Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 42.28 CNY [7] Core Views - The company achieved revenue of 470 million CNY in H1 2025, representing a year-on-year increase of 11.62%, and a net profit of 77 million CNY, up 74.43% year-on-year [1] - The company's self-developed aviation materials sales continue to grow, with overseas business expanding significantly [1] - The gross margin improved to 29.23%, an increase of 1.89 percentage points year-on-year, while the net profit margin rose to 16.33%, up 5.97 percentage points year-on-year [1] - The company has made significant progress in domestic aviation material self-research, obtaining certifications for multiple product models [3] - The report forecasts net profits of 142 million CNY, 174 million CNY, and 214 million CNY for 2025, 2026, and 2027 respectively, with growth rates of 60.6%, 22.2%, and 23.3% [4] Financial Performance - The company reported a significant decrease in operating expenses, with R&D, sales, and management expenses down by 9.02%, 11.34%, and 23.56% year-on-year respectively [2] - Operating cash flow showed a net increase of 343.22% year-on-year, reaching 94 million CNY, driven by increased revenue and customer payments [2] - The company has over 2800 PMA product numbers approved by the Civil Aviation Administration of China, allowing for the replacement of imported aviation materials on various aircraft [3]
润贝航科（001316）：营收利润双增，自研航材不断突破