302132.SZ · A-shares
302132.SZ AVIC Chengfei: fighter OEM after asset injection
AVIC Chengfei After Chengfei injection into former AVIC Electromechanical Measurement, it is a core fighter OEM listing; read financials as a new perimeter.
Cite a section with a deep link, e.g. /en/r/avic-chengfei-302132-research#thesis
Snapshot
- Price (~)
- CNY 63.3
- Market cap (~)
- CNY 169.1B
- Revenue (latest FY/cum)
- CNY 75.4B
- Latest NI (attr.)
- CNY 709.1M
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
AVIC Chengfei After Chengfei injection into former AVIC Electromechanical Measurement, it is a core fighter OEM listing; read financials as a new perimeter. Price ~¥63.30, mkt ~¥1691B; PE-TTM 119.3x.
Business
Model: combat aircraft OEM. Flagships: fighters. Boundary: post-injection perimeter. Strategy: serial production and supply-chain coordination.
Value chain
Airframe OEM; upstream engines/avionics/materials; downstream PLA. Extreme customer concentration. Risks: production cadence; suppliers; disclosure limits.
Corporate events
Events
| Date | Event | Detail | Note |
|---|---|---|---|
| 2025 | 成飞资产注入 | 中航电测→中航成飞 302132 | 主体切换 |
| 2025-02 | 申万样本调整 | 成飞纳入、电测退出 | 行业分类 |
Valuation
OEM multiple on recognition and equity quality; PE noisy post-deal.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| 现价 | 63.30 | 东方财富行情 |
| 总市值 | 1691.43 亿 | f116 |
| PE-TTM | 119.3x | 亏损则为 null |
| PB | 8.10x | 行情字段 |
Valuation · ~3y QE
Interactive chart available in the reader.
Price · ~3y QE
Interactive chart available in the reader.
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.
Gross margin · reported
Interactive chart available in the reader.
Quarterly NI · 8Q
Interactive chart available in the reader.
Financial health
| Item | Value | Note |
|---|---|---|
| 经营现金流（约，每股×股本） | -72.44 亿 | MGJYXJJE×股本估算，非审计 |
| 资产负债率 | 78.4% | 最新报告期 |
| ROE（加权） | 4.93% | 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 |
Operations
Volume: deliveries; price: defense pricing; cost: supplier BOM/utilization.
Operating snapshot
| Item | Value | YoY/note | Note |
|---|---|---|---|
| 最新报告期 | 2026-Q2 | — | 东方财富 MAINFINADATA |
| 单季营收 | 92.21 亿 | 见收入图 YoY | 累计拆单季 |
| 单季归母净利 | 5.16 亿 | 见利润图 | 累计拆单季 |
| 毛利率（报告期披露） | 11.0% | — | 销售毛利率字段 |
| 赛道 | 航空装备 | — | 申万国防军工二级语境 |
Competition
Defense market share is usually undisclosed; share charts use nulls.
Peers
| Name | Role | Note | Strength | Weakness |
|---|---|---|---|---|
| 中航成飞 | 歼击机 | 核心 | 整机稀缺 | 披露受限 |
| 中航沈飞 | 歼击机 | 核心 | 舰载等 | 周期 |
| 中航西飞 | 运输/轰炸 | 中 | 大飞机机体 | 民机拖累风险 |
| 航发动力 | 发动机 | 核心 | 卡脖子 | 利润波动 |
Management
Management / control
| Role | Name | Since | 24m change |
|---|---|---|---|
| 控股股东 | 航空工业集团 | 重组后上升 | 央企控股 |
| 经营层 | 以最新年报披露为准 | 持续 | — |
Stability: AVIC-controlled; management per latest filing.
Outlook
Watch post-deal reporting, production, GM, related-party flows.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Orders/deliveries beat | Earnings + multiple |
| Base | Steady production | Hold/watch recognition |
| Bear | Destock/budget slip | Theme + earnings drawdown |
Risks
Programs/budget; earnout; supply chain; rich multiples.
Tracking
- Quarterly revenue/NI YoY and contract liabilities
- Gross margin, inventory, receivables
- OCF vs CapEx
- Material reorg/program disclosures
- Defense index relative performance / crowding
References
- CNINFO — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=302132
- Eastmoney quotes & MAINFINADATA
- Other: https://www.21jingji.com/article/20240628/herald/b384b230784c8a9500281ad7fa9f29bc.html
Not investment advice.
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