AVIC Airborne Systems Co., Ltd.
600372.SS · SHH
Company research
AVIC Airborne Systems Co., Ltd. (SSE: 600372) is a Beijing-based aerospace and defense company founded in 1999 and listed on the Shanghai Stock Exchange since 2001, operating as a key subsidiary of the Aviation Industry Corporation of China (AVIC), one of the world's largest state-owned aerospace and defense conglomerates. The company specializes in the research, development, production, and sale of advanced airborne systems and equipment, offering a comprehensive portfolio that includes avionics systems, flight control systems, inertial navigation systems, radar and fire control systems, electronic countermeasures, air traffic control solutions, and electromechanical systems for military and civil aviation platforms ranging from fighter jets and transport aircraft to helicopters and commercial airliners. Beyond its core aerospace and defense operations, AVIC Airborne Systems also serves civilian markets with products spanning industrial automation, smart city and IoT solutions, rail transit, energy conservation electronics, and optical instruments. With approximately 32,800 full-time employees and a market capitalization of approximately CNY 54.5 billion, the company plays a pivotal role in advancing China's domestic aerospace capabilities and modernizing its national defense systems.
Research reports
Reviews 2025 Q3 results, noting modest year‑on‑year revenue growth but a significant net profit decline driven by higher credit‑impairment charges, even as gross margin improves and R&D spending remains elevated to reinforce its leading airborne systems position. The report maintains a buy rating with forecast earnings growth through 2027 and flags key risks around market competition, technology innovation, business transformation and cash‑flow volatility.
东吴证券研究所 · September 1, 2025中航机载（600372）2025 年中报点评：持续增强技术优势，推动先进科技向新质生产力转化Analyzes the 2025 interim results, attributing weaker profit growth to industry cycle and policy factors while highlighting stable profitability metrics, tighter cost control and rising R&D intensity as evidence of strengthening technological advantages across defense and civil airborne systems. The authors reiterate a buy rating based on expected mid‑teens earnings growth, expansion in civil aviation and low‑altitude economic applications, and warn about risks related to competition, innovation, business transformation and cash‑flow management.
民生证券研究院 · August 30, 2025中航机载（600372.SH）2025 年半年报点评：2Q25 净利润同比增长20%；大力拓展民机打造第二曲线Discusses 1H25 performance with overall revenue and net profit under pressure, but emphasizes that Q2 net profit grew over 20% year‑on‑year, supported by margin improvement and the company’s leading technology in airborne systems and ongoing capacity‑expansion projects. It maintains a “谨慎推荐” (cautious recommendation) stance, projecting gradually accelerating earnings growth from 2025–2027 driven by civil aviation parts/maintenance and low‑altitude economy initiatives, while citing demand, pricing and project‑execution risks.