Announcement • Jun 30
AVIC Airborne Systems Co., Ltd. to Report First Half, 2026 Results on Aug 27, 2026 AVIC Airborne Systems Co., Ltd. announced that they will report first half, 2026 results on Aug 27, 2026 Declared Dividend • Jun 06
Dividend of CN¥0.046 announced Shareholders will receive a dividend of CN¥0.046. Ex-date: 10th June 2026 Payment date: 10th June 2026 Dividend yield will be 0.6%, which is lower than the industry average of 0.9%. Sustainability & Growth Dividend is covered by earnings (29% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 20
High number of new directors There are 6 new directors who have joined the board in the last 3 years. GM & Director Shugang Wang was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 30
AVIC Airborne Systems Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 AVIC Airborne Systems Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Announcement • Mar 28
AVIC Airborne Systems Co., Ltd., Annual General Meeting, Apr 21, 2026 AVIC Airborne Systems Co., Ltd., Annual General Meeting, Apr 21, 2026, at 09:30 China Standard Time. Location: Building 16, Yard Jia No. 5, Shuguang West Lane, Chaoyang District, Beijing China Announcement • Dec 26
AVIC Airborne Systems Co., Ltd. to Report Fiscal Year 2025 Results on Mar 14, 2026 AVIC Airborne Systems Co., Ltd. announced that they will report fiscal year 2025 results on Mar 14, 2026 Announcement • Sep 30
AVIC Airborne Systems Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 AVIC Airborne Systems Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Announcement • Jun 30
AVIC Airborne Systems Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 AVIC Airborne Systems Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Announcement • Jun 24
AVIC Airborne Systems Co., Ltd.(SHSE:600372) dropped from Shanghai Stock Exchange 180 Value Index AVIC Airborne Systems Co., Ltd removed Announcement • Apr 19
AVIC Airborne Systems Co., Ltd. (SHSE:600372) announces an Equity Buyback for CNY 500 million worth of its shares. AVIC Airborne Systems Co., Ltd. (SHSE:600372) announces a share repurchase program. Under the program, the company will repurchase up to CNY 500 million worth of its Class A shares. The shares will be repurchased at a price not more than CNY 17.13 per share. The program will be financed via own funds. The repurchased shares will be used for ESOP or equity incentives. Shares not used within 36 months after the completion of the repurchase will be cancelled. The program will be valid for a period of 12 months from April 21, 2025. Announcement • Mar 29
AVIC Airborne Systems Co., Ltd., Annual General Meeting, Apr 18, 2025 AVIC Airborne Systems Co., Ltd., Annual General Meeting, Apr 18, 2025, at 09:00 China Standard Time. Location: Room 2521, Building 16, Yard Jia No. 5, Shuguang West Lane, Chaoyang District, Beijing China Announcement • Mar 28
AVIC Airborne Systems Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 AVIC Airborne Systems Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Mar 21
Aviation Industry Corporation of China,Ltd. completed the acquisition of additional 2.04% stake in AVIC Airborne Systems Co., Ltd. (SHSE:600372) from AVIC Aviation Industry Investment Co., Ltd. Aviation Industry Corporation of China,Ltd. agreed to acquire an additional 2.04% stake in AVIC Airborne Systems Co., Ltd. (SHSE:600372) from AVIC Aviation Industry Investment Co., Ltd. for CNY 1.2 billion on January 16, 2025. Upon completion, Aviation Industry Corporation China,Ltd. will own 5.84% stake in AVIC Airborne Systems Co., Ltd. The final transfer price will be subject to the final approval of the competent authority for state-owned asset supervision and administration.
Aviation Industry Corporation of China,Ltd. completed the acquisition of additional 2.04% stake in AVIC Airborne Systems Co., Ltd. (SHSE:600372) from AVIC Aviation Industry Investment Co., Ltd on March 19, 2025. Announcement • Dec 27
AVIC Airborne Systems Co., Ltd. to Report Fiscal Year 2024 Results on Mar 15, 2025 AVIC Airborne Systems Co., Ltd. announced that they will report fiscal year 2024 results on Mar 15, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.062 (vs CN¥0.13 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.062 (down from CN¥0.13 in 3Q 2023). Revenue: CN¥5.09b (down 25% from 3Q 2023). Net income: CN¥299.7m (down 52% from 3Q 2023). Profit margin: 5.9% (down from 9.3% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 11% per year. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to CN¥12.96, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 35x in the Aerospace & Defense industry in China. Total loss to shareholders of 19% over the past three years. Announcement • Sep 30
AVIC Airborne Systems Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 AVIC Airborne Systems Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CN¥0.093 (vs CN¥0.14 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.093 (down from CN¥0.14 in 2Q 2023). Revenue: CN¥5.84b (down 49% from 2Q 2023). Net income: CN¥449.0m (down 45% from 2Q 2023). Profit margin: 7.7% (up from 7.1% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Jun 28
AVIC Airborne Systems Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 AVIC Airborne Systems Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Announcement • Apr 29
AVIC Airborne Systems Co., Ltd., Annual General Meeting, May 21, 2024 AVIC Airborne Systems Co., Ltd., Annual General Meeting, May 21, 2024, at 09:30 China Standard Time. Location: Room 2521, Building 16, Yard Jia No. 5, Shuguang West Lane, Chaoyang District, Beijing China Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: CN¥0.094 (vs CN¥0.11 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.094. Revenue: CN¥5.64b (up 129% from 1Q 2023). Net income: CN¥454.1m (up 115% from 1Q 2023). Profit margin: 8.0% (down from 8.5% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Aerospace & Defense industry in China. Announcement • Mar 29
