证券代码：600316 证券简称：洪都航空 公告编号： 2026-001 江西洪都航空工业股份有限公司 关于变更签字注册会计师的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经公司第八届董事会第五次会议和公司 2024 年年度股东大会审 议通过，公司聘任大信会计师事务所（特殊普通合伙）（以下简称"大 信所"）担任公司 2025 年度财务报表和内部控制审计机构。有关情况 详见公司于 2025 年 3 月 29 日在上海证券交易所网站披露的《江西洪 都航空工业股份有限公司关于续聘会计师事务所的公告》（公告编号： 2025-007）。 1.人员信息 签字注册会计师：龙娇，2009年10月成为注册会计师，2006年8 月开始从事上市公司审计，2024年开始在大信所执业；近三年签署上 1 市公司审计报告情况:6家。 签字注册会计师：王嘉尧，2025年成为注册会计师，2013年开始 从事上市公司审计，2025年开始在大信所执业；近三年签署上市公司 审计报告情况:0家。 2．独立性和诚信情况 近日，公司收到大信所《关于变更江西洪都航 ...

Core Viewpoint - Hongdu Aviation is a leading player in military trainer aircraft, benefiting from a dual-driven model of aircraft and missile integration, with a target price of 49.4 yuan and a valuation of 130 times by 2027 [1] Group 1: Company Overview - The company is a rare full-spectrum trainer aircraft assembly unit in China, with products including the primary trainer CJ6, basic trainer K8, and advanced trainer L15 [1] - The transformation of the trainer aircraft system from a "three aircraft three levels" model to a "two aircraft two levels" model is expected to drive demand growth [1] Group 2: Industry Trends - The trend of collaborative operations between manned and unmanned aircraft is emerging, and the company possesses the capability for manned-unmanned collaboration, which is expected to yield significant benefits [1] - As a leader in military trainer aircraft, the company's unique position of "factory and institution integration, aircraft and missile integration" is rare in the industry [1]

Investment Rating - The report assigns an "Accumulate" rating for Hongdu Aviation (600316.SH) as a first-time coverage [3]. Core Views - Hongdu Aviation is a leading domestic manufacturer of military training aircraft, benefiting from the rising demand for both training and unmanned aerial vehicles (UAVs) [1][2]. - The company has a comprehensive product line that includes primary, basic, and advanced training aircraft, positioning it uniquely in the market [1][2]. - The global military trade environment is improving, with the company expected to see significant growth in international sales, particularly with its K-8 training aircraft [2][3]. Summary by Sections Company Overview - Hongdu Aviation is recognized as a cradle for training aircraft in China, integrating research, production, and operations, with a focus on both training aircraft and defense products [14]. - The company has undergone asset restructuring to enhance its core competencies in training aircraft and missile production [14][17]. Market Position and Demand - The company is a rare full-spectrum training aircraft assembly unit in China, poised to benefit from the upward trend in the training aircraft and UAV markets [1][2]. - The global demand for training aircraft is increasing, with many countries seeking cost-effective solutions for pilot training [2][45]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 77.0 billion, 119.6 billion, and 159.1 billion RMB, respectively, with year-on-year growth rates of +46.6%, +55.4%, and +33.0% [3][7]. - Net profit forecasts for the same period are 1.2 billion, 2.0 billion, and 2.7 billion RMB, reflecting significant growth rates of +203.8%, +70.4%, and +34.6% [3][7]. Competitive Advantages - The company offers integrated training solutions that include pilot training, ground crew training, and operational support, enhancing its competitive edge in military exports [2][3]. - Hongdu Aviation's "air-to-surface" missile production capabilities provide a significant advantage, simplifying the development and certification processes for military equipment [2][3]. International Sales Growth - The company is expected to achieve a compound annual growth rate (CAGR) of 137% in foreign revenue from 2020 to 2024, indicating a strong position in the international military trade market [2][3][26]. - The K-8 training aircraft has captured a 26.3% market share in the global mid-to-high level training aircraft segment, establishing a solid foundation for future exports [2][3].

Group 1 - Hongdu Aviation experienced a decline of 5.14% on January 20, with a stock price of 40.40 CNY per share, a trading volume of 740 million CNY, a turnover rate of 2.49%, and a total market capitalization of 28.971 billion CNY [1] - The company, Jiangxi Hongdu Aviation Industry Co., Ltd., is located in Nanchang, Jiangxi Province, and was established on December 16, 1999, with its listing date on December 15, 2000. Its main business involves the research, development, manufacturing, sales, and service of aviation aircraft [1] - The revenue composition of the company includes 52.78% from other aviation products, 46.90% from trainer aircraft, and 0.32% from other supplementary sources [1] Group 2 - From the perspective of major fund holdings, one fund under China Post Fund has a significant position in Hongdu Aviation. The China Post Military-Civil Integration Flexible Allocation Mixed A Fund (004139) held 720,000 shares in the third quarter, accounting for 2.54% of the fund's net value, ranking as the fifth-largest holding [2] - The China Post Military-Civil Integration Flexible Allocation Mixed A Fund (004139) was established on April 1, 2017, with a current scale of 858 million CNY. Year-to-date returns are 9.98%, ranking 1271 out of 8846 in its category; the one-year return is 74.11%, ranking 657 out of 8091; and since inception, the return is 155.72% [2] - The fund manager, Wang Gao, has been in position for 5 years and 198 days, with the total asset scale of the fund at 1.915 billion CNY. The best return during his tenure is 76.18%, while the worst return is -29.36% [2]

