股票研究 /[Table_Date] 2026.02.28 通航之王，双轮增长，量价齐升 西锐(2507) 西锐首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | [当前价格 Table_CurPrice] (港元)： | 62.00 | | 张宇轩(分析师) | 021-23154172 | zhangyuxuan@gtht.com | S0880525040039 | | | 本报告导读： 公司是全球私人航空龙头，通过 SR 活塞机&愿景喷气机双轮驱动增长。受益充裕订 单，产能提升，产品持续迭代，未来销售有望量价齐升。 投资要点： | 财务摘要(百万美元) | 2023A | 202 ...

经济观察网 截至2026年2月17日，佳明（GRMN.N）近期有以下值得关注的事件动态： 公司项目推进 公司于2026年1月4日披露，正在就出售已投入运营及在建数据中心的权益与多个潜在买家进行磋商，旨 在改善集团流动性及降低资产负债率。此事项源于2025年9月22日公布的潜在出售计划，虽独家权利期 已于2025年底届满，但公司仍在积极推动交易，后续进展可能对资本结构产生直接影响。 业务与技术发展 高管减持 2025年12月17日披露的数据显示，公司董事及高管在12月15日至16日集中进行股票卖出操作，累计成交 约8317股，总金额超170万美元。此类内部交易行为可能反映管理层对短期估值的判断，需持续关注其 变动趋势。 公司状况 根据2026年1月11日行情数据，公司市盈率（TTM）为25.99倍，总市值约408亿美元。其核心业务覆盖 健身、户外、航空、船舶及汽车五大市场的GPS及导航产品，近期航空自动着陆技术的突破与数据中心 资产优化，可能成为中长期业绩弹性的关键变量。 以上内容基于公开资料整理，不构成投资建议。 2025年12月25日，佳明自主研发的自动着陆系统在科罗拉多州落基山都市机场成功实现小型飞机无人 ...

Financial Data and Key Metrics Changes - Service revenue for 2025 grew by 3%, aligning with guidance, while operational EBITDA increased by 5% year-over-year to $495.3 million [22][23] - Pro forma free cash flow reached nearly $300 million, with a conversion rate of 60% from EBITDA to cash flow [5][22] - Total revenue for Q4 2025 was $212.9 million, reflecting year-over-year growth in service revenue but lower subscriber equipment sales [23] Business Line Data and Key Metrics Changes - Commercial IoT revenue grew by 11% in Q4 2025, supported by the addition of over 30 new IoT products certified during the year [23][24] - Voice and data revenue increased by 4% in Q4, benefiting from a price increase implemented earlier in the year [23] - Broadband revenue declined by 9% in Q4 and 10% for the full year, attributed to a shift towards lower-priced companion plans [24] Market Data and Key Metrics Changes - The government business revenue rose to $27.6 million in Q4, reflecting the final step-up in EMSS contracts with the U.S. government [25] - Engineering and support revenue was strong at $37.1 million, with significant milestones achieved in 2025 related to government contracts [26] Company Strategy and Development Direction - The company aims to expand its addressable markets through four key growth themes: narrowband IoT expansion, national security work, PNT services, and aviation industry disruption [12][19] - New services and products expected to generate over $200 million in revenue opportunities by the end of the decade [9][10] - The company is focusing on leveraging its unique spectrum assets and exploring potential business alliances to maximize shareholder value [11][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate significant free cash flow and return capital to shareholders through dividends [6][21] - The outlook for 2026 includes flat to 2% growth in service revenue, with expectations for continued growth in IoT and government contracts [27][31] - Management acknowledged the competitive landscape but emphasized the company's strong position and growth potential in the satellite industry [80] Other Important Information - A change in management incentive compensation to be fully cash-based starting in 2026, aimed at aligning more closely with shareholder interests [26][40] - The company ended 2025 with a cash balance of approximately $96.5 million and no outstanding borrowings [35] Q&A Session Summary Question: Details on the decision to make incentive compensation entirely in cash - Management explained that the change aligns better with shareholder interests and reflects industry norms, while it will not impact GAAP financials [40][45] Question: Clarification on the $200 million revenue expectation from growth areas - Management clarified that the $200 million figure pertains to new growth products and does not directly correlate to the four growth themes discussed [46][49] Question: Insights on potential M&A opportunities in growth areas - Management indicated that while there are opportunities in PNT and IoT, the focus remains on internal growth and partnerships rather than acquisitions at this time [53][54] Question: Views on space data centers and their impact on the industry - Management expressed skepticism about the viability of space data centers, citing significant technical challenges and a preference to focus on current business themes [61][63] Question: Next milestones for D2D services - Management highlighted ongoing product testing and partner demonstrations as key milestones for the year [65] Question: Expected PNT revenue contribution for 2026 - Management noted that PNT revenue is incorporated into the flat 2% growth outlook, with potential upside as opportunities develop [67][69]

