航材股份（688563）：整体经营稳健，卡位优势延续

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 2.039 billion yuan for the first three quarters of 2025, a year-on-year decrease of 7.14%. The net profit attributable to the parent company was 400 million yuan, down 8.23% year-on-year. The net profit after deducting non-recurring gains and losses was 358 million yuan, a decrease of 6.2% year-on-year [2][6] - In Q3 2025, the company achieved a revenue of 679 million yuan, a year-on-year decrease of 1.14% and a quarter-on-quarter decrease of 4.09%. The net profit attributable to the parent company was 120 million yuan, down 4.01% year-on-year and down 17.62% quarter-on-quarter [2][6] - The company demonstrates strong operational resilience due to its technical advantages, allowing it to participate deeply in the development of new models despite fluctuations in downstream demand [10] Financial Performance - The gross profit margin for the first three quarters of 2025 was 31.14%, an increase of 0.57 percentage points year-on-year. The net profit margin was 19.62%, a decrease of 0.23 percentage points year-on-year. In Q3 2025, the gross profit margin was 30.82%, down 2.23 percentage points year-on-year and down 2.14 percentage points quarter-on-quarter [10] - As of the end of Q3 2025, the inventory balance was 1.257 billion yuan, an increase of 3.16% compared to the beginning of the period. Accounts receivable and notes balance was 2.636 billion yuan, an increase of 24.81% compared to the beginning of the period [10] Future Outlook - The company is actively promoting expansion projects to meet the anticipated recovery in industry demand, as indicated by a significant increase in contract liabilities [10] - The company’s financial forecasts for 2024 to 2027 show a gradual increase in total revenue, with projections of 2.932 billion yuan in 2024, 2.984 billion yuan in 2025, and reaching 4.207 billion yuan by 2027 [16]