太平洋：给予中航高科买入评级，目标价30.0元

Core Viewpoint - The company maintains growth in its core business and continues to optimize its capacity layout, with a target price of 30.0 yuan and a "buy" rating from Pacific Securities [1]. Financial Performance - For the first half of 2025, the company reported revenue of 2.747 billion yuan, a year-on-year increase of 7.87%, and a net profit attributable to shareholders of 605 million yuan, a slight increase of 0.24% [2]. - The basic earnings per share (EPS) remained stable at 0.43 yuan compared to the same period last year [2]. Business Growth and Innovation - The aviation new materials segment generated revenue of 271.73 million yuan, up 7.89% year-on-year, with a net profit of 64.38 million yuan, reflecting a 1.75% increase [3]. - The company focuses on technological innovation in composite materials, establishing platforms for raw materials and structural components, and enhancing the application of advanced materials in various sectors [3]. - R&D investment reached 102.19 million yuan in the first half of the year, supporting sustainable high-quality development [3]. Capacity Optimization and Project Progress - The company has established research and production parks in Beijing and Nantong, equipped with advanced production lines to meet the demands of the aviation composite materials market [4]. - Significant investments are being made in new facilities and equipment, including a planned investment of 917.5 million yuan for new production lines and storage centers [4]. - The company is also enhancing its production capabilities for carbon materials and composite components, with ongoing projects aimed at meeting market demands [4]. Profit Forecast and Investment Rating - The company is projected to achieve net profits of 1.172 billion yuan, 1.359 billion yuan, and 1.562 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.84 yuan, 0.98 yuan, and 1.12 yuan [5]. - The price-to-earnings (PE) ratios are expected to be 30x, 26x, and 23x for the respective years, maintaining a "buy" rating [5].