Core Viewpoint - Haitong International maintains an "outperform" rating for Cirrus Aircraft (02507), expecting revenue growth and improved profitability due to product upgrades, with projected revenues of $1.394 billion, $1.674 billion, and $1.951 billion for 2025-2027, respectively, and net profits of $159 million, $183 million, and $204 million for the same period [1] Group 1 - The density of service and training stations for Cirrus Aircraft, along with user-friendly products, creates a competitive moat for the company [2] - The company has approximately 260 service points globally, with 193 authorized service centers covering major areas in the U.S., and 143 certified training centers, enhancing customer satisfaction and operational efficiency [2] - Safety, avionics systems, and ease of operation are highlighted as key advantages of Cirrus Aircraft over competitors, aligning well with customer demands [2] Group 2 - Cirrus Aircraft is expected to deliver around 800 aircraft in 2025, with 694 units from the SR2X series (approximately 10% year-on-year growth) and 106 units from the Vision Jet (approximately 4% year-on-year growth) [3] - The average selling price for the SR2X series is projected to rise to about $1.19 million, while the Vision Jet's average price is expected to increase to $3.45 million, contributing to improved profit margins [3] - The company anticipates a year-on-year increase in overall gross margin and net margin by 0.9 and 1.1 percentage points, respectively, with an estimated net profit of approximately $156 million for the year [3] Group 3 - The index company is expected to announce a new adjustment list in mid-February, and Cirrus Aircraft meets the criteria for market capitalization, trading volume, and turnover rate by the end of 2025 [4]

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 ...

Group 1 - CMB International maintains a "Buy" rating for Anta Sports with a target price of HKD 108.70, noting a low single-digit decline in Q4 revenue for the Anta brand, while FILA and other brands show resilience with a growth of 35%-40% [1] - CMB International also maintains a "Buy" rating for China Resources Beverage with a target price of HKD 11.87, indicating that 2025 will be a year of pressure release, with stable market share in packaged water and potential improvements in sales incentives [1] Group 2 - CMB International maintains a "Buy" rating for Hutchison China MediTech, highlighting the significant superiority of Savolitinib combination therapy over chemotherapy in MET amplified NSCLC, with global sales peak potential exceeding USD 1.8 billion [2] - CMB International maintains a "Buy" rating for China Resources Power with a target price of HKD 21.05, projecting a 6.7% increase in core profit for 2025, with a 9.8% decrease in thermal coal fuel costs partially offsetting coal price rebounds [3] Group 3 - CITIC Securities maintains a "Buy" rating for Geek+, setting a target price of HKD 53.00, with a significant upward revision of order growth from 30% to 40% for 2026, and successful penetration into North American key accounts [4] - CITIC Securities maintains a "Buy" rating for Jiangnan Buyi, noting excellent performance in FY1H26 and a fundraising of HKD 270 million to enhance brand development, with expected high single-digit to double-digit growth in revenue and profit [5] Group 4 - CITIC Securities maintains a "Buy" rating for Xaircraft with a target price of HKD 87.00, emphasizing its leading position in general aviation and private aviation, with current valuations not reflecting its brand potential and scarcity [6] - CITIC Jiantou maintains a "Buy" rating for Xtep International, indicating flat revenue for the main brand in Q4 2025, with bright performance in running categories and successful adjustments in e-commerce [7][8]

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]

Group 1 - The commercial aerospace stocks in the Hong Kong market have shown strong performance, with JunDa Co., Ltd. surging over 30% and other companies like Asia Pacific Satellite and Goldwind Technology rising 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, crossing the Kármán line at 100 kilometers, allowing participants to experience 12 minutes of weightlessness [1] Group 2 - The stock performance of various companies in the commercial aerospace sector includes JunDa Co., Ltd. with a 30.75% increase, Asia Pacific Satellite at 7.93%, and Goldwind Technology at 7.40% [2] - The total market capitalization for JunDa Co., Ltd. is 9.854 billion, while Asia Pacific Satellite stands at 4.169 billion and Goldwind Technology at 69.882 billion [2] - Year-to-date performance shows JunDa Co., Ltd. up 56.65%, Asia Pacific Satellite up 61.51%, and Goldwind Technology up 23.34% [2]

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。 ...

Core Viewpoint - The commercial aerospace concept stocks continue to decline, with significant drops observed in companies such as Asia Pacific Satellite, Goldwind Technology, and Xirui, amidst the backdrop of China's submission of a frequency and orbital resource application for 203,000 new satellites to the ITU [1] Group 1: Stock Performance - Asia Pacific Satellite (01045) fell by 10.48%, trading at 4.27 HKD [1] - Goldwind Technology (02208) decreased by 5.71%, trading at 14.03 HKD [1] - Xirui (02507) declined by 2.52%, trading at 59.85 HKD [1] Group 2: ITU Submission and Implications - China submitted an application to the ITU for 203,000 satellites, covering 14 satellite constellations, including low and medium Earth orbit satellites [1] - Experts indicate that the satellite system's international declaration and coordination, as well as satellite launch and system construction, typically require a long time [1] - The submission is viewed as a routine operation to fulfill ITU procedures and should be interpreted rationally [1] Group 3: Industry Analysis - According to Everbright Securities, despite the ITU's "first come, first served" principle, actual approvals may be less than the application volume due to international coordination, frequency conflicts, and orbital capacity limitations [1] - The application is seen as a strategic reserve of frequency and orbital resources, with Japan also proposing a "Japanese version of Starlink," indicating intensified competition for space resources among major countries [1] - The submission raises the potential demand ceiling for domestic commercial aerospace, suggesting that industry development may accelerate under the leadership of national teams like the Radio Innovation Institute [1]