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600893.SH · A-shares

600893.SH AECC Aviation Power: military aero-engine OEM

AECC Aviation Power AECC military aero-engine OEM; strong localization narrative, volatile profits, structurally rich multiples.

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Snapshot

Price (~)
CNY 40.04
Market cap (~)
CNY 106.7B
Revenue (latest FY/cum)
CNY 46.3B
Latest NI (attr.)
CNY 146.2M
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

AECC Aviation Power AECC military aero-engine OEM; strong localization narrative, volatile profits, structurally rich multiples. Price ~¥40.04, mkt ~¥1067B; PE-TTM 365.0x.

Business

Model: aero-engines & derivatives. Flagships: military engines. Edge: scarce OEM. Strategy: serial production, MRO, localization.

Value chain

Engine OEM; upstream alloys/blades/controls; downstream airframers. Risks: materials; R&D; pricing.

Corporate events

Events

Events
DateEventDetailNote
持续航发整机平台太行等型号叙事核心配套上游
As of 2026-09-25

Valuation

Long-cycle growth; PB/orders steadier than PE when earnings swing.

Valuation snapshot

Valuation snapshot
MetricValueNote
现价40.04东方财富行情
总市值1067.30 亿f116
PE-TTM365.0x亏损则为 null
PB2.66x行情字段
As of 2026-09-25

Valuation · ~3y QE

Interactive chart available in the reader.

QE close×shares/TTM NI; div yield null without source · As of 2026-09-25

Price · ~3y QE

Interactive chart available in the reader.

Eastmoney monthly K aligned to quarter-end · As of 2026-09-25

Financial trends (~24m)

Single-quarter revenue/NI from Eastmoney cumulative filings via differencing; gross margin is reported period GM. Null when missing.

Quarterly revenue · 8Q

Interactive chart available in the reader.

Eastmoney cumulative revenue differenced; null when missing · As of 2026-09-25

Gross margin · reported

Interactive chart available in the reader.

Eastmoney reported GM (period) · As of 2026-09-25

Quarterly NI · 8Q

Interactive chart available in the reader.

Eastmoney cumulative NI differenced; PE null if TTM≤0 · As of 2026-09-25

Financial health

Financial health
ItemValueNote
经营现金流（约，每股×股本）-74.61 亿MGJYXJJE×股本估算，非审计
资产负债率61.0%最新报告期
ROE（加权）0.36%报告期
审计/持续经营以最新年报审计意见为准未在本包重审
As of 2026-09-25

Operations

Volume: deliveries/MRO; price: defense ASP; cost: materials/tests.

Operating snapshot

Operating snapshot
ItemValueYoY/noteNote
最新报告期2026-Q2—东方财富 MAINFINADATA
单季营收136.77 亿见收入图 YoY累计拆单季
单季归母净利1.44 亿见利润图累计拆单季
毛利率（报告期披露）9.0%—销售毛利率字段
赛道航空装备—申万国防军工二级语境
As of 2026-09-25

Competition

Defense market share is usually undisclosed; share charts use nulls.

Market share

Interactive chart available in the reader.

Usually undisclosed for defense — nulls · As of 2026-09-25

Peer share

Interactive chart available in the reader.

Null without named source · As of 2026-09-25

Peers

Peers
NameRoleNoteStrengthWeakness
航发动力整机核心稀缺波动
航发控制控制系统中电控体量小
航发科技零部件中转包利润薄
As of 2026-09-25

Management

Management / control

Management / control
RoleNameSince24m change
控股股东中国航发集团持续央企
经营层以最新年报披露为准持续—
As of 2026-09-25

Stability: AECC-controlled.

Outlook

Watch recognition, GM, inventory, OCF.

Scenarios

Scenario Condition Implication
Bull Orders/deliveries beat Earnings + multiple
Base Steady production Hold/watch recognition
Bear Destock/budget slip Theme + earnings drawdown

Risks

Program delay; earnings swing; rich valuation; supply chain.

Tracking

  1. Quarterly revenue/NI YoY and contract liabilities
  2. Gross margin, inventory, receivables
  3. OCF vs CapEx
  4. Material reorg/program disclosures
  5. Defense index relative performance / crowding

References

  1. CNINFO — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=600893
  2. Eastmoney quotes & MAINFINADATA
  3. Other: IR

Not investment advice.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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