2026.
2026全年每股经营现金流变动。 - Revenue and profit trend in the next half-year report, after the decline in the first half of 2026.
2026年上半年下滑后，下一中期报告的营收与利润走势。 - Liabilities to assets ratio at the end of 2026.
2026年末资产负债率。 - Receivable days and inventory days as of 31 Dec 2026.
截至2026年12月31日的应收账款周转天数与存货周转天数。 - Net profit excluding non-recurring items for 2026.
2026年扣除非经常性损益后的净利润。 - P/E ratio trend over the next 12 months.
未来12个月市盈率（TTM）走势。
- Company: AVIC Chengdu Aircraft 中航成飞, Shenzhen Stock Exchange 302132; industry Aviation Equipment; listed 27 Aug 2010.
公司：中航成飞，深圳证券交易所 302132；行业：航空装备；上市日期：2010年8月27日。 - Close on 24 Sep 2026 RMB58.10; close on 24 Sep 2025 RMB84.97, RMB84.44 in today's terms; one-year change, adjusted for distributions and share changes -31.2%.
2026年9月24日收盘价58.10元；2025年9月24日收盘价84.97元（前复权84.44元）；一年涨跌幅（复权）-31.2%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB52.52 to RMB90.75.
52周区间（前复权）52.52元至90.75元。 - In the last 12 months 1 trading days closed 9% or more above or below the day before (all days, not only this year). The 1 most recent of them: 12 Jun 2026 +10.8%.
近12个月共有1个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近1个：2026年6月12日 +10.8%。 - Market capitalisation RMB155.25bn; P/E TTM 48.1; price to book 7.43x.
总市值1,552.49亿元；市盈率（TTM）48.1；市净率7.43倍。 - Revenue 2025 RMB75.36bn; 2024 RMB65.05bn; change +15.8%.
营业收入2025年753.59亿元；2024年650.55亿元；同比+15.8%。 - Attributable net profit 2025 RMB3.43bn; 2024 RMB3.22bn; change +6.5%.
归属于母公司股东的净利润2025年34.32亿元；2024年32.24亿元；同比+6.5%。 - Net profit excluding non-recurring items, 2025 change +3,391.3%.
2025年扣除非经常性损益后的净利润同比+3,391.3%。 - Basic EPS 2025 RMB1.28; 2024 RMB1.21.
基本每股收益2025年1.28元；2024年1.21元。 - Operating cash flow per share 2025 -RMB0.95; 2024 -RMB20.73; operating cash flow to net profit -0.73x.
每股经营现金流2025年-0.95元；2024年-20.73元；经营现金流与净利润之比-0.73倍。 - 2025 gross margin 8.5%; net margin 4.6%; ROE 26.8%.
2025年毛利率8.5%；净利率4.6%；净资产收益率26.8%。 - At 30 Jun 2026: liabilities to assets 78.4%; current ratio 1.04; quick ratio 0.67; receivable days 229; inventory days 540.
截至2026年6月30日：资产负债率78.4%；流动比率1.04；速动比率0.67；应收账款周转天数229；存货周转天数540。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB15.17bn, change -26.7%; attributable net profit RMB709.1m, change -22.3%; operating cash flow per share -RMB2.71.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入151.67亿元，同比-26.7%；归母净利润7.09亿元，同比-22.3%；每股经营现金流-2.71元。 - Ownership: actual controller 中国航空工业集团有限公司; largest holder at 30 Jun 2026: 中国航空工业集团有限公司, 78.66%.
股权：实际控制人：中国航空工业集团有限公司；2026年6月30日第一大股东：中国航空工业集团有限公司，持股78.66%。 - Latest distribution: ex-date 16 Jun 2026, cash RMB0.39 per share.
最近一次分配：除权除息日2026年6月16日，每股现金0.39元。 - Aurelian Grade E, score 29.4 of 100, graded within a peer group of 49 companies in its industry; no rank among peers is given.
金源评级E，得分29.4（满分100），于行业同业49家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。