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600372.SH · A-shares

600372.SH AVIC Airborne: avionics consolidation platform

AVIC Airborne Systems Post absorption of AVIC Avionics, airborne systems concentrate here — watch perimeter changes.

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Snapshot

Price (~)
CNY 11.45
Market cap (~)
CNY 55.4B
Revenue (latest FY/cum)
CNY 24.2B
Latest NI (attr.)
CNY 606.9M
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

AVIC Airborne Systems Post absorption of AVIC Avionics, airborne systems concentrate here — watch perimeter changes. Price ~¥11.45, mkt ~¥554B; PE-TTM 45.6x.

Business

Model: avionics & airborne systems. Edge: AVIC airborne stack. Strategy: system integration.

Value chain

Avionics mid-stack; upstream components; downstream OEMs. Risks: destock; integration; R&D.

Corporate events

Events

Events
DateEventDetailNote
近年吸并中航电子航电集中至 600372勿再检索独立中航电子
As of 2026-09-25

Valuation

Systems supplier multiple; comparability drops post-merger.

Valuation snapshot

Valuation snapshot
MetricValueNote
现价11.45东方财富行情
总市值554.05 亿f116
PE-TTM45.6x亏损则为 null
PB1.45x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）-11.71 亿MGJYXJJE×股本估算，非审计
资产负债率50.6%最新报告期
ROE（加权）1.58%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/ASP/R&D cost.

Operating snapshot

Operating snapshot
ItemValueYoY/noteNote
最新报告期2026-Q2—东方财富 MAINFINADATA
单季营收63.27 亿见收入图 YoY累计拆单季
单季归母净利4.27 亿见利润图累计拆单季
毛利率（报告期披露）26.0%—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
中航机载航电中系统整合
中航光电连接器高元器件不同层级
中航沈飞整机高下游—
As of 2026-09-25

Management

Management / control

Management / control
RoleNameSince24m change
控股股东航空工业集团持续央企
经营层以最新年报披露为准持续—
As of 2026-09-25

Stability: AVIC-controlled.

Outlook

Watch consolidated prints, GM, 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

Integration; orders; valuation; disclosure.

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=600372
  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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