智通财经APP获悉，海通国际发布研报称，维持西锐(02507)"优于大市"评级，基于对公司产品更新换代 后出货及盈利能力提升，该行预计公司2025-2027年将实现营业收入13.94/16.74/19.51亿美元(此前为 13.94/16.34/19.04亿美元)，对应净利润为1.59/1.83/2.04亿美元(1.41/1.76/2.06亿美元)，考虑公司订单远期 可见性较弱，DCF估值匹配度低，改用PE倍数估值，基于2026年的预期EPS给予公司18x PE，提高目标 价至70.20港元。 海通国际主要观点如下： 西锐飞机的服务及培训站点布局密度叠加人性化产品铸就公司护城河 调研期间，该行走访美国洛杉矶、休斯顿等城市周边通航机场，拜访西锐飞机在美国部分城市的授权服 务中心和认证培训中心，服务的响应速度快，尽管飞行员考试的成本相对较高，考证人员有限，维修保 养需求及销售人员的反馈速度较同行有显著优势。公司目前在全球约有260个服务点，其中193家为授权 服务中心，基本涵盖美国主要区域，4家自营服务中心分别位于佛罗里达、德克萨斯、明尼苏达和田纳 西州;培训方面，除了认证的143家培训中心外，公司也有400多为 ...

预计西锐飞机2025年全年交付~800架，新增订单~600架 对于公司全年业绩，该行较为乐观，预计全年交付800架飞机，其中SR2X系列交付694架(同比增长约 10%)，愿景喷气机交付106架(同比增长约4%)，由于G7+新机型占出货占比提升，SR2X系列平均销售单 价提升至约119万美元，愿景喷气机单价微涨至345万美元均价。新机型也带动利润率水平的提升，该行 预期2025年公司整体毛利率及净利率分别同比提升0.9和1.1个百分点，全年净利润约1.56亿美元。新订 单方面，预计全年公司新增订单约600架，同比略有提升。 交易层面，指数公司预计2月中下旬公布新调整名单 对于公司而言，截至2025年年底，公司在市值、交易量、换手率等指标上均满足指数公司的要求。 风险提示 海通国际发布研报称，维持西锐(02507)"优于大市"评级，基于对公司产品更新换代后出货及盈利能力 提升，该行预计公司2025-2027年将实现营业收入13.94/16.74/19.51亿美元(此前为13.94/16.34/19.04亿美 元)，对应净利润为1.59/1.83/2.04亿美元(1.41/1.76/2.06亿美元)，考虑公司订单 ...

研究报告 Research Report 28 Jan 2026 西锐 Cirrus Aircraft (2507 HK) 调研反馈：产品叠加服务铸就的护城河 US site tour feedback: great product paired with excellent service build a durable moat 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$61.00 目标价 HK$70.20 HTI ESG 2.6-3.3-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$22.33bn / US$2.86bn 日交易额 (3 个月均值) US$4.35mn 发行股票数目 365.99mn 自由流通股 (%) 20% 1 年股价最高最低值 HK$73.40-HK$20.55 注：现价 HK$61.00 为 2026 年 01 月 28 日收盘价 资料来源： Factset ...

智通财经1月28日讯（编辑 童古） 以下为各家机构对港股的最新评级和目标价： 交银国际：维持安踏体育买入评级 目标价108.70港元 交银国际就安踏体育(02020.HK)发布研报称，公司Q4安踏主品牌流水低单位数下滑，FILA及多品牌矩 阵韧性突出，其他品牌高增35%-40%；虽短期受天气、春节错期影响，但折扣与库销比健康，品牌资产 持续夯实，长期"单聚焦、多品牌、全球化"逻辑未变。 招商证券(香港)：维持华润饮料买入评级 目标价11.87港元 招商证券(香港)就华润饮料(02460.HK)发布研报称，公司2025年为压力释放年，包装水市占率趋稳，新 董事长将推动销售端改革， frontline销售激励有望优化，分红比率或提升；产能扩张虽略慢于预期，但 渠道扁平化改革进展超预期，预计2026年起增长将明显改善。 交银国际就华润电力(00836.HK)发布研报称，公司2025年核心盈利增6.7%，火电燃料成本下降9.8%部 分对冲煤价反弹，风光售电量分别增16.4%/55.5%；2026年点火价差虽同比收窄10%，但容量电价上调 65%提供缓冲，再生能源经营利润预计增20%。 中信证券：维持极智嘉-W买入评级 ...

