Group 1 - The company, Runbei Aviation Technology Co., Ltd., will face the unlocking of 51.5825 million shares next week, with a market value of approximately 2.47 billion yuan, representing 188.12% of the pre-unlocking circulating market value [1] - The type of shares being unlocked is the original shareholders' restricted shares from the initial public offering, with the unlocking date set for June 23, 2025 [1] - Major shareholders involved in this unlocking include Shenzhen Jialun Investment Development Co., Ltd. (50.2251 million shares) and Liu Junfeng (1.3574 million shares) [1] Group 2 - Runbei Aviation Technology is located in the Nanshan District of Shenzhen and provides aircraft materials to over 1,800 global customers [2] - The company acts as an authorized distributor for several international brands, including ExxonMobil, 3M, and Lufthansa Technik, distributing products such as civil aviation fuel, raw materials, and aviation chemicals [2] - With over ten years of development, the company has established itself as a key distributor of aviation materials in China and the Asia-Pacific region, serving major clients like China Southern Airlines, China Eastern Airlines, and COMAC [2]

Investment Rating - The investment rating for the company is "Add" and maintained [2] Core Views - The company achieved a revenue of 909 million yuan in 2024, representing a year-on-year growth of 10%, while the net profit attributable to shareholders decreased by 4% to 89 million yuan [5][6] - The gross margin improved by 3.58 percentage points to 27.96%, driven by an increase in the gross margin of distribution products and a higher proportion of self-developed products [6] - The company has enhanced its self-developed aviation material capabilities with the completion and commissioning of its Huizhou production base, which significantly boosts its domestic production capacity [8] - The acceleration of C919 aircraft production and delivery is expected to create a substantial demand for aviation materials, with the company poised to benefit from this growth [9][10] - The company has increased its inventory by 33% to 301 million yuan by the end of 2024, in response to tariff impacts and to ensure supply stability [10] - Forecasts for net profit attributable to shareholders for 2025-2027 are 138 million yuan, 170 million yuan, and 205 million yuan, corresponding to PE ratios of 25, 20, and 17 times, respectively [10] Summary by Sections Company Overview - Latest closing price: 37.53 yuan - Total shares: 0.82 billion, circulating shares: 0.27 billion - Total market value: 3.1 billion yuan, circulating market value: 1 billion yuan - 52-week high/low: 41.01/25.26 yuan - Debt-to-asset ratio: 13.5% - PE ratio: 34.32 [4] Financial Performance - Revenue for 2024: 909 million yuan, with a growth rate of 10.14% - Net profit for 2024: 89 million yuan, with a decline of 4.16% - EBITDA for 2024: 134.45 million yuan [12][15] Future Projections - Revenue projections for 2025-2027 are 1.052 billion yuan, 1.210 billion yuan, and 1.384 billion yuan, with growth rates of 15.7%, 14.98%, and 14.38% respectively [12][15] - Expected net profit for 2025-2027: 138 million yuan, 170 million yuan, and 205 million yuan [12][15]

Investment Rating - The investment rating for the company is "Add" and maintained [2] Core Views - The company achieved a revenue of 909 million yuan in 2024, representing a year-on-year growth of 10%, while the net profit attributable to shareholders decreased by 4% to 89 million yuan [5][6] - The gross margin improved by 3.58 percentage points year-on-year, reaching 27.96%, driven by an increase in the gross margin of distribution products and a higher proportion of self-developed products [6] - The company has increased its research and development expenses by 63% year-on-year, indicating a strong commitment to enhancing its self-developed aviation material capabilities [8] - The production and delivery of the C919 aircraft are accelerating, which is expected to significantly boost the demand for aviation materials [9][10] - The company has proactively increased its inventory by 33% year-on-year to 301 million yuan to mitigate the impact of tariff shocks [10] Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be 138 million yuan, 170 million yuan, and 205 million yuan respectively, with corresponding PE ratios of 25, 20, and 17 times [10][12] - Revenue is projected to grow from 909 million yuan in 2024 to 1.384 billion yuan in 2027, with a compound annual growth rate of approximately 14.38% [12][15] - The company maintains a low debt-to-asset ratio of 13.5%, indicating a strong financial position [4][15]

近日，由申万宏源证券担任联席主承销商的中国航空器材集团有限公司2025年度 第一期中期票据成功发行，本期中期票据发行规模6.00亿元，期限5年，主体评级 AAA，票面利率2.00%。 发行人是国资委直属的中央企业，是国内目前最大的第三方航材保障综合服务提供 商，业务板块涉及自营业务、航空周转件租赁业务、飞机租赁、飞机批量采购及其他代 理业务等多个板块。本期中期票据的发行创中国航材在资本市场融资成本新低，有效拓 宽了其资产市场融资渠道、显著降低了其融资成本，为发行人在航空器材保障、飞机配 套服务及国际化布局等领域提供资金支持。 本次合作是申万宏源服务央企高质量融资的又一里程碑。作为首次与中国航材携 手，申万宏源凭借专业的承销能力与对航空产业的深刻理解，精准匹配发行人需求，高 效完成发行工作。这不仅有助于双方建立良好默契的信任关系和形成长期稳固的深入合 作，也提升了申万宏源在央企金融服务领域的品牌影响力。 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 ...