研报掘金丨华鑫证券：维持宗申动力“买入”评级，业绩增长韧性凸显

Core Viewpoint - The report from Huaxin Securities highlights that Zongshen Power's dual growth curve strategy is clear, showcasing resilience in performance growth [1] Group 1: Business Strategy - The company employs a "analytical + constructive" dual strategy to upgrade its traditional fuel power business towards high-end and high value-added segments, extending the first growth curve [1] - The emerging businesses, including aviation, new energy, and intelligent technology, are being rapidly expanded to create a second growth curve [1] Group 2: Financial Performance - In the first three quarters, the company benefited from stable main operations and improved earnings from joint ventures, leading to significant profit growth and continuous optimization of operational quality [1] Group 3: Aviation Business Development - Zongshen Aviation Power serves as the technological core, while Chenyu Technology acts as the market platform, deepening the layout of the aviation power business [1] - The company is seizing opportunities in the low-altitude economy development strategy, with product certification and market expansion progressing simultaneously, making it the core engine of the second growth curve [1] Group 4: Emerging Business Potential - The company’s emerging businesses are breaking new ground, with new energy opening up growth space, maintaining a "buy" investment rating [1]