Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8] Core Views - The company reported a significant revenue increase of 25.28% year-on-year for the first half of 2025, reaching 10.241 billion yuan, while the net profit attributable to shareholders decreased by 5.12% to 282 million yuan [5][6] - The company is focusing on the low-altitude economy development strategy, enhancing its product offerings and optimizing costs [6][8] Financial Performance - For the first half of 2025, the company achieved a revenue of 10.241 billion yuan, with a year-on-year growth of 25.28% [5] - The net profit attributable to shareholders was 282 million yuan, a decrease of 5.12% year-on-year, while the net profit after deducting non-recurring gains and losses increased by 23.91% to 206 million yuan [5] - The total liabilities decreased by 7.58% to 31.192 billion yuan, and cash and cash equivalents increased by 158.08% to 7.941 billion yuan [5] - The company reported a significant increase in revenue in Q2 2025, achieving 7.865 billion yuan, a year-on-year growth of 63.80% [6] Cost Optimization - The company has successfully reduced its management expense ratio by 1 percentage point to 4.54%, sales expense ratio by 0.66 percentage points to 0.51%, and financial expense ratio by 0.36 percentage points to -0.38% [6] Future Outlook - The company is committed to enhancing its product lineup and capitalizing on opportunities in the low-altitude economy, with ongoing improvements and testing of new helicopter models [6][8] - EPS forecasts for 2025-2027 are projected at 0.71, 0.85, and 0.99 yuan, with corresponding P/E ratios of 55.8, 47.1, and 40.4 [8]

2025 年 09 月 01 日 航材股份(688563.SH) 整合高温合金资源，收购镇江钛合金 事件：2025H1 公司营收 13.6 亿元，同比-9.87%%；归母净利润 2.8 亿元，同比-9.92%；扣非归母净利润 2.51 亿元，同比-7.64%。 基础材料业务营收与毛利率增长，公司整体盈利能力保持稳定 分业务看，公司基础材料营收 6.07 亿元，同比+6.22%，毛利率 34.39%， 同比+10.75pct；航空成品件营收 6.33 亿元，同比-13.19%，毛利率 28.23%，同比-9.74pct；非航空成品件营收 0.57 亿元，同比-65.13%， 毛利率 12.08%，同比+0.19pct；加工服务营收 0.54 亿元，同比 +47.83%，毛利率 41.38%，同比+28.82pct。公司营收减少系本期航空 成品件和非航空成品件收入减少和销售产品结构变化所致。2025H1 公司毛利率 31.3%，同比+1.86pct；净利率 20.59%，同比-0.02pct。 下游或需求回暖，在手合同金额超 15 亿元 公司无形资产 2.95 亿元，较期初+150.79%，系购买六项高温合金母 ...

联合研究丨组合推荐 [Table_Title] 长江研究 2025 年 5 月金股推荐 %% %% %% %% research.95579.com 1 丨证券研究报告丨 丨证券研究报告丨 报告要点 [Table_Summary] 1）以史为鉴，参考 2018 年特朗普实施关税正式落地的市场表现，自主可控+扩内需+稳定红利 类+反制行业表现较好；2）未来市场风险偏好持续提升需等待政策变化，一是美国债券和股市 流动性问题或倒逼美联储释放更多的流动性，二是国内出口数据若出现较大变化，或有更多的 货币政策和财政政策支持，三是贸易关系的变化。策略上，宏观扰动下把握布局产业趋势的窗 口期，同时关注自主可控+扩内需+稳定类红利+景气提升的行业。长江研究 2025 年 5 月重点 推荐行业：金属、化工、电力、军工、非银、银行、零售、社服、汽车、计算机。 分析师及联系人 [Table_Author] 戴清 王鹤涛 马太 SAC：S0490524010002 SAC：S0490512070002 SAC：S0490516100002 SFC：BTR264 SFC：BQT626 SFC：BUT911 张韦华 王贺嘉 吴一凡 SA ...