Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The report addresses key issues such as global aviation demand changes from Boeing and Airbus orders and delivery capabilities, analysis of major engine models and components, and the growth drivers for the company's compressor blades and rotating components [9] - Global passenger turnover is recovering, with a record high seat occupancy rate, and nearly 80% of the current commercial aircraft will be replaced in the next 20 years [9] - Boeing and Airbus orders have significantly increased, with the company’s precision forging blade business expected to accelerate growth due to faster engine deliveries [9] - The company is entering the overseas rotating component business to create a second growth curve amid tight overseas supply chains [9] - The company possesses core technologies in precision forging blades and structural component machining, making it one of the few specialized enterprises capable of mass production of compressor blades for leading international engine manufacturers [9] Summary by Sections Market Data - Current price: 25.43 CNY - 52-week price range: 12.90-28.10 CNY - Total market capitalization: 6,570.67 million CNY - Average daily trading volume: 109.42 million CNY [6] Performance Metrics - The company’s stock has outperformed the CSI 300 index over 1 month (0.0%), 3 months (20.2%), and 12 months (95.7%) [7] - Revenue and net profit projections for 2025, 2026, and 2027 are 904 million CNY, 1,234 million CNY, and 1,682 million CNY respectively, with corresponding net profits of 157 million CNY, 232 million CNY, and 345 million CNY [10] Revenue Breakdown - The company’s revenue from aviation products is projected to contribute 92% of total revenue in 2024, with a steady increase in gross margin [36][44] - The aviation product revenue for 2024 is expected to be 646 million CNY, with a gross margin of 38.1% [11] Financial Performance - The company has shown a compound annual growth rate (CAGR) of 27.80% in revenue and 44.35% in net profit from 2018 to 2024 [35] - The weighted return on equity (ROE) for 2024 is projected to be 11.64%, indicating a recovery in profitability [55] Strategic Initiatives - The company has implemented a stock incentive plan to motivate talent, with performance targets set for net profit from 2024 to 2026 [60]

Group 1 - The military equipment sector experienced a notable increase in stock prices on September 19, with several companies showing significant gains [1] - Hangya Technology saw its stock price rise by over 10%, indicating strong market interest and potential investor confidence [1] - Other companies in the sector, including AVIC Chengfei, North Long Dragon, Tianqin Equipment, Aerospace Technology, and Inner Mongolia First Machinery, also reported upward movements in their stock prices [1]

Company Overview - Hangya Technology, established on January 30, 2013, and listed on December 16, 2020, is located at 35 Xindong'an Road, Wuxi, Jiangsu Province. The company specializes in the research, production, and sales of aerospace engine blades, integral blades, and orthopedic implants [1]. Financial Performance - For the first half of 2025, Hangya Technology achieved operating revenue of 369 million yuan, representing a year-on-year growth of 8.76%. However, the net profit attributable to the parent company was 61.21 million yuan, a decrease of 8.92% compared to the previous year [2]. - As of July 31, the number of shareholders for Hangya Technology was 12,200, with an average of 21,229 circulating shares per person, showing no change from the previous period [2]. Stock Performance - On September 16, Hangya Technology's stock price decreased by 2.03%, trading at 24.09 yuan per share, with a total market capitalization of 6.224 billion yuan. The stock has increased by 39.90% year-to-date, with a 6.26% rise over the last five trading days, a 6.74% decline over the last 20 days, and a 9.50% increase over the last 60 days [1]. - The net inflow of main funds was 2.32 million yuan, with large orders accounting for 18.09% of purchases and 17.54% of sales [1]. Dividend Information - Since its A-share listing, Hangya Technology has distributed a total of 129 million yuan in dividends, with 103 million yuan distributed over the past three years [3]. Business Segmentation - The company's main business revenue composition includes aerospace products at 91.40%, medical products at 7.62%, and other supplementary products at 0.98% [1]. - Hangya Technology operates within the defense and military industry, specifically in the aerospace equipment sector, and is involved in concepts such as general aviation, large aircraft, commercial aerospace, and small-cap stocks [1].

