证券研究报告·公司点评报告·航空装备Ⅱ 2025 年 05 月 06 日 证券分析师 苏立赞 执业证书：S0600521110001 sulz@dwzq.com.cn 证券分析师 许牧 执业证书：S0600523060002 三角防务（300775） 2024 年报点评：募投项目稳定建设，国产大 飞机有望打开更大空间 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,271 | 1,590 | 2,299 | 2,622 | 4,003 | | 同比 | 21.05 | (30.02) | 44.63 | 14.07 | 52.64 | | 归母净利润（百万元） | 747.01 | 380.05 | 571.53 | 697.12 | 974.29 | | 同比 | 19.58 | (49.12) | 50.38 | 21.97 | 39.76 | | EPS-最新摊薄（元/股） | 1.36 | 0.69 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The turbocharger business has become the core growth driver in the automotive parts sector, with a revenue of 9.86 billion yuan in 2024, representing a year-on-year growth of 25.12% [2] - The aerospace parts business benefited from the development opportunities of domestic large aircraft, achieving a revenue of 1.26 billion yuan in 2024, a year-on-year increase of 46.14% [3] - The company is strategically expanding into the robot parts business, positioning it as a key future growth area [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.753 billion yuan, a year-on-year increase of 15.38%, and a net profit attributable to shareholders of 51 million yuan [1] - For Q1 2025, the revenue was 388 million yuan, with a year-on-year growth of 0.29%, and a net profit of 21 million yuan, up 107.58% [1] Business Segments - The automotive parts segment generated 1.580 billion yuan in revenue in 2024, with a gross margin of 14.22%, an increase of 4.83 percentage points from the previous year [2] - The aerospace parts segment's revenue growth is driven by increasing demand for domestic aircraft, particularly the C919 [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 136 million yuan for 2025, 190 million yuan for 2026, and 262 million yuan for 2027 [4] - The company is expected to maintain a strong growth trajectory in the coming years, with significant contributions from both existing and new business segments [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is positioned as a core supplier of advanced carbon fiber for aerospace applications in China, with significant growth potential driven by new procurement cycles and product launches in the aviation sector [2][14]. - The company is expected to benefit from the ongoing industrialization of domestic large aircraft, particularly through its development of carbon fiber prepreg materials [3][4]. Summary by Sections Company Overview - The company, established in 2008, specializes in high-end carbon fiber for aerospace applications, with key products including the ZT7 and ZT9 series [14]. - The ZT7 series was validated in 2012 and began stable production in 2014, while the ZT9 series was developed in 2015 and achieved stable mass production in 2023 [14]. Growth Drivers - A new round of procurement for aviation equipment is anticipated, with the company expected to benefit as a supplier of raw materials [2]. - The ZT9 series has entered the mass supply phase, contributing to revenue growth, with ZT9H being the only domestically engineered third-generation carbon fiber product [3]. - The company is actively expanding its production capacity to meet increasing downstream demand, with plans for a fourth phase of production [4]. Financial Projections - The company forecasts significant revenue growth, with expected revenues of CNY 812 million in 2024, up 45.4% year-over-year, and projected net profits of CNY 356 million, a 23.2% increase [6][4]. - By 2025, the company anticipates net profits of CNY 532 million, corresponding to a P/E ratio of 29X [4]. Market Position - The company is well-positioned to become a key supplier for the domestic large aircraft market, leveraging its advanced technology and established relationships with major manufacturers [3][4]. - The report highlights the increasing use of carbon fiber in military and civilian aircraft, with significant growth expected in the coming years [27][34].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.59 billion in 2024, a year-on-year decrease of 30.02%, and a net profit attributable to shareholders of 380 million, down 49.12% year-on-year [2][5]. - In Q4 2024, the company achieved a revenue of 227 million, a year-on-year decrease of 29.8%, but a quarter-on-quarter increase of 382.99% in net profit [2][5]. - For Q1 2025, the company reported a revenue of 403 million, a year-on-year decrease of 21.07%, with a net profit of 129 million, down 22.92% year-on-year [2][5]. - The company signed contracts worth approximately 875.34 million (including tax) in April 2025, which is expected to positively impact its performance for the year [11]. Summary by Sections Financial Performance - 2024 total revenue was 1.59 billion, with a gross profit margin of 34.44%, down 9.05 percentage points year-on-year [11]. - Q4 2024 gross profit margin was 47.75%, up 0.72 percentage points year-on-year and up 51.52% quarter-on-quarter [11]. - Q1 2025 gross profit margin was 42.75%, up 0.43 percentage points year-on-year [11]. Business Development - The company is actively expanding new production capacity and business lines, with construction projects totaling 1.018 billion at the end of Q1 2025, a 3% increase from the beginning of the year [11]. - The company is conducting feasibility studies for new business opportunities, particularly in the aircraft assembly sector, which may benefit from the delivery of domestically produced large aircraft [11]. Profit Forecast - The company is expected to achieve net profits of 606 million, 831 million, and 998 million for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 59%, 37%, and 20% [11].