Industry and Company Analysis Summary Industry Overview - The large aircraft industry, particularly the C919, is experiencing significant acceleration, marking a turning point in a trillion-yuan market. This is evidenced by a collective surge in stock prices within the large aircraft and aviation sectors, indicating a strong market response to recent developments in China's civil aviation and aerospace industries [1][2]. Key Developments 1. The European Union Aviation Safety Agency (EASA) has completed compliance flight tests for the C919, providing a core evaluation of "good performance and safety reliability," which signifies the entry of the domestically produced large aircraft into the global market [3]. 2. The successful completion of national energy bureau evaluations for several gas turbine innovation development demonstration projects, including the "Taihang 7," "Taihang 15," and "Taihang 110," indicates progress in China's gas turbine technology [3]. 3. The C919 has reportedly accumulated over 1,000 orders, translating to a market scale exceeding 650 billion yuan based on the Eastern Airlines procurement price of 653 million yuan. Including the maintenance and spare parts market, the total lifecycle market potential approaches one trillion yuan [3]. 4. The CJ-1000A domestic aircraft engine is expected to begin mass installation in 2027, which will alleviate supply chain bottlenecks and accelerate performance realization [3]. 5. Siemens Energy, a leading overseas gas turbine manufacturer, plans to increase its capacity from 17 GW in 2024 to over 30 GW by 2028-2030, reflecting robust global growth in the gas turbine industry [3]. Investment Recommendations 1. **Large Aircraft Sector**: Companies benefiting from the accelerated delivery of the C909 and C919, particularly those with high domestic production rates in structural components, include AVIC Xi'an Aircraft Industry Group, Hongdu Aviation Industry Group, Triangle Defense, Runbei Aerospace Technology, and Quanzhi Co., Ltd. [4]. 2. **Domestic Engine/Gas Turbine Sector**: Companies poised to benefit from the accelerated industrialization of domestic engines and gas turbines include AVIC Power, AVIC Control, AVIC Technology, Hangya Technology, Tunang Co., Ltd., Yingliu Technology, AVIC Aerospace, AVIC Materials, Parker New Materials, and Lian Ce Technology [4]. Risk Factors - Potential risks include the possibility of aircraft deliveries not meeting expectations and the slower-than-anticipated industrialization progress of domestic aviation engines and gas turbines [4].

Core Viewpoint - The commercial aerospace sector has rebounded strongly after recent volatility, with the Huabao General Aviation ETF (159231) showing significant gains and increased trading volume, indicating positive market sentiment [1][4]. Group 1: Market Performance - The Huabao General Aviation ETF opened strong, rising over 3% at one point and closing up 2.20%, recovering above the 10-day moving average and touching the 5-day moving average, with a trading volume of 18.97 million yuan, a noticeable increase from the previous trading day [1][4]. - Among the 50 constituent stocks, 30 saw gains, with notable performers including China Aviation Industry Corporation (10.02% increase), Aero Engine Corporation of China (10.01% increase), and others exceeding 8% gains [4][11]. Group 2: Industry Trends - The commercial aerospace sector is supported by strong government policies and an upward trend in the industry. The National Venture Capital Guidance Fund is set to launch by the end of 2025, with investments in various sectors including aerospace [3][10]. - The International Telecommunication Union (ITU) has reported that China submitted an application for frequency and orbital resources for 203,000 new satellites, marking the largest international frequency application in the country's history, which is expected to drive further industry orders [3][10]. Group 3: Profitability Outlook - The profitability growth rate of the top 10 stocks in the commercial aerospace index improved from -14.5% in Q2 2025 to 1.5% in Q3 2025, with projections indicating a 37.5% year-on-year growth in 2026 [3][10]. - The commercial aerospace sector's performance is expected to continue improving, similar to the trends seen in the renewable energy sector, influenced by valuation sentiment, policies, and sector rotation [3][10].

