Investment Rating - The report maintains an "Outperform" rating for Cirrus Aircraft (2507 HK) with a target price of HK$60.00, indicating expected relative performance above the market benchmark [2][15]. Core Insights - The company's performance significantly exceeded expectations, demonstrating robust profitability with a total revenue of USD 594 million in 1H2025, a year-on-year increase of 25.1%. Net profit reached USD 64.97 million, up 82.5% year-on-year, and the gross profit margin improved to 36.2% [3][12]. - Aircraft deliveries and service revenue are key growth drivers, with 350 aircraft delivered in 1H2025, a notable increase from 287 in the same period of 2024. The average selling price of SR2X aircraft rose to USD 1.14 million, reflecting a 9.6% year-on-year increase [4][13]. - The company has a strong order backlog of 1,056 aircraft as of June 30, 2025, indicating continued strong market demand and a deepened global presence across 36 countries [4][14]. Financial Summary - Revenue projections for 2025-2027 are USD 1.394 billion, USD 1.634 billion, and USD 1.904 billion, with corresponding net profits of USD 141 million, USD 176 million, and USD 206 million [5][15]. - The adjusted EBITDA margin for 1H2025 was 17.1%, up 3.7 percentage points year-on-year, highlighting improvements in cost control and operational efficiency [3][12].
西锐（02507）：中期业绩表现优于预期，多项财务指标实现强劲增长