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AVIC's helicopter manufacturing arm, producing military and civil helicopters including the Z-9, Z-10 and AC-series for Chinese and export customers.
AVIC's helicopter manufacturing arm, producing military and civil helicopters including the Z-9, Z-10 and AC-series for Chinese and export customers.
Sells helicopters mainly to the Chinese military under state procurement, so deliveries and approvals follow defence budgets and programme schedules; civil helicopters are sold to commercial operators. It is the listed arm of AVIC's helicopter business, controlled by the state aerospace group.
In one line: China's state helicopter maker, akin to a Chinese Bell/Airbus Helicopters combined.
Moat: wide (regulatory licence, installed base, IP / patents). Sole domestic helicopter manufacturer under AVIC with a protected, state-backed market position.
Headquarters: Jingdezhen, Jiangxi, China · Founded: 1969 · Employees: 13,823
Size Avicopter (600038.SS) is a China Industrials company (Aerospace & Defense) with a market value of $3.54B, the 731st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥28.77 on 6 Nov 2026.
Performance Over six months the shares fell 7.8%, against -16.5% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 6.3% over the last twelve months (peer median +1.9%); the operating margin is 1.2% (peer median 1.7%).
Valuation It trades at 33.9× forward earnings against a peer median of 45.7× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.7 points below its cost of capital (6.1% WACC).
Next results Next results expected around 15 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥25.8B | CN¥29.1B | CN¥29.7B | CN¥26.5B | CN¥19.5B |
| Revenue growth | — | -2% | +12% | +36% | — |
| Gross profit | CN¥3.14B | CN¥2.52B | CN¥2.87B | CN¥3.25B | CN¥1.93B |
| EBITDA | n/a | CN¥1.20B | CN¥1.15B | CN¥1.11B | CN¥620M |
| Net income | CN¥440M | CN¥652M | CN¥556M | CN¥604M | CN¥388M |
| Free cash flow | CN¥1.07B | -CN¥11.5B | -CN¥8.34B | -CN¥7.29B | -CN¥1.82B |
| Capital expenditure | CN¥807M | CN¥785M | CN¥11.1B | CN¥928M | CN¥138M |
| Total debt | CN¥7.02B | CN¥7.79B | CN¥5.84B | CN¥4.67B | CN¥3.92B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Avicopter 600038.SS | $3.54B | -8% | -6% | 1% | 33.9× | 9.1% |
| Airbus AIR.PA | $174B | +14% | +6% | 8% | 26.8× | 22.6% |
| Textron TXT | $14.2B | -8% | +9% | 7% | 11.9× | 8.3% |
| Leonardo LDO.MI | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% |
| Lockheed Martin LMT | $131B | +12% | +8% | 12% | 17.6× | -6.9% |
| Boeing BA | $137B | -27% | +18% | 0% | 179,875.5× | n/a |
| Hindustan Aeronautics HAL.NS | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600038.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.8% | -0.2% | 4th highest of 21 |
| 6-month return | -7.8% | -16.5% | 5th highest of 21 |
| Distance from 52-week high | -26.8% | -40.0% | 4th highest of 21 |
| Revenue growth (TTM) | -6.3% | +1.9% | 7th lowest of 20 |
| Operating margin | 1.2% | 1.7% | 10th lowest of 21 |
| Forward P/E | 33.9× | 45.7× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 9.1% | 26.4% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +8.1% | +7.7% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | +0.9 pp | +11.7 pp | 5th least demanding of 13 |
| ROIC minus cost of capital | -1.7 pp | -5.4 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Avicopter 600038.SS | China | $3.54B | -8% | -6% | 1% | 33.9× | 9.1% | +8.1% |
| Baimtec Material 688563.SS | China | $3.53B | -12% | -1% | 15% | 38.2× | 22.7% | +14.4% |
| QinetiQ QQ..L | United Kingdom | $3.51B | +26% | 0% | 10% | 15.3× | 0.1% | +8.5% |
| Firefly Aerospace FLY | United States | $3.48B | -48% | +179% | -116% | n/a | n/a | n/a |
| Archer Aviation ACHR | United States | $3.42B | -31% | n/a | -13,570% | n/a | n/a | n/a |
| AECC Aero-engine Control 000738.SZ | China | $3.66B | -10% | -3% | 3% | 64.0× | n/a | n/a |
| Jiangxi Hongdu Aviation Industry 600316.SS | China | $3.77B | -4% | +62% | 0% | 121.0× | 53.4% | +8.0% |
| Lisi FII.PA | France | $3.27B | 0% | -8% | 10% | 22.5× | 20.4% | +7.3% |
| RENK R3NK.DE | Germany | $3.84B | -24% | +11% | 13% | 21.1× | 29.8% | +54.5% |
| Inner Mongolia First Machinery 600967.SS | China | $3.22B | -10% | -7% | 0% | 26.0× | 38.2% | -5.4% |
| Anhui GreatWall Military Industry 601606.SS | China | $3.20B | -22% | -10% | -7% | n/a | n/a | n/a |
| Avic (Chengdu) UAS 688297.SS | China | $3.93B | -15% | +74% | 0% | 106.5× | n/a | n/a |
| AviChina Industry & Technology 2357.HK | Hong Kong | $3.11B | -13% | +2% | 5% | 8.1× | n/a | n/a |
| Bharat Dynamics BDL.NS | India | $4.12B | -28% | -19% | 10% | 47.2× | n/a | n/a |
| North Industries Group Red Arrow 000519.SZ | China | $2.88B | -22% | +100% | 1% | 57.5× | 23.0% | +7.5% |
| Aar AIR | United States | $4.39B | -7% | +22% | 9% | 18.4× | 13.2% | +14.9% |
| Mercury Systems MRCY | United States | $4.48B | -19% | +8% | 2% | 44.2× | 59.6% | +1.3% |
| Sai MicroElectronics 300456.SZ | China | $2.75B | -45% | -59% | -99% | 65.9× | 41.7% | +1.5% |
| North Navigation Control Technology 600435.SS | China | $2.65B | -19% | -32% | -5% | 97.4× | 17.1% | +6.8% |
| Aerospace CH UAV 002389.SZ | China | $2.64B | -17% | +3% | 0% | 54.9× | n/a | n/a |
| Nanchang Sanrui Intelligence Technology 301696.SZ | China | $4.87B | -14% | +29% | 45% | n/a | 36.1% | +43.7% |