华创交运低空经济周报（第 62 期）：西锐发布 2026 款升级机型，仍被低估的私人飞机龙头企业-20260118

Investment Rating - The report maintains a "Recommendation" rating for the private aircraft industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [54]. Core Insights - The report highlights the launch of the 2026 SR Series G7+ by Cirrus, which includes significant upgrades and is still considered undervalued in the private aircraft sector [3][4]. - Cirrus has shown strong performance with a 25.1% year-on-year revenue growth in the first half of 2025, and a 72.5% increase in adjusted profit, indicating a robust market position [10][21]. - The report emphasizes the importance of safety and convenience in Cirrus's business model, which has helped it maintain a leading position in the private aircraft market [21][22]. Summary by Sections Section 1: Cirrus Aircraft - Cirrus launched the 2026 SR Series G7+, featuring new avionics, enhanced global connectivity, and upgraded propeller options, aimed at improving pilot workload and safety [4][6]. - The company achieved a revenue of $594 million (approximately 4.256 billion RMB) in the first half of 2025, with a net profit of $65 million (approximately 465 million RMB), showcasing significant growth [10][21]. - Cirrus's market share in the general aviation sector reached 26.7% in Q3 2025, reinforcing its leadership status [17]. Section 2: Domestic Engine Development - The report discusses the successful delivery of the Arolar aircraft powered by the domestically developed CA500 engine, marking a significant milestone in China's general aviation industry [24][25]. - This development is expected to enhance the domestic aviation power system's independence from imports, providing new opportunities for the industry [26]. Section 3: Low Altitude Economy Index - The Huachuang Transportation Low Altitude 60 Index decreased by 0.2% this week but has increased by 7.4% year-to-date, outperforming major indices like the CSI 300 [28][30]. - The report identifies key stocks with significant weekly gains, including Zhongke Xingtong (22%) and Yingliu Co. (13%), while noting declines in stocks like Sichuan Aerospace (17%) [31][32]. Section 4: Investment Recommendations - The report suggests focusing on various segments of the low altitude economy, including manufacturers like Cirrus and eVTOL companies, as well as supply chain participants such as Zongshen Power and Yingliu Co. [36][37]. - It emphasizes the importance of digitalization and infrastructure development in the low altitude sector, recommending companies involved in these areas for potential investment [36][38].