Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [14]. Core Insights - The company achieved a revenue of 470 million yuan in H1 2025, representing a year-on-year growth of 12%, with self-developed material revenue increasing by 31% [4][5]. - The gross profit margin improved to 29.23%, up by 1.89 percentage points year-on-year, with self-developed products achieving a gross margin of 55.77% [5]. - The company is focusing on domestic material development to enhance supply chain security and reduce procurement costs, with potential cost reductions of 30%-70% for domestic substitutes [6]. - The acceleration of C919 aircraft production is expected to significantly increase demand for materials, with procurement volume projected to quadruple in 2025 compared to 2024 [7]. - The company has implemented measures to mitigate tariff impacts, including inventory increases and price adjustment clauses in customer agreements [8]. - Profit forecasts for the company indicate net profits of 138 million yuan, 170 million yuan, and 205 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 28, 23, and 19 [6][10]. Financial Summary - As of H1 2025, the company reported total assets of 1.382 billion yuan and a debt-to-asset ratio of 13.5% [3][13]. - The projected revenue for 2025 is 1.052 billion yuan, with a growth rate of 15.7% [10]. - The company’s earnings per share (EPS) is expected to rise from 0.77 yuan in 2024 to 1.20 yuan in 2025 [10].
润贝航科（001316）：自研航材收入同比增长31%，对标HEICO发展前景广阔