HQTI(SH:688281) Xin Lang Cai Jing·2026-01-07 06:29Group 1 - The company signed a daily operation contract worth 254.14 million yuan (including tax) to expand its special functional materials for aircraft fuselage, benefiting from the modernization of the military and rapid development in the aerospace sector, which is expected to lead to stable growth in performance [1] - The target price has been raised to 84.9 yuan, maintaining a buy rating, with EPS forecasts for 2025-2027 remaining at 1.77/2.13/2.66 yuan, referencing a comparable company PE of 39.86 times for 2026 [1] - The contract signing reflects the company's strategic layout of "one core and two wings," focusing on enhancing its market position as a key materials supplier in the aerospace engine sector while expanding into aircraft fuselage and other high-end manufacturing materials [1] Group 2 - The company is expected to achieve both scale and profitability improvements due to the modernization of military equipment and the rapid development of the aerospace sector, with advanced fighter jets expected to exceed demand [2] - The increasing intensity of practical training has heightened the demand for aerospace engine maintenance, positioning the company to enter a stable growth phase in its back-end business [2] - The company has diversified its product system to include various key new materials, such as special functional materials, carbon fiber reinforced composites, and high-performance resin materials, while providing comprehensive material design solutions tailored to customer needs [2] Group 3 - The catalyst for growth includes the stable ramp-up of production models and the accelerated batch production of new generation products [3]