Group 1 - The Hong Kong stock market saw a surge in commercial aerospace stocks, with JunDa Co., Ltd. rising over 30% and other companies like Asia Pacific Satellite and Goldwind Technology increasing by over 7% [1] - Beijing ChuanYueZhe Manned Space Technology Co., Ltd. announced at the "Global Space Tourism Launch Conference" that actor Huang Jingyu will join the first batch of Chinese commercial space travelers, planning to fly in 2028 aboard the domestic reusable manned spacecraft "ChuanYueZhe YiHao (CYZ1)" [1] - The flight will last approximately 2.5 hours, reaching an altitude of 100 kilometers, allowing participants to experience 12 minutes of weightlessness, with a ticket price set at 3 million yuan [1] Group 2 - JunDa Co., Ltd. experienced a 30.75% increase in stock price, reaching 33.68 yuan, with a total market capitalization of 9.854 billion yuan and a year-to-date increase of 56.65% [2] - Asia Pacific Satellite's stock rose by 7.93% to 4.49 yuan, with a market cap of 4.169 billion yuan and a year-to-date increase of 61.51% [2] - Goldwind Technology's stock increased by 7.40% to 16.54 yuan, with a market cap of 69.882 billion yuan and a year-to-date increase of 23.34% [2]

| 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 02865 | 钧达股份 | 30.75% | 33.680 | 98.54亿 | 56.65% | | 01045 | 亚太卫星 | 7.93% | 4.490 | 41.69亿 | 61.51% | | 02208 | 金风科技 | 7.40% | 16.540 | 698.82亿 | 23.34% | | 00232 | 大陆航空科技控股 | 4.17% | 0.175 | 16.28亿 | 19.05% | | 06613 | 蓝思科技 | 2.96% | 29.920 | 1581.07亿 | 18.54% | | 01725 | 中国技术集团 | 2.20% | 0.930 | 5.62亿 | 32.86% | | 00031 | 航天控股 | 1.54% | 0.660 | 20.36亿 | 10.00% | | 02507 | 西锐 | 1.07% | 61.200 | 223.99亿 | 9.87% | MACD金叉信号形成，这些股 ...

Core Viewpoint - The report from Huafu International projects that the revenue of Cirrus Aircraft (02507) will reach $1.426 billion, $1.654 billion, and $1.928 billion in 2025, 2026, and 2027 respectively, with net profits of $162 million, $199 million, and $242 million for the same years. The firm initiates coverage with an "outperform" rating and a target price of $11.12 (equivalent to HKD 86.72) based on a discounted cash flow (DCF) valuation model [1]. Group 1: Company Overview - Cirrus Aircraft is a pioneer and global leader in the private aviation industry, having delivered over 10,000 SR2X series aircraft and more than 600 Vision Jets since its establishment in 1984. By the end of 2024, the company is expected to hold a dominant market share of 23.2% in the private aviation sector [2]. - The financial performance of Cirrus Aircraft shows strong revenue growth, increasing from $587 million in 2020 to $1.197 billion in 2024, while net profit surged from $36 million to $121 million during the same period, reflecting a compound annual growth rate (CAGR) of 32.3%. The net profit margin improved from 6.2% in 2020 to 10.1% in 2024 [2]. Group 2: Industry Trends - The global private aircraft market is experiencing steady growth in both delivery volume and value, driven by the expansion of high-net-worth individuals (HNWIs) and flight training students, as well as ongoing infrastructure development. The average sales price of private aircraft is also on the rise [3]. - The industry is characterized by high concentration, with Cirrus Aircraft leading in the piston aircraft segment. The market share of its two main aircraft series is on an upward trend, supported by the company's industry-leading safety performance and a comprehensive "product + service" ecosystem [3]. Group 3: Product and Competitive Advantage - Cirrus Aircraft's product line, ranging from the SR2X series to the Vision Jet, caters to diverse market needs, with the SR series targeting the high-end piston aircraft market and the Vision Jet positioned as a cost-effective option in the turbine aircraft category. The company's competitive advantages stem from innovative safety features, including the life-saving Cirrus Airframe Parachute System (CAPS) and the revolutionary Safe Return Emergency Autoland system [4]. - Cirrus has evolved beyond traditional manufacturing to offer a comprehensive "product + service" ecosystem, which includes flight training, aircraft management, and financing services. This high customer retention model generates recurring revenue, enhances brand loyalty, and leads to high repurchase rates and strong pricing power [4].