Core Viewpoint - The accident involving a passenger plane and a helicopter near Washington Reagan National Airport resulted in the death of all 67 individuals on board, attributed to systemic failures and human errors [1][3]. Group 1: Accident Details - The incident occurred on January 29, 2025, when a passenger plane carrying 64 people collided with a Black Hawk helicopter carrying 3 individuals, leading to a crash into a river [1]. - The National Transportation Safety Board (NTSB) concluded that the accident was a "catastrophic tragedy" caused by deep-rooted systemic failures and defects [1]. Group 2: Contributing Factors - Multiple factors likely contributed to the accident, including the establishment of helicopter flight paths in an already congested airspace, equipment malfunctions, and human errors [3]. - A critical instrument failure on the helicopter may have led the pilot to misread the flight altitude, which was approximately 30.5 meters higher than the actual altitude [3]. Group 3: Communication Issues - There was insufficient communication between the air traffic controller and the helicopter pilot, particularly during the critical moments leading up to the collision [5]. - The air traffic controller, who was managing both the airspace and helicopter traffic, had previously expressed concerns about work-related stress, which were not addressed by the supervisor [5]. - The air traffic controller instructed the helicopter to pass behind the plane just 17 seconds before the collision, but the cockpit voice recorder indicated that this information may not have been received by the crew [5]. Group 4: Regulatory Criticism - The NTSB criticized the Federal Aviation Administration (FAA) for inaction, noting that the FAA had received over 80 reports of near-collisions between helicopters and passenger planes but failed to take appropriate measures to address air traffic controller concerns [5].

霍门迪表示，如果要求所有飞机既必须持续广播自身位置、又能接收空中其他飞机的位置信息，航空安 全状况将得到大幅提升。 经济观察网据央视新闻客户端消息，当地时间1月27日，美国国家运输安全委员会(NTSB)主席詹妮弗.霍 门迪当天表示，在华盛顿里根国家机场上空一架商业客机与一架美军直升机发生致命相撞事故一年后， 美国联邦航空管理局(FAA)仍在无视有关飞机近距离险情的警告。 霍门迪称，调查人员在近一年的调查中发现，这起悲剧"百分之百可以避免"。调查显示，空中交通管制 员长期处于超负荷状态，并可能对机场频繁出现的险些相撞事件产生了"麻木感"；与此同时，飞行员在 未被告知航线间距极其狭窄的情况下，被迫自行负责与其他飞机保持安全距离。调查人员还指出，曾警 告该情况存在危险的管制员和飞行员的意见未被采纳。 ...

格隆汇1月23日｜韩国韩进集团(Hanjin Group)宣布，旗下大韩航空(Korean Air)等合共5间航空公司，将 于1月26日起全面禁止机舱内使用充电宝，作为加强安全措施的一部分。其余4间航空公司，包括韩亚航 空(Asiana Airlines)、真航空(Jin Air)、釜山航空(Air Busan)及首尔航空(Air Seoul)。乘客于国内线和国际 线客机机舱内将禁止使用充电宝为手机、平板电脑、笔电、数码相机等电子产品充电。 至于符合容量和规定的充电宝仍可被带入机舱。为防止短路，乘客必须用电工胶带覆盖金属充电接口， 或将每个电池分别装入单独的塑胶袋或塑胶包中。所有行动电源必须放在乘客触手可及的地方，不得存 放于头顶行李架内。 韩进集团表示，由于涉及锂离子行动电源的机上起火事故日益频繁，航空业强调需要加强客舱管理规 定，以确保飞行安全。 ...

