航亚科技（688510）：高基数下稳定增长，产能释放业务延伸

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 174 million in Q1 2025, representing a year-on-year growth of 8.37%. However, the net profit attributable to shareholders decreased by 3.07% to 31 million. The net profit excluding non-recurring items was 26 million, down 17.77% year-on-year. After adjusting for share-based payment expenses, the net profit reached 37 million, showing a growth of 15.43% year-on-year [2][6][12] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 174 million, up 8.37% year-on-year. The net profit attributable to shareholders was 31 million, down 3.07% year-on-year, while the net profit excluding non-recurring items was 26 million, down 17.77% year-on-year. Adjusted for share-based payment expenses, the net profit was 37 million, reflecting a year-on-year increase of 15.43% [2][6][12] Margin Analysis - The gross margin for Q1 2025 was 41.23%, a decrease of 1.31 percentage points year-on-year. The operating expense ratio increased to 19.57%, up 4.83 percentage points year-on-year. The net profit margin was 17.73%, down 1.38 percentage points year-on-year [12] Capacity Expansion and Business Development - The company is actively expanding new capacities and developing new businesses to meet downstream demand. As of the end of Q1 2025, fixed assets amounted to 863 million, a 0.73% increase from the beginning of the period. The inventory balance was 193 million, up 6.28% from the beginning of the period. The completion of investment projects has enhanced the company's production capabilities [12] Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 165 million, 222 million, and 290 million for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30%, 35%, and 31%. The corresponding price-to-earnings ratios are projected to be 31, 23, and 18 times [12]