国内发动机精锻龙头航亚科技(688510.SH)抛出新一轮资本运作方案。 近日，航亚科技公告，拟向不特定对象发行可转换公司债券，募资总额不超过6亿元，投向马来西亚智 能制造基地、航空发动机零部件产能扩建及补充流动资金，进一步强化全球化产能布局。 据了解，航亚科技自2013年成立、2020年登陆科创板以来，已成长为国内少数进入国际航空发动机供应 链的精密制造企业。尽管2025年前三季度公司业绩阶段性承压，但营收仍保持增长、现金流持续改善。 此外，长江商报记者注意到，近些年航亚科技持续加码研发创新，技术壁垒不断加固。财报显示，2023 年—2025年前三季度，公司研发费用累计达1.54亿元。目前，公司掌握精密锻造、高效加工、质量体系 等核心能力。 同时，公司资产规模稳步扩张，2025年前三季度同比增长9.79%至20.07亿元，创下历史新高。 拟募资6亿扩充产能 根据预案，航亚科技本次发行募集资金总额不超过6亿元，扣除发行费用后，全部资金按精准比例投向 三大核心方向，三大项目合计总投资8.28亿元，募资覆盖约72.45%，剩余部分由公司自有资金与自筹资 金补足。 其中，"航空叶片与医疗骨科植入锻件马来西亚智能制造 ...

Group 1 - The company, Hangya Technology, plans to issue convertible bonds with a total fundraising amount not exceeding RMB 600 million, which will be used for projects related to aerospace blades, orthopedic implants, and working capital [1] - The convertible bonds will have a face value of RMB 100 each and a term of six years from the date of issuance [1] - The interest rate for the bonds will be determined by the board of directors based on national policies, market conditions, and the company's specific situation [1] Group 2 - Shareholder Ruan Shihai intends to reduce his holdings by up to 4.9 million shares, representing 1.89% of the company's total shares [2] - Huahang Kechuang plans to reduce its holdings by up to 2.265 million shares, representing 0.87% of the company's total shares [2] - Huahang Kechuang has already reduced its holdings by 1.94 million shares, decreasing its ownership from 8.1933 million shares to 6.2533 million shares, which reduced the controlling shareholder's stake from 29.62% to 28.87% [2] Group 3 - Hangya Technology's controlling shareholder is Yan Qi, with Ruan Shihai as a concerted actor [3] - The company was listed on the Sci-Tech Innovation Board on December 16, 2020, with an initial issuance of 64.6 million shares at a price of RMB 8.17 per share [3] - The total fundraising from the initial public offering was RMB 528 million, with a net amount of RMB 474 million after deducting issuance costs [3][4]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company plans to issue convertible bonds to raise up to RMB 600 million for aviation engine capacity construction projects, reflecting strong market demand in the global aviation engine supply chain and the company's proactive expansion in both international and domestic markets [2][13] - The company is expected to achieve continuous high-quality improvement in operational capabilities due to its focus on enhancing aviation engine production capacity [2][13] Financial Summary - Total revenue is projected to grow from RMB 544 million in 2023 to RMB 1,411 million in 2027, representing a compound annual growth rate (CAGR) of 27.1% [4] - Net profit attributable to the parent company is expected to increase significantly from RMB 90 million in 2023 to RMB 279 million in 2027, with a notable growth rate of 349.6% in 2024 [4] - Earnings per share (EPS) is forecasted to rise from RMB 0.35 in 2023 to RMB 1.08 in 2027 [4] - The return on equity (ROE) is anticipated to improve from 8.6% in 2023 to 18.4% in 2027 [4] Target Price - The target price for the company has been raised to RMB 61.65, based on a price-to-earnings (PE) ratio of 76.48 times for 2026 [13] Market Data - The company's market capitalization is approximately RMB 11.492 billion, with a total share capital of 260 million shares [7] - The stock price has ranged from RMB 14.92 to RMB 44.28 over the past 52 weeks [7] Business Development - The company is leveraging advanced manufacturing techniques and strong customer relationships to expand its business, particularly in the aviation engine sector, where it supplies major global manufacturers [13] - The company is also entering the orthopedic implant market, which is expected to see increased demand due to an aging population and rising joint replacement rates [13]

Investment Rating - The report assigns a rating of "Accumulate" for the company [6]. Core Views - The company plans to issue convertible bonds to raise up to RMB 600 million for aviation engine capacity construction projects, reflecting strong market demand in the global aviation engine supply chain and the company's proactive expansion in both international and domestic markets [2][13]. - The company is expected to achieve continuous high-quality improvement in operational capabilities due to its focus on enhancing aviation engine production capacity [2][13]. Financial Summary - Total revenue is projected to grow from RMB 544 million in 2023 to RMB 1,411 million in 2027, with a compound annual growth rate (CAGR) of 27.1% [4]. - Net profit attributable to the parent company is expected to increase significantly from RMB 90 million in 2023 to RMB 279 million in 2027, reflecting a CAGR of 33.4% [4]. - Earnings per share (EPS) is forecasted to rise from RMB 0.35 in 2023 to RMB 1.08 in 2027 [4]. - The return on equity (ROE) is anticipated to improve from 8.6% in 2023 to 18.4% in 2027 [4]. Target Price and Valuation - The target price for the company has been raised to RMB 61.65, based on a price-to-earnings (PE) ratio of 76.48 times for 2026 [13]. - The current market price is within a 52-week range of RMB 14.92 to RMB 44.28, with a total market capitalization of RMB 11,492 million [7][8]. Business Development and Strategy - The company is leveraging advanced manufacturing techniques and strong customer relationships to expand its business, particularly in the aviation engine sector, where it supplies major global manufacturers [13]. - The company is also entering the orthopedic implant market, which is expected to see increased demand due to aging populations and rising joint replacement rates [13].

