国金证券研报指出，中航成飞布局昊龙空天飞机，航空主机龙头开启。昊龙是中国自主研发的首款可重 复使用货运航天飞机，由成飞所设计研制，为商业航天空间站低成本运输系统打造，意义重大。"昊 龙"飞机具备低成本、高效率、灵活的独特优势。公司作为航空主机厂龙头，依托"昊龙"空天飞机成功 开启商业航天领域的全新布局。成飞所和公司属于研发生产一体化的商业模式，成飞所负责设计，规模 化商业化生产由公司完成。公司作为航空主机厂龙头，有望依托"昊龙"空天飞机成功开启商业航天领域 的全新布局！公司是国内稀缺的科创型主机厂，国内+军贸发展均有望提速，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company is set to invest approximately 1 billion RMB in the construction of an aerospace equipment assembly base, which aims to establish capabilities for the development and production of aerospace equipment, including the "Haolong" spaceplane [2]. - The "Haolong" aircraft is China's first reusable cargo spaceplane, designed for low-cost transportation systems for commercial space stations, offering significant advantages in cost efficiency and operational flexibility [3]. - The market potential for commercial space services, such as supply to space stations and satellite deployment, is vast, aligning with the company's strategic positioning as a leading aerospace manufacturer [3]. - The company is expected to see substantial growth in net profit from 2025 to 2027, with projections of 3.79 billion RMB, 4.76 billion RMB, and 5.71 billion RMB, reflecting year-on-year growth rates of 3271.88%, 25.81%, and 19.85% respectively [3][8]. Financial Projections - Revenue is projected to grow significantly from 1.68 billion RMB in 2023 to 80.61 billion RMB in 2025, representing a staggering growth rate of 4429.50% [8]. - The company's diluted earnings per share are expected to increase from 0.17 RMB in 2023 to 1.42 RMB in 2025 [8]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 263.28 in 2023 to 51.74 in 2025, indicating improving valuation metrics as profitability increases [8].