Core Viewpoint - Cathay Pacific is experiencing significant growth in passenger and cargo volumes, with projections indicating a strong demand for travel and freight services in 2025, driven by increased capacity and a robust recovery in travel demand post-pandemic [1][2]. Passenger Capacity and Growth - Cathay Pacific's passenger capacity in December 2025 is expected to increase by 22% compared to December 2024, with available seat kilometers rising by 23% [1] - The total passenger volume for 2025 is projected to grow by 27% year-on-year, exceeding 36 million passengers [1] - Hong Kong Express is also seeing growth, with December 2025 passenger numbers expected to exceed 780,000, a 24% increase from December 2024, and an overall annual increase of 30% [1] Cargo Volume and Performance - Cathay Pacific's cargo volume in December 2025 is anticipated to rise by 6% compared to December 2024, with available cargo ton kilometers increasing by 8% [1] - The total cargo volume for 2025 is expected to exceed 1.6 million tons, reflecting a growth of over 9% from 2024 [1] Market Demand and Trends - The demand for inbound travelers is stable, particularly from students returning from North America, Oceania, and the UK, as well as visitors from Northeast Asia, Thailand, and India during the holiday season [1] - Outbound travel demand is notably strong during the holiday peak, especially to Northeast and Southeast Asia, with mainland China emerging as a popular destination for Hong Kong travelers [1] Future Outlook and Safety Recognition - Following the holiday season, flight bookings for the Lunar New Year are steadily increasing, with a focus on leveraging key events in Hong Kong and the region to drive travel demand [2] - Cathay Pacific has been recognized by Airline Ratings as one of the top two safest airlines globally for 2026 in the traditional full-service category, underscoring its commitment to operational safety [2] - Hong Kong Express has also been awarded as the world's safest low-cost airline for two consecutive years, reflecting its high safety standards [2] Special Events and Customer Experience - In 2026, Cathay Pacific plans to celebrate its 80th anniversary with a series of special events, aiming to enhance customer experience and solidify its position as a leading international aviation hub [2]

Core Viewpoint - Cathay Pacific is experiencing significant growth in passenger and cargo capacity, with projections indicating a strong demand for travel and freight services in 2025 compared to 2024 [1][2] Passenger Capacity - Cathay Pacific's passenger capacity in December 2025 is expected to increase by 22% year-on-year, with available seat kilometers rising by 23% [1] - The total passenger volume for 2025 is projected to grow by 27% compared to 2024, reaching over 36 million passengers [1] - Hong Kong Express is also seeing growth, with December 2025 passenger numbers expected to exceed 780,000, a 24% increase from December 2024 [1] Cargo Capacity - Cathay Pacific's cargo volume in December 2025 is anticipated to rise by 6% year-on-year, with available cargo ton kilometers increasing by 8% [1] - The total cargo volume for 2025 is expected to exceed 1.6 million tons, reflecting a growth of over 9% compared to 2024 [1] Market Demand - The demand for inbound travelers is stable, particularly from students returning from North America, Oceania, and the UK, as well as visitors from Northeast Asia, Thailand, and India during the year-end holiday [1] - Outbound travel demand is notably strong during the holiday peak, especially to Northeast and Southeast Asia, with mainland China emerging as a popular destination for Hong Kong travelers [1] Future Outlook - Following the year-end holiday, flight bookings for the Lunar New Year are steadily increasing, with a focus on leveraging key events in Hong Kong and the region to drive travel demand leading up to Easter [2] - Cathay Pacific has been recognized as one of the top two safest airlines globally for 2026, reflecting its commitment to operational safety [2] - Hong Kong Express has also been awarded as the safest low-cost airline globally for two consecutive years, underscoring its high safety standards [2] - The company plans to celebrate its 80th anniversary in 2026 with special events aimed at enhancing customer experience and reinforcing Hong Kong's status as a leading international aviation hub [2]

△欧盟航空安 全局总部大楼（资料图） 通报说，鉴于当前局势持续紧张以及美国可能采取军事行动，伊朗防空部队已处于高度戒备状态。伊朗 空域、即德黑兰飞行情报区的民用航空器被误认的风险有所增加。 欧盟航空安全局16日发布冲突地区信息通报，建议航空运营商停止在伊朗空域所有高度的飞行活动。 通报说，若美国进行军事干预，则不能排除伊朗针对美国资产的报复行动。通报建议，航空运营商在伊 朗邻国空域进行飞行或航线规划时保持高度谨慎，特别是对设有美国军事基地的地区实施应急计划，并 密切关注这些地区的空域动态。 通报有效期暂定至2月16日。 ...

通报说，若美国进行军事干预，则不能排除伊朗针对美国资产的报复行动。通报建议，航空运营商在伊 朗邻国空域进行飞行或航线规划时保持高度谨慎，特别是对设有美国军事基地的地区实施应急计划，并 密切关注这些地区的空域动态。 欧盟航空安全局16日发布冲突地区信息通报，建议航空运营商停止在伊朗空域所有高度的飞行活动。 通报说，鉴于当前局势持续紧张以及美国可能采取军事行动，伊朗防空部队已处于高度戒备状态。伊朗 空域、即德黑兰飞行情报区的民用航空器被误认的风险有所增加。 通报有效期暂定至2月16日。 （文章来源：新华社） ...