航空航天锻件龙头，多领域共振开启成长新周期 航宇科技(688239) 航宇科技首次覆盖报告 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,104 | 1,805 | 2,114 | 2,929 | 3,905 | | (+/-)% | 44.7% | -14.2% | 17.1% | 38.6% | 33.3% | | 净利润(归母) | 186 | 189 | 199 | 333 | 444 | | (+/-)% | 1.2% | 1.6% | 5.3% | 67.9% | 33.2% | | 每股净收益(元) | 0.97 | 0.99 | 1.04 | 1.75 | 2.33 | | 净资产收益率(%) | 11.0% | 10.3% | 9.9% | 14.6% | 16.7% | | 市盈率(现价&最新股本摊薄) | 80.08 | 78.80 | 74.83 | 44.57 | 33.45 | ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 96.25 yuan [5][22]. Core Insights - The company is a leading domestic supplier of aerospace engine ring forgings, benefiting from the global upgrade of aviation engines and the increasing demand for commercial aerospace and gas turbines, which is expected to enter a new performance release cycle [2][11]. - The company has a complete product matrix covering aerospace engine forgings, aerospace forgings, and gas turbine forgings, solidifying its position as a core supplier in high-end equipment scenarios [11][24]. - The global aerospace industry is upgrading, with continuous recovery in military and commercial aviation demand, and the acceleration of domestic engine localization, leading to sustained release of high-end forging demand [11][24]. - The company has established a comprehensive digital manufacturing system and possesses key core technologies, creating strong competitive barriers [11][24]. Financial Summary - Total revenue is projected to reach 2,104 million yuan in 2023, with a growth rate of 44.7%, followed by a decline of 14.2% in 2024, and then a recovery with growth rates of 17.1%, 38.6%, and 33.3% in the subsequent years [4][12]. - Net profit attributable to the parent company is expected to be 186 million yuan in 2023, with a slight increase of 1.2%, and projected to grow significantly to 444 million yuan by 2027 [4][12]. - Earnings per share (EPS) is forecasted to be 0.97 yuan in 2023, increasing to 2.33 yuan by 2027 [4][12]. Business Segmentation - The company's revenue is primarily driven by aerospace forgings, which are expected to generate 1,501 million yuan in 2023, accounting for a significant portion of total revenue [17][43]. - Gas turbine forgings are anticipated to be a core growth engine, with revenue expected to grow from 166.20 million yuan in 2023 to 855.16 million yuan by 2027, reflecting a compound annual growth rate of 40% [17][43]. - Aerospace forgings are projected to maintain a high gross margin, while gas turbine forgings are expected to recover gradually [44][43]. Industry Demand Expansion - The demand for aerospace engine ring forgings is expected to strengthen due to the global upgrade of aviation engines and the increasing need for domestic commercial aircraft engines [46][55]. - The domestic commercial aircraft engine market is anticipated to release significant growth potential, particularly with the scale delivery of the C919 and the localization of commercial aircraft engines [55][54]. - The integration of military and civilian applications is expected to expand the market for gas turbine forgings, with various application scenarios emerging [11][24].