Group 1 - The core viewpoint of the report is that the revenue of Cirrus Aircraft is expected to reach $1.426 billion, $1.654 billion, and $1.928 billion in 2025, 2026, and 2027 respectively, with net profits projected at $162 million, $199 million, and $242 million for the same years [1] - Cirrus Aircraft has established itself as a pioneer and global leader in the private aviation industry, having delivered over 10,000 SR2X series aircraft and more than 600 Vision Jets since its inception in 1984 [2] - The company holds a dominant market share of 23.2% in the private aviation sector as of the end of 2024, with significant revenue growth from $587 million in 2020 to $1.197 billion in 2024, and net profit increasing from $36 million to $121 million during the same period, reflecting a compound annual growth rate (CAGR) of 32.3% [2] Group 2 - The demand for private jets is experiencing steady growth driven by high-net-worth individuals (HNWIs) and an increase in flight training students, alongside ongoing infrastructure development [3] - The global private jet market is characterized by robust growth in both delivery volume and value, with rising average sales prices [3] - Cirrus Aircraft's product line, including the SR series and Vision Jet, caters to diverse market needs, with a competitive edge stemming from innovative safety features and a comprehensive "product + service" ecosystem [4]

每经AI快讯，港股商业航天概念股延续跌势。截至发稿，亚太卫星(01045.HK)跌10.48%，报4.27港元； 金风科技(02208.HK)跌5.71%，报14.03港元；西锐(02507.HK)跌2.52%，报59.85港元。 （文章来源：每日经济新闻） ...

商业航天概念股延续跌势，截至发稿，亚太卫星(01045)跌10.48%，报4.27港元；金风科技（002202） (02208)跌5.71%，报14.03港元；西锐(02507)跌2.52%，报59.85港元。 消息面上，国际电信联盟(ITU)官网显示，2025年的最后几天，我国正式向ITU提交新增20.3万颗卫星的 频率与轨道资源申请，涵盖14个卫星星座，包括中低轨卫星。我国深度参与ITU事务的专家表示，卫星 系统从卫星网络资料国际申报、国际协调到卫星发射、系统建设、提供服务、应用推广，一般需要较长 时间。此次我国相关单位申报的卫星网络资料，属于履行ITU相关程序的例行操作，应予以理性看待。 光大证券发布研报称，尽管ITU遵循"先到先得"，但是受国际协调、频谱冲突、轨道容量限制，实际获 批量或小于申报量；此次申报更多是频轨资源战略储备，近期日本政府亦提出打造"日本版星链"系统， 意味着大国太空资源博弈加剧。产业层面来看，此次申报再度抬升国内商业航天潜在需求天花板，在以 无线电创新院为代表的"国家队"引领下，行业发展或再度提速。 ...