Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant upside in stock performance relative to the benchmark index [13][41]. Core Insights - The company is positioned in the aviation materials supply chain, with a focus on both distribution and self-research of aviation materials. The recovery of the civil aviation sector is expected to drive growth in its distribution business, while the acceleration of C919 production will benefit its new aircraft manufacturing market [3][4][33]. - The domestic aviation transportation industry is recovering faster than expected, with a significant increase in passenger turnover, which is projected to support the company's revenue growth [33]. - The company has made substantial progress in its self-research aviation materials business, with a growing range of products and production bases established, indicating a broad market potential [21][34]. Financial Summary - The company's revenue is projected to grow from 562 million yuan in 2022 to 1,216 million yuan by 2025, reflecting a compound annual growth rate (CAGR) of approximately 20.7% [22]. - The net profit attributable to the parent company is expected to increase from 79 million yuan in 2022 to 169 million yuan in 2025, with corresponding growth rates of 39.73% in 2025 [22]. - The earnings per share (EPS) is forecasted to rise from 0.96 yuan in 2022 to 2.05 yuan in 2025, indicating strong profitability growth [22]. Market Dynamics - The C919 aircraft's production and delivery acceleration is anticipated to open up new market opportunities for the company, particularly in the manufacturing sector [12][41]. - The aviation materials distribution business is closely tied to the recovery of the civil aviation market, which is expected to maintain a robust growth trajectory in the coming years [33]. - The company has established a solid foundation in the aviation maintenance market, which is expected to continue benefiting from the overall recovery in civil aviation [33].
国产大飞机打开制造端增量市场，公司自研业务进展顺利