AVIC Shenyang is a leading enterprise in the domestic aviation defense equipment industry and a core target of the A-share military industry sector (stock code: 600760). It is affiliated to the Aviation Industry Corporation of China and is known as the “No. 1 fighter stock in China.”
It focuses on the core areas of aviation product manufacturing, taking into account the multi-track layout of military aviation, civil aviation, and aviation maintenance, and establishes a development strategy of “consolidation of core products + leadership in technology iteration + dual drive of interior decoration and foreign trade”.
Relying on its profound technology accumulation, stable military customer resources and complete production capacity layout, it is at a critical stage of steady performance growth, product iteration and upgrade, and accelerating military trade layout.
The following is a display of relevant pictures of AVIC Shenfei:
Summarize the latest research reports of 10 leading securities firms and institutions such as CITIC Securities and CICC in April 2026, combined with the release of the company’s aviation defense equipment production capacity, annihilation –
35 and other new model iterations, military trade business expansion and high prosperity dividends in the military industry, the net profit attributable to the parent company, ratings and target prices are compiled, and the potential increase is estimated based on the current stock price of 50.93 yuan.
The average consensus forecast by institutions shows that net profit will be 4.00 billion yuan in 2026, 5.03 billion yuan in 2027, and 6.13 billion yuan in 2028; the consensus target price center is 63.5 yuan, with an average potential increase of about 24.7% relative to the current price of 50.93 yuan.
In 2024, the company will achieve operating income of 42.837 billion yuan and net profit attributable to the parent company of 3.394 billion yuan; in 2025, its performance will grow steadily, with operating income of 44.656 billion yuan and net profit attributable to the parent company of 3.518 billion yuan, a year-on-year increase of 3.65%. The core benefit is the stable delivery of J-16, J-35 and other models, the release of A220 civil aircraft parts production capacity and the steady advancement of military trade business.
In 2026, thanks to the upgrade of national defense equipment, the batch installation of new fighter aircraft, the implementation of military trade orders and the expansion of civil aircraft business, the performance is expected to achieve steady and rapid growth.
AVIC Shenyang Aircraft Manufacturing Co., Ltd. is a large-scale modern aircraft manufacturer in China. It is listed on the main board of the Shanghai Stock Exchange. In 2018, it completed the overall listing of its core military assets. It focuses on the core track of aviation product manufacturing and forms a multi-wheel-driven development pattern of “military aviation + civil aviation + aviation maintenance.”
Its business covers the R&D, production and sales of aviation defense equipment, civil aircraft parts, aviation maintenance and other products. The products are widely used in national defense construction, civil aviation, aviation maintenance and other fields. Its comprehensive strength ranks at the forefront of the domestic aviation manufacturing industry. It is the core supplier of domestic carrier-based aircraft. It also promotes the globalization of military trade and lays a solid foundation for long-term development.
Its core main business segments include: Military aviation business is the core basic business, covering J-16, J-35, J-
15 and other main models, related business revenue will account for more than 90% in 2024, providing stable profit support for the company. At the same time, benefiting from the reform of the military product pricing mechanism, profitability continues to improve; the civil aviation business is the core growth engine, focusing on the manufacturing of civil aircraft parts, mainly producing A220 civil aircraft parts, with an annual delivery volume of more than 100 aircraft.
The application rate of composite materials reached 52%, leading the industry in technical level. The gross profit margin of civil aircraft parts reached 18.7%, exceeding the industry average by 5 percentage points, becoming an important increase in performance growth; aviation maintenance and military trade business are core potential businesses. The maintenance support system was improved through the acquisition of Jilin Aviation Maintenance, and at the same time, the implementation of the special organizational structure for military trade was promoted. FC
-31 (J-35 foreign trade model) has received intended orders from many countries in the Middle East. The unit price is 40% lower than the F-35, and it has a significant cost-effective advantage. It aims to account for 30% of military trade revenue in 2027. At the same time, it is also deploying emerging fields such as ship-based drones to explore new performance growth points.
Domestic institutions have different investment views on AVIC Shenyang.
Leading institutions believe that the military industry will continue to be prosperous in 2026, and the company’s core business will fully benefit from industry dividends. Technical advantages, customer advantages, and the dual-drive advantage of interior decoration and foreign trade will further amplify performance elasticity. The current valuation does not match performance growth and the value of the national defense strategy, and there is large room for long-term valuation repair. Medium-sized institutions pointed out that the company’s multiple businesses will work together to achieve stable revenue and profits in 2025
Growth, the dividend mechanism is complete, orders are sufficient, and performance growth is more certain. With the upgrading of defense equipment and other factors, core competitiveness continues to increase, and the valuation has the potential to be repaired; cautious institutions are worried about industry policy and budget fluctuations, new fighter aircraft research and development and the progress of military trade orders, the dependence of the civil aircraft business on orders, military product production and delivery, and core technologies facing external blockades, etc., and give relatively cautious ratings.
From the perspective of the company’s future development prospects, in the short term (2026), due to high industry prosperity + increased business volume + interior decoration and foreign trade, the company’s performance is expected to achieve sustained and steady growth. The consensus target price of institutions is 63.5 yuan, which is about 24.7% higher than the current price of 50.93 yuan. The growth certainty is strong; in the medium and long term (2027 –
2028) The military industry continues to expand, the company’s iteration of new aircraft models accelerates, civil aircraft production capacity continues to be released, and core competitiveness continues to strengthen. Performance is expected to maintain steady growth, and valuations will gradually match the growth potential, and it will move towards the world’s leading integrated service provider for aviation product manufacturing.
However, investors need to be wary of some core risks, including industry policy risks, such as defense budget allocation adjustments and lower-than-expected military product pricing mechanism reforms; business risks, such as lower-than-expected demand for defense equipment procurement, lower-than-expected progress in the development of new fighter aircraft and military trade orders, and fluctuations in civil aircraft orders; operational risks
, such as core technology research and development falling short of expectations, core talent loss, external technology blockades affecting production, raw material price fluctuations increasing operating costs, and production delivery schedules falling short of expectations; other risks, such as industry policy adjustments, macroeconomic downturns, valuation corrections, and equipment procurement cycle downturns after the founding of the Army 100 years ago may increase operating uncertainty.
