民生证券：给予中航高科买入评级

Core Viewpoint - 中航高科's 2025 half-year report shows steady growth in revenue and profit, aligning with market expectations, and the company is positioned to capitalize on new opportunities in the aerospace materials sector [2][3]. Financial Performance - In 1H25, 中航高科 achieved revenue of 2.75 billion yuan, a year-over-year increase of 7.9%, and a net profit attributable to shareholders of 610 million yuan, up 0.2% year-over-year [2]. - The company completed 47.37% of its annual revenue target and 53.27% of its profit target in the first half of the year [2]. - In Q2 2025, revenue reached 1.35 billion yuan, reflecting a 9.5% year-over-year growth, while net profit was 250 million yuan, down 2.1% year-over-year [2]. Business Segments - The aerospace new materials segment generated revenue of 2.72 billion yuan, up 7.89% year-over-year, primarily due to increased deliveries of prepreg products [3]. - The advanced manufacturing technology segment reported revenue of 28.85 million yuan, significantly up from 15.73 million yuan in the previous year, driven by growth in aerospace components and specialized equipment [3]. Strategic Initiatives - 中航高科 is accelerating its layout in the civil aviation industry and seizing opportunities in the low-altitude economy, focusing on projects that enhance capabilities in aviation composite materials and advanced resin production [3][4]. - The company is implementing an innovation-driven development strategy, with R&D expenses increasing to 100 million yuan, representing 3.5% of revenue [4]. Cash Flow and Financial Health - Operating cash flow improved significantly, reaching 890 million yuan in 1H25, a year-over-year increase of 160.9%, mainly due to the collection of receivables from major clients [4]. - As of the end of Q2 2025, accounts receivable and inventory increased to 4.24 billion yuan and 1.28 billion yuan, respectively, compared to the beginning of the year [4]. Investment Outlook - 中航高科 is recognized as a leading player in China's aerospace carbon fiber composite materials sector, benefiting from the accelerated commercialization of domestic aircraft like the C919 and the growing demand for composite materials in new applications [4]. - Profit forecasts for 2025, 2026, and 2027 are 1.3 billion yuan, 1.529 billion yuan, and 1.78 billion yuan, respectively, with corresponding price-to-earnings ratios of 28x, 24x, and 20x [4].