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远航精密(833914):镍带、箔持续稳健增长,精密结构件放量高增,固态有望贡献新增量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in nickel strips and foils, with precision structural components experiencing significant growth. Solid-state products are expected to contribute additional revenue [7] - The company reported a revenue of 486 million yuan in H1 2025, a year-on-year increase of 25.38%, and a net profit attributable to shareholders of 30.96 million yuan, up 3.49% year-on-year [7] - The company is actively collaborating with leading manufacturers in the solid-state sector, which is anticipated to drive both volume and profit growth [7] Financial Summary - Revenue projections for 2023A to 2027E show an increase from 809.67 million yuan in 2023A to 1,899.73 million yuan in 2027E, with a compound annual growth rate (CAGR) of approximately 32.31% [1] - Net profit attributable to shareholders is expected to grow from 31.61 million yuan in 2023A to 132.89 million yuan in 2027E, reflecting a CAGR of 27.05% [1] - The latest diluted EPS is projected to increase from 0.32 yuan in 2023A to 1.33 yuan in 2027E [1] - The company maintains a stable expense ratio, with a period expense rate of approximately 8.1% in Q2 2025 [7] - The company's total assets are projected to grow from 1,161 million yuan in 2024A to 1,728 million yuan in 2027E [8]