Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but has a strong order backlog and is expanding into emerging sectors [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 914 million, a year-on-year decrease of 8.71% [1] - The net profit attributable to shareholders was 90 million, down 12.76% year-on-year [1] - The net profit after deducting non-recurring items was 73 million, a decrease of 21.93% year-on-year [1] - Total liabilities reached 2.522 billion, an increase of 45.30% year-on-year [1] - Cash and cash equivalents amounted to 539 million, up 66.56% year-on-year [1] - Accounts receivable stood at 1.139 billion, a year-on-year increase of 4.78% [1] - Inventory was 1.037 billion, reflecting a year-on-year growth of 38.50% [1] Order Backlog and Market Position - The slight revenue decline was attributed to adjustments in the delivery schedule of orders from some downstream aviation customers [2] - Revenue from aviation forgings was 689 million, down 8.93% year-on-year, while aerospace forgings saw revenue of 72 million, up 29.84% [2] - Gas turbine forgings generated revenue of 59 million, a decrease of 37.23% year-on-year [2] - The company signed multiple long-term supply agreements, with total orders on hand amounting to 2.938 billion, an increase of 8.13% year-on-year [2] - Including estimated orders during