AVIC Airborne Systems Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 AVIC Airborne Systems Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: CN¥0.44 (vs CN¥0.46 in FY 2022) Full year 2023 results: EPS: CN¥0.44. Revenue: CN¥29.0b (up 159% from FY 2022). Net income: CN¥1.89b (up 116% from FY 2022). Profit margin: 6.5% (down from 7.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Aerospace & Defense industry in China. Announcement • Dec 29
AVIC Airborne Systems Co., Ltd. to Report Fiscal Year 2023 Results on Mar 16, 2024 AVIC Airborne Systems Co., Ltd. announced that they will report fiscal year 2023 results on Mar 16, 2024 New Risk • Oct 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (23% accrual ratio). Shareholders have been substantially diluted in the past year (152% increase in shares outstanding). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: CN¥0.13 (vs CN¥0.091 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.13 (up from CN¥0.091 in 3Q 2022). Revenue: CN¥6.75b (up 149% from 3Q 2022). Net income: CN¥625.7m (up 257% from 3Q 2022). Profit margin: 9.3% (up from 6.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Sep 30
AVIC Airborne Systems Co., Ltd. to Report Q3, 2023 Results on Oct 25, 2023 AVIC Airborne Systems Co., Ltd. announced that they will report Q3, 2023 results on Oct 25, 2023 Reported Earnings • Aug 23
Second quarter 2023 earnings released: EPS: CN¥0.14 (vs CN¥0.17 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.14. Revenue: CN¥11.5b (up 305% from 2Q 2022). Net income: CN¥813.6m (up 155% from 2Q 2022). Profit margin: 7.1% (down from 11% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 7.8% p.a. on average during the next 3 years, while revenues in the Aerospace & Defense industry in China are expected to grow by 21%. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: CN¥0.46 (vs CN¥0.42 in FY 2021) Full year 2022 results: EPS: CN¥0.46 (up from CN¥0.42 in FY 2021). Revenue: CN¥11.2b (up 14% from FY 2021). Net income: CN¥871.9m (up 9.2% from FY 2021). Profit margin: 7.8% (down from 8.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 4 experienced directors. 1 highly experienced director. Member of the Supervisory Board Pei Tian is the most experienced director on the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: CN¥0.091 (vs CN¥0.098 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.091 (down from CN¥0.098 in 3Q 2021). Revenue: CN¥2.71b (up 17% from 3Q 2021). Net income: CN¥175.1m (down 8.0% from 3Q 2021). Profit margin: 6.5% (down from 8.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • Sep 03
Second quarter 2022 earnings released: EPS: CN¥0.17 (vs CN¥0.13 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.17 (up from CN¥0.13 in 2Q 2021). Revenue: CN¥2.84b (up 7.0% from 2Q 2021). Net income: CN¥318.7m (up 30% from 2Q 2021). Profit margin: 11% (up from 9.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 25%, compared to a 29% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Jun 14
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Jinchang Zhang was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: CN¥0.10 (vs CN¥0.072 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.10 (up from CN¥0.072 in 1Q 2021). Revenue: CN¥2.35b (up 20% from 1Q 2021). Net income: CN¥201.3m (up 44% from 1Q 2021). Profit margin: 8.6% (up from 7.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 22%, compared to a 29% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Jinchang Zhang was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: CN¥0.42 (vs CN¥0.35 in FY 2020) Full year 2021 results: EPS: CN¥0.42 (up from CN¥0.35 in FY 2020). Revenue: CN¥9.84b (up 13% from FY 2020). Net income: CN¥798.7m (up 27% from FY 2020). Profit margin: 8.1% (up from 7.2% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 20%, compared to a 31% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥0.098 (vs CN¥0.065 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥2.32b (up 3.8% from 3Q 2020). Net income: CN¥190.2m (up 26% from 3Q 2020). Profit margin: 8.2% (up from 6.7% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥0.13 (vs CN¥0.11 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥2.65b (up 13% from 2Q 2020). Net income: CN¥245.5m (up 30% from 2Q 2020). Profit margin: 9.2% (up from 8.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥19.96, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 45x in the Aerospace & Defense industry in China. Total returns to shareholders of 58% over the past three years. Reported Earnings • May 05
First quarter 2021 earnings released: EPS CN¥0.072 (vs CN¥0.043 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥1.96b (up 60% from 1Q 2020). Net income: CN¥139.4m (up 86% from 1Q 2020). Profit margin: 7.1% (up from 6.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS CN¥0.35 (vs CN¥0.32 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥8.75b (up 4.7% from FY 2019). Net income: CN¥630.8m (up 13% from FY 2019). Profit margin: 7.2% (up from 6.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 09
New 90-day low: CN¥16.20 The company is down 6.0% from its price of CN¥17.16 on 09 December 2020. The Chinese market is down 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Aerospace & Defense industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥1.06 per share. Is New 90 Day High Low • Dec 30
New 90-day high: CN¥18.80 The company is up 10.0% from its price of CN¥17.04 on 30 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Aerospace & Defense industry, which is also up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥1.04 per share. Is New 90 Day High Low • Nov 12
New 90-day low: CN¥15.66 The company is down 24% from its price of CN¥20.50 on 14 August 2020. The Chinese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥1.05 per share. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥704.5m, up 41% from the prior year. Total revenue was CN¥8.99b over the last 12 months, up 9.4% from the prior year. 
