航宇科技(688239)：1H25航天锻件营收增长30%；公司在手订单60亿

Core Viewpoint - The company reported its 1H25 financial results, showing a decline in revenue and net profit year-over-year, but the performance was in line with market expectations [1] Financial Performance - 1H25 revenue was 914 million yuan, down 8.71% year-over-year; net profit attributable to shareholders was 90 million yuan, down 12.76% year-over-year; and net profit excluding non-recurring items was 73 million yuan, down 21.93% year-over-year [1] - In 2Q25, revenue increased by 16% year-over-year, reaching 490 million yuan, with a net profit of 50 million yuan, a slight decrease of 0.6% year-over-year [1] - The gross margin for 1H25 decreased by 0.9 percentage points to 26.6%, while the net margin decreased by 0.03 percentage points to 10.3% [1] Order Backlog - As of June 30, the company had an order backlog of 5.968 billion yuan, an increase of 24.10% year-over-year, with 2.938 billion yuan in hand orders, up 8.13% year-over-year [1] - Long-term contracts signed with customers are estimated to contribute an additional 3.030 billion yuan to the order backlog, representing a 44.84% year-over-year increase [1] Product Segment Performance - Aerospace forgings revenue was 690 million yuan, down 8.9% year-over-year, accounting for 75% of total revenue; gross margin decreased by 0.6 percentage points to 28.3% [2] - Aerospace forgings revenue increased by 29.8% year-over-year to 70 million yuan, but gross margin fell by 10.3 percentage points to 17.3% [2] - Gas turbine forgings revenue was 60 million yuan, down 37.2% year-over-year, with a gross margin of 26.8% [2] - Other high-end equipment forgings saw revenue growth of 87.7% year-over-year to 30 million yuan, with a gross margin increase of 9.8 percentage points to 48.7% [2] Cost and Cash Flow - The company's expense ratio increased by 1.2 percentage points year-over-year to 12.8%, with sales, management, and financial expense ratios all rising [3] - As of 2Q25, accounts receivable and notes totaled 1.25 billion yuan, up 4.9% from the beginning of the year, while inventory increased by 16.7% to 1.04 billion yuan [3] - The net cash flow from operating activities for 1H25 was -3 million yuan, compared to 3 million yuan in the same period last year [4] Investment Outlook - The company is positioned as a leading player in the aerospace sector and is expected to benefit from high demand in the domestic and international markets [4] - Future profit projections for 2025 to 2027 are 246 million yuan, 313 million yuan, and 385 million yuan, with corresponding price-to-earnings ratios of 30x, 23x, and 19x [4]