Core Viewpoint - The report from CICC indicates an upward revision of net profit forecasts for 2025 and 2026 by 8.8% and 11.1% to $151 million and $177 million respectively, driven by delivery pace and product upgrades [1] Financial Performance - In 1H25, the company achieved revenue of $594 million, a year-over-year increase of 24.9%, and net profit of $64.97 million, up 82.45% year-over-year, significantly exceeding market expectations [2] - The profit growth is attributed to an increase in the delivery proportion of next-generation products and significant price increases, alongside growth in service business [2] Business Growth and Orders - The aircraft manufacturing segment generated revenue of $498 million in 1H25, a 25.2% year-over-year increase, accounting for 83.8% of total revenue; the service segment generated $9.6 million, up 24.1% year-over-year, making up 16.2% of total revenue [3] - The delivery volume in 1H25 increased by 22% to 350 units, including 305 SR2X series aircraft and 43 Vision Jets, with Q1 and Q2 deliveries at 150 and 200 units respectively [3] - As of June 30, 2025, the company has a backlog of 1,056 orders, including 827 SR2X series and 229 Vision Jets, ensuring production capacity for approximately 1.5 years [3] Pricing and Profitability - The average delivery price for the SR2X increased from $1.04 million to $1.14 million, a 9.6% year-over-year rise; the Vision Jet price rose from $3.33 million to $3.48 million, a 4.5% increase [4] - The gross margin and net margin for 1H25 improved by 1.8 percentage points and 3.4 percentage points to 36.2% and 10.9% respectively, driven by a higher proportion of high-value new generation products [4] Service Ecosystem and Capacity Expansion - The company has sold products to customers in 55 countries and established authorized service centers in 32 countries, enhancing ecosystem stickiness [5] - A planned investment of $13 million will expand the Grand Forks manufacturing facility from 165,000 to 195,000 square feet to meet strong downstream demand [5] - The company is positioned for long-term growth as a leader in the global private jet market, with ongoing development in both aircraft manufacturing and service sectors [5]
中金：维持西锐(02507)跑赢行业评级 上调目标价至63.85港元