Market Overview - Major stock indices in the Asia-Pacific region showed mixed results, with the Shanghai Composite Index surpassing 4100 points, while Hong Kong's main indices were in the red [1] - The South Korean Composite Index broke through 4900 points for the first time, with Hyundai and Kia Motors both rising over 12% [1] - A-shares experienced a contraction in trading volume, with the Shanghai Composite Index up 0.29% and the Shenzhen Component Index up 0.09%, while the ChiNext Index fell by 0.7% [1][2] Trading Volume and Stock Performance - The total trading volume in the Shanghai and Shenzhen markets was 2.73 trillion yuan, a decrease of 324.3 billion yuan from the previous trading day [1] - Over 3500 stocks in the market rose, with 103 stocks hitting the daily limit [1] Sector Performance - The electric grid equipment sector showed strong performance throughout the day, with stocks like China West Electric, Dalian Electric Porcelain, and Guangdian Electric all hitting the daily limit [3] - The AVIC index opened high and saw all constituent stocks in the green, with AVIC Aircraft, AVIC Power, AVIC Control, and AVIC Technology all hitting the daily limit, while Hongdu Aviation rose nearly 9% [4][5] Hong Kong Market - The three major indices in Hong Kong collectively declined, with the Hang Seng Index and Hang Seng Technology Index both dropping over 1%, and the Hang Seng China Enterprises Index down over 0.8% [6] - Most tech stocks in Hong Kong fell, with Bilibili down over 7%, Alibaba and Alibaba Health down over 3%, and other companies like Kuaishou and JD Health down over 2% [6] Commodity Performance - Gold and silver prices reached new highs, with spot gold nearing $4700 and silver up over 3.6%, marking a year-to-date increase of over 30% [7] - The cryptocurrency market continued to decline, with Bitcoin dropping nearly 3% and over 250,000 individuals facing liquidation, totaling approximately $871 million [7]

Core Viewpoint - The stock indices in Shanghai and Shenzhen are experiencing a strong upward trend, particularly in the aerospace and military sectors, with significant gains in large aircraft, general aviation, commercial aerospace, and aircraft carriers [1] Group 1: Market Performance - The military industry leader ETF (512710) has seen an intraday increase of 4.53%, while the aviation ETF (159392) has risen by 3.01% [1] - Key stocks within the military industry leader ETF, including AVIC Aircraft, Hongdu Aviation, and Aero Engine Corporation of China, have reached their daily limit up [1] Group 2: Industry News - The National Defense Science and Technology Industry Administration has officially released the top ten news stories for the defense technology industry in 2025, highlighting the successful combat achievements of the J-10CE export fighter jet [1] - In the field of aviation power, a domestically developed 1200 kW turboprop engine has successfully completed its ignition test, marking a significant advancement into the testing and validation phase of its development [1] Group 3: Index Information - The military industry leader ETF (512710) closely tracks the CSI Military Industry Leader Index (931066), which selects 30 listed companies involved in military products and services to reflect the overall performance of leading companies in the military sector [1]

Core Viewpoint - The aviation sector, particularly the large aircraft concept, has seen significant stock price increases, indicating a bullish sentiment in the market for related companies [1]. Group 1: Stock Performance - Major companies in the aviation sector, such as航发控制, 航发动力, 中航机载, 万泽股份, and 五洲新春, experienced a surge in stock prices, with several reaching the daily limit up [1]. - 航亚科技 saw a notable increase of over 15%, while 中航西飞, 航宇科技, and 洪都航空 also reported gains [1]. Group 2: Detailed Stock Data - The following companies reported significant stock price increases: - 图南胶价: +16.13%, total amount 7.13 billion, market cap 153.8 billion, current price 38.92 [2] - 航亚科技: +15.20%, total amount 7.07 billion, market cap 93.04 billion, current price 35.85 [2] - 超捷股份: +14.49%, total amount 38.77 million, market cap 289.9 billion, current price 216.04 [2] - 航发动力: +10.01%, total amount 34.147 million, market cap 1190 billion, current price 44.63 [2] - 航发控制: +10.00%, total amount 12.59 million, market cap 309.6 billion, current price 23.54 [2] - 洪都航空: +9.97%, total amount 16.02 million, market cap 308.4 billion, current price 43.00 [2]

Core Viewpoint - The aerospace sector, particularly companies under the AVIC system, is experiencing a surge in stock prices, driven by positive market sentiment and developments in China's commercial space industry [1][3]. Group 1: Market Performance - AVIC stocks, including AVIC Aircraft, AVIC Engine, AVIC Control, and Hongdu Aviation, all hit the daily limit up, contributing to a rapid rise in the military industry sector [1]. - The military ETF Huabao (512810) rose by 2.88%, recovering two moving averages, indicating strong investor interest [1]. Group 2: Industry Developments - China Aerospace Science and Technology Corporation held a work meeting outlining plans to advance reusable rocket technology and major projects like manned lunar missions during the 14th Five-Year Plan [1]. - The commercial space sector in China is expected to grow rapidly once breakthroughs in rocket recovery and reflight technologies are achieved, with a significant market opportunity driven by the demand for approximately 4,000 satellite updates annually from two major domestic constellations [3]. Group 3: Investment Opportunities - The military ETF Huabao (512810) includes 24 commercial aerospace concept stocks, with a combined weight exceeding 32%, making it a focal point for investors interested in the aerospace sector [3][4]. - The ETF also covers various hot themes such as controllable nuclear fusion, low-altitude economy, large aircraft, deep-sea technology, and military AI, providing diverse investment avenues [3].