航空军工 中航西飞（000768.SZ） 增持-A(维持) 盈利能力持续提升，进一步拓展民机市场 2025 年 8 月 28 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 年 8 月 | 26 日 | | | --- | --- | --- | | 收盘价（元）： | | 28.91 | | 年内最高/最低（元）： | | 32.64/21.06 | | 流通 A 股/总股本（亿股）： | | 27.73/27.81 | | 流通 股市值（亿元）： A | | 801.60 | | 总市值（亿元）： | | 804.03 | 基本每股收益(元)： 0.25 | 摊薄每股收益(元)： | 0.25 | | --- | --- | | 每股净资产(元)： | 7.72 | | 净资产收益率(%)： | 3.21 | 资料来源：最闻 分析师： 骆志伟 执业登记编码：S0760522050002 邮箱：luozhiwei@sxzq.com 李通 执业登记编码：S0760521110001 电话：010-83496308 邮箱：litong@sxzq.com 中航西飞公司发布了2025年 ...

Core Viewpoint - Haoneng Co., Ltd. has seen significant stock price growth, reaching a historical high of 15.68 yuan per share, with a total market value of 13.07 billion yuan, reflecting a 183.8% increase over the past nine months [1][6]. Group 1: Business Expansion and Product Development - Haoneng Co., Ltd. has been deeply involved in the automotive transmission industry for decades, producing components such as synchronizers, differentials, planetary gear reducers, and clutches [3]. - The company entered the aerospace components sector in 2020 through the acquisition of Chengdu Haoyi Qiang, supplying parts for various military and civilian aircraft, including the domestic C919 large passenger aircraft [3][6]. - Currently, Haoneng is expanding into the robotics sector, focusing on lightweight products suitable for robotic lower limb applications, with a competitive edge in cycloidal pinwheel and planetary gear reducers [6]. Group 2: Strategic Partnerships and Investments - In September 2024, Haoneng Co., Ltd. signed an agreement with the People's Government of Banan District, Chongqing, to jointly develop a robotics industry ecosystem [4]. - The first phase of this project involves a total investment of 1 billion yuan to establish production lines for components related to new energy vehicle planetary gear reducers and high-precision industrial planetary gear reducers [5]. Group 3: Financial Performance - In the first quarter, Haoneng Co., Ltd. reported a revenue of 619 million yuan, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 104 million yuan, up 30.42% [6]. - For the previous year, the company achieved a revenue of 2.36 billion yuan, a 21.29% increase, and a net profit of 322 million yuan, reflecting a 76.87% growth [6]. Group 4: Future Outlook and Projections - Minsheng Securities projects that Haoneng Co., Ltd. will generate revenues of 3.015 billion yuan, 3.599 billion yuan, and 4.131 billion yuan from 2025 to 2027, with net profits of 432 million yuan, 541 million yuan, and 695 million yuan respectively [10]. - Tianfeng Securities anticipates revenues of 3.3 billion yuan, 4 billion yuan, and 4.6 billion yuan for the same period, with corresponding net profits of 420 million yuan, 540 million yuan, and 650 million yuan, indicating significant growth rates [10].