Financial Performance - The company achieved an annual revenue of 1.04 billion, representing a year-on-year growth of 41.64% [4] - In Q1 2025, the revenue reached 266 million, with a year-on-year increase of 18.87% [4] - The net profit for 2024 was -48.9754 million, indicating a temporary loss due to various factors [4] Research and Development - The company invested 83.1393 million in R&D, a 44.55% increase year-on-year, focusing on new-generation drone platforms [6] - A total of 11 research projects were completed during the reporting period [6] Market Strategy - The company is actively participating in multiple large aircraft development projects, including being a supplier for the C919 and C929 aircraft [5] - The strategic focus includes enhancing production efficiency and expanding market reach to achieve cost reduction and efficiency improvement [6] Production and Sales Growth - Significant increases in sales and production volumes were driven by a notable rise in customer orders [6] - The company has established multiple manufacturing bases in regions like Shenyang, Sichuan, and Xi'an to support business growth [7] Strategic Collaborations - A strategic partnership with Harbin Institute of Technology aims to develop key technologies in low-altitude economy and intelligent manufacturing [7] - The collaboration seeks to integrate research capabilities with industrial production to foster innovation [7]

Group 1: Market Position and Growth Potential - Tian Niao High-tech is the only domestic enterprise producing carbon brake preforms for aircraft, supplying all military aircraft and commercial aircraft like C919 and ARJ21, indicating a strong market position and future growth potential [1] - The carbon brake market is expected to exceed 10 billion RMB as domestic aircraft production accelerates and C919 EU certification progresses, positioning the company to benefit from domestic substitution [2] Group 2: Competitive Advantages in New Energy Vehicles - The carbon-ceramic brake technology is gaining acceptance in the new energy vehicle market due to its high strength, high temperature resistance, corrosion resistance, lightweight, and long lifespan, indicating significant market potential [2] - Tian Niao High-tech has deep technical accumulation and leading advantages in carbon brake preforms, with successful batch sales of carbon-ceramic brake preforms and ongoing collaborations with domestic automotive manufacturers for testing [2] Group 3: New Product Development in Copper Conductors - The company is continuously launching new products such as braided tinned conductors and special-shaped conductors, which are applied in various sectors including high-speed copper cables, robotics, and new energy vehicles [2] Group 4: Core Advantages of Dingli Technology - Dingli Technology specializes in the development of large-scale thermal equipment for aerospace, overcoming key technological barriers in the field of thermal equipment and new materials, thus achieving independent control over critical equipment [3] - The company has developed a system for efficient recycling of waste lithium batteries, contributing to the high-quality development of the new energy industry [4] Group 5: Listing Progress of Dingli Technology - Dingli Technology's application for listing on the Beijing Stock Exchange was successfully accepted in December 2024, with ongoing work progressing in response to the review inquiries received in January 2025 [4]

早在2010年的珠海航展上，国银金租就与中国商飞签署了C919客机启动用户协议，此后与中国商飞签 署了50架C919飞机购买意向书。 作为全球首家C919运营商，东航年报显示，目前东航C919机队规模增至10架，已执行航班超6500班。 值得一提的是，在这10架中，4架为自有，6架以融资租赁形式持有。 据悉，近两年国内交付使用的C919共有16架，除东航的10架C919之外，目前南航交付使用的3架C919， 均通过融资租赁方式获得；国航目前运营的3架C919则为自购。 简单来说，在已交付的C919中，有9架来自融资租赁企业。"它们"都是谁呢？ 公开信息显示，南航3架C919交付方为交银金租、工银金租和南航租赁。东航6架交付方为东航租赁、 招银金租和工银金租。 事实上，涉足C919飞机租赁的融资租赁企业并不少见，早在C919初期的订购环节，就有不少金融租赁 公司和融资租赁公司积极布局，尝试向国产飞机租赁迈出重要一步。 国内三大航空公司——南航、国航、东航近日相继披露了各自的2024年年报，其中关于C919调机、试 飞和运行的详细内容，将大众的目光又一次聚焦到国产大飞机C919的交付与运营上。 通俗来说，飞机租赁 ...