Group 1 - The core point of the announcement is that Wuxi Hangya Technology Co., Ltd. has received a notice from its shareholder, Wuxi Huahang Kechuang Investment Center (Limited Partnership), regarding a reduction in shareholding that has triggered a 1% threshold change in equity [2][3] - From January 28, 2026, to February 13, 2026, Wuxi Huahang reduced its shareholding by 1,940,000 shares, decreasing its total shares from 8,193,300 to 6,253,300, which resulted in the controlling shareholder's stake dropping from 29.62% to 28.87% [2][3] - This equity change is part of the shareholder's planned reduction of shares, as previously disclosed in the company's announcement on January 6, 2026 [3] Group 2 - The equity change does not trigger a mandatory tender offer and will not alter the actual control of the company, nor will it significantly impact the company's governance structure or ongoing operations [3][4] - The information disclosing party remains within the period of its share reduction plan, and the company will ensure compliance with relevant regulations and timely disclosure of information to investors [4]

证券代码：688510 证券简称：航亚科技 公告编号：2026-010 无锡航亚科技股份有限公司 关于控股股东、实际控制人及其一致行动人权益变动触及 1%刻度的提示性公告 公司控股股东、实际控制人及其一致行动人保证向本公司提供的信息真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少☑ | | --- | --- | --- | | 权益变动前合计比例 | 29.62% | | | 权益变动后合计比例 | 28.87% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否☑ | | 是否触发强制要约收购义务 | 是□ | 否☑ | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | ☑控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他_________ ...

Group 1 - The core point of the article is that Hangya Technology (688510.SH) announced a share reduction by its shareholder Wuxi Huahang Kechuang Investment Center, which will affect the ownership structure of the company [1] Group 2 - Wuxi Huahang reduced its holdings by 1.94 million shares, decreasing its total shares from 8,193,300 to 6,253,300 [1] - The reduction led to a decrease in the proportion of shares held by the company's controlling shareholder and actual controller, from 29.62% to 28.87% of the total share capital [1] - The equity change triggered a threshold of 1% [1]

Core Viewpoint - Hangya Technology (688510.SH) plans to issue convertible bonds to raise up to 600 million yuan for three projects, indicating a strategic focus on expanding its manufacturing capabilities in the aerospace and medical sectors [1][2]. Group 1: Fundraising and Project Allocation - The company intends to invest 350 million yuan in the Malaysia smart manufacturing base for aerospace blades and medical orthopedic implants [1]. - An additional 200 million yuan is allocated for the expansion of production capacity for aerospace engine rotating parts and structural components [1]. - 50 million yuan will be used to supplement working capital [1]. Group 2: Financial Performance - Revenue is projected to grow from 363 million yuan in 2022 to 703 million yuan in 2024, with 530 million yuan reported for the first nine months of 2025 [1]. - Net profit attributable to shareholders is expected to increase from 20.06 million yuan in 2022 to 127 million yuan in 2024, with 77.87 million yuan reported for the first nine months of 2025 [1]. - As of September 2025, total assets are reported at 2.007 billion yuan, with a debt-to-asset ratio of 38.77% [1]. Group 3: IPO and Project Efficiency - The net proceeds from the company's IPO, amounting to 474 million yuan, have been fully utilized [2]. - The previously implemented project for expanding production capacity of key aerospace engine components has achieved a cumulative benefit of 83.84 million yuan from 2024 to the first nine months of 2025, meeting expected outcomes [2].

Group 1: Industry Developments - The National Development and Reform Commission and other departments plan to establish a mandatory insurance system for unmanned aerial vehicles by 2027, enhancing low-altitude insurance products to meet various application needs [1] - Shenzhen's action plan aims to strengthen the semiconductor industry by leveraging AI technology in key areas such as chip design and software optimization, targeting high-performance AI chips for various applications [2] - The internet regulatory authority is intensifying efforts to combat the spread of false information generated by AI without proper labeling, having already addressed over 13421 accounts and 543,000 pieces of illegal information [3] Group 2: Company Updates - Semiconductor company Huahong Semiconductor reported a record fourth-quarter revenue of $659.9 million, a year-on-year increase of 22.4%, with a gross margin of 13.0% [6] - Semiconductor manufacturer SMIC anticipates continued growth driven by domestic product replacements and strong demand for AI-related storage, despite challenges in the low-end market [4] - Aerospace company Hangya Technology plans to raise up to 600 million yuan through convertible bonds to fund various projects, including an intelligent manufacturing base in Malaysia [8] - Hezhong Instrument may face delisting risk due to projected net losses of approximately 89 million yuan for 2025, with revenue expected to be around 97 million yuan [5]

Group 1 - The company, Hangya Technology (688510.SH), announced plans to issue convertible bonds to raise a total of no more than 600 million yuan, including the principal amount [1] - The funds raised will be allocated to three main projects: the smart manufacturing base project for aviation blades and medical orthopedic implants in Malaysia, the capacity expansion project for aviation engine rotating parts and structural components, and the replenishment of working capital [1]