Summary of Hangya Technology Conference Call Company Overview - Hangya Technology specializes in precision forging and precision machining, with a strong technical advantage in both domestic and international markets [2][3] - The company was established in 2013 and went public on the Sci-Tech Innovation Board in 2020, initially partnering with Safran for low-pressure gas turbine blade manufacturing [2][6] - The chairman holds approximately 14% of shares, while Hangfa Assets holds about 5% [2][6] Core Business Segments - The core business consists of two main segments: precision forging and precision machining [4][21] - Precision forging is primarily used for compressor blade manufacturing, while precision machining covers critical components and has expanded into the medical field, supplying orthopedic parts to leading companies like Johnson & Johnson and Stryker [4][10] - The military aviation engine market is projected to demand approximately 40 billion RMB over the next five years, with the civil market averaging over 6 billion RMB annually [4][20] Market Performance and Growth - In the first half of 2025, the domestic aviation segment grew by approximately 8.3%, and the medical segment grew by about 16.7%, with domestic market growth exceeding 40% [2][14] - The international market is expected to see a decrease in overall business volume due to delivery expectations, but there is no long-term operational pressure [2][15] Competitive Landscape - Hangya Technology faces competition from companies in Germany, France, and Israel but has established stable relationships with major manufacturers like GE through its technological, quality, delivery, and cost advantages [2][8] - The company is involved in multiple engine models, including GE 9X, CFM 56, and LEAP series engines, indicating a strong position in the supply chain [11][9] Management and Strategic Direction - The management team has a strong technical background, with the chairman having over 30 years of experience in blade manufacturing [7] - The company has shifted its focus to profitable business segments since 2022, leading to a significant recovery in operational quality [6] Future Outlook - A stock incentive plan is set to be implemented in 2024, with a target net profit of 155 to 180 million RMB over the next three years, reflecting confidence in future growth [16] - The aviation manufacturing industry is experiencing a surge in orders, providing a strong demand outlook for Hangya Technology [23] Additional Insights - The precision forging process has evolved from cold to hot processing, offering advantages such as near-net shaping, improved manufacturing efficiency, and reduced costs [17] - The company’s international outsourcing capabilities are bolstered by stringent production controls and certifications, creating high industry barriers [18] - The medical sector's lower technical difficulty allows for quicker growth, enhancing overall profitability [10] Conclusion - Hangya Technology is well-positioned in the aviation manufacturing and medical sectors, with a robust growth trajectory supported by strategic partnerships and a focus on profitable operations. The company’s competitive advantages and market dynamics suggest a positive outlook for future performance.

Group 1 - The company announced that senior management personnel, Mr. Jing Hongxiang, reduced his shareholding by 225,000 shares through centralized bidding, which represents 0.09% of the company's total share capital [2] - The reduction plan has been fully implemented [2]

Company Summary - Hangya Technology (SH 688510) announced on September 8 that senior executive Jing Hongxiang has reduced his shareholding by 225,000 shares, accounting for 0.09% of the company's total equity. The reduction plan has been completed [1] - As of the report, Hangya Technology has a market capitalization of 6 billion yuan [1] Revenue Composition - For the year 2024, Hangya Technology's revenue composition is as follows: Aviation accounts for 91.86%, Medical accounts for 6.8%, and Other businesses account for 1.34% [1]

Group 1 - The core point of the article is that Hangya Technology (688510.SH) has completed a share reduction plan initiated by Mr. Jing Hongxiang, who reduced his holdings by 225,000 shares, accounting for 0.09% of the company's total share capital [1] Group 2 - The share reduction was executed through centralized bidding transactions [1] - The reduction plan has been fully implemented [1]

证券代码：688510 证券简称：航亚科技 公告编号：2025-037 无锡航亚科技股份有限公司 高级管理人员减持计划完成暨减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 高级管理人员持股的基本情况 本次减持计划实施前，无锡航亚科技股份有限公司（以下简称"公司"）高级 管理人员井鸿翔先生持有公司股份 900,750 股，占公司总股本的 0.35%，上述股 份为公司首次公开发行前取得股份，已解除限售并上市流通。 减持计划的实施结果情况 2025 年 8 月 13 日，公司在上海证券交易所网站（www.see.com.cn）披露了 《无锡航亚科技股份有限公司高级管理人员减持股份计划公告》（公告编号： 2025-034）。因个人资金需求，公司高级管理人员井鸿翔先生拟通过集中竞价或 大宗交易的方式减持其所持有的公司股份合计不超过 225,000 股，即不超过公司 股份总数的 0.09%。 一、减持主体减持前基本情况 1 | | 其他：无 | | --- | --- | | 持股数量 | ...

Group 1 - The core point of the article is that a senior executive of Hangya Technology, Mr. Jing Hongxiang, has completed a share reduction plan [1] - Before the reduction plan, Mr. Jing held 900,800 shares, accounting for 0.35% of the company's total share capital [1] - According to the reduction plan, Mr. Jing intended to reduce his holdings by no more than 225,000 shares, which is 0.09% of the total shares [1] Group 2 - Mr. Jing successfully reduced his holdings by 225,000 shares through centralized bidding, which is 0.09% of the total share capital [1] - The total amount from the reduction was 5.0978 million yuan [1] - After the reduction, Mr. Jing holds 675,800 shares, representing 0.26% of the company's total share capital [1]

Core Viewpoint - The company announced that senior management personnel, Jing Hongxiang, reduced their shareholding due to personal financial needs, completing the plan within a specified timeframe [1] Summary by Relevant Sections Shareholding Reduction - Jing Hongxiang sold 225,000 shares from September 4 to September 8, 2025, representing 0.09% of the company's total share capital [1] - The transaction price ranged from 22.35 to 22.96 yuan per share, with a total transaction amount of 5.0978 million yuan [1] - Prior to the reduction, Jing held 900,800 shares, accounting for 0.35% of the total shares; after the reduction, the holding decreased to 675,800 shares, which is 0.26% of the total [1]