航发动力（600893）：航空发动机领军企业，维修后市场景气成长可期

Investment Rating - The report assigns an "Accumulate" rating to the company with a current price of 39.95 CNY and a fair value of 44.47 CNY [4]. Core Views - The company is a leading domestic manufacturer of aviation engines, focusing on both military and civilian applications, with a comprehensive product range including complete engines and components, as well as maintenance services [8][17]. - The investment logic is based on sustained demand growth in the military sector due to aircraft upgrades and the increasing maturity of aviation engine technology, which drives demand in the civil aviation market [8][17]. - The aftermarket for engine maintenance is highlighted as having a superior business model with stable cash flows and lower risks associated with downstream models [8][43]. - The report forecasts significant growth in revenue and profit margins, driven by product diversification and increasing maintenance service volumes, with a projected revenue of 64.18 billion CNY by 2027 [2][8]. Summary by Sections Company Overview - The company is a major player in the aviation engine manufacturing sector, producing a wide range of military and civilian engines, with a significant portion of revenue coming from engine and derivative product sales [17][25]. - The company has a history of over 20 years and has undergone significant restructuring to become a publicly listed entity [20][21]. Aftermarket Maintenance Opportunities - The global aviation engine maintenance market is expected to exceed 500 billion USD over the next decade, with maintenance revenues being at least four times that of new engine sales [43][49]. - The report emphasizes the importance of the maintenance market, which is characterized by stable cash flows and lower sunk costs, making it an attractive segment for the company [8][43]. Financial Projections and Investment Recommendations - The company is projected to achieve a revenue of 64.18 billion CNY by 2027, with a compound annual growth rate (CAGR) of 17.3% from 2023 to 2027 [2]. - The report maintains a fair value estimate of 44.47 CNY per share, corresponding to a price-to-earnings ratio of 128 times for 2026, supporting the "Accumulate" rating [4][8].