AVIC Xi'an Aircraft Industry Group Company Ltd.
000768.SZ · SHZ
Company research
AVIC Xi'an Aircraft Industry Group Company Ltd. (AVIC XAC, stock code 000768.SZ) is a state-owned aerospace and defense enterprise headquartered in Xi'an, Shaanxi, China, and a key subsidiary of the Aviation Industry Corporation of China (AVIC). Founded and listed on the Shenzhen Stock Exchange in 1997, the company is China's leading manufacturer of large and medium-sized military and civilian aircraft, with a product portfolio spanning strategic bombers such as the H-6, large military transport aircraft including the Y-20, special-purpose aircraft, and a wide range of aviation components supplied to international partners including Boeing and Airbus. The company operates across the full aerospace lifecycle — encompassing research and development, manufacturing, sales, maintenance, and comprehensive aviation services such as engineering technical support, user training, spare parts management, and aircraft modification. Following a major asset restructuring in December 2020, AVIC XAC consolidated large- and medium-sized aircraft manufacturing assets from multiple entities, including Xi'an Aircraft Industrial Corporation and Shaanxi Aircraft Industry Group, further strengthening its position as China's premier integrated aviation equipment manufacturer with approximately 24,821 employees.
Research reports
The report reviews 2025 annual results, highlighting revenue of 410.14 bn CNY (–5.1% YoY) but a 12.5% YoY increase in net profit to 1.151 bn CNY as cost controls lifted gross margin to 6.78% and net margin to 2.81%, with civil aviation revenue and aircraft deliveries hitting record highs. It argues that the company is well positioned to capture domestic civil aircraft demand (C919, C909/ARJ21, AG600) and international subcontract work while forecasting EPS growth for 2026–2028 and maintaining an “增持‑A” rating, but flags risks from new equipment adoption, civil aircraft demand, and product delivery falling short of expectations.
Guosen Securities · February 12, 2026中航西飞（000768.SZ）：军贸出海启新程，大飞机红利迎增量This first‑coverage report notes that 2025 year‑to‑date results show steady revenue and profit growth, margin improvement, and rising net margin driven by tighter cost and expense management under a younger, restructured management team. It presents a thesis that combines robust domestic demand for large military transport aircraft and bombers, emerging overseas military export opportunities (运‑20/运‑9E), civil large‑aircraft and subcontract business (C919/C909, Airbus/Boeing structures), and low‑altitude economy UAV platforms, supporting an “优于大市” rating, a 34.1–35.4 CNY valuation range, and forecasts of double‑digit earnings growth, while citing risks from technology iteration, market demand, and policy or international developments.
Guojin Securities · August 25, 2025中航西飞（000768.SZ）：盈利能力稳步提升，积极拥抱新质新域发展机遇Focusing on the 2025 half‑year report, the authors highlight slightly lower revenue (194.16 bn CNY, –4.49% YoY) but improving profitability, with higher margins and net profit growth supported by cost‑cutting, efficiency gains, and disciplined expense ratios. The thesis emphasizes the company’s role as a long‑cycle military and large civil aircraft manufacturer, scaling C919/C929 and international Airbus/Boeing work while investing in “new‑quality” businesses such as composites and advanced manufacturing; it maintains a “买入” rating with rising 2025–2027 profit forecasts and notes key risks including defense budget undershoot, domestic large‑aircraft ramp‑up falling short, and slower‑than‑expected progress in new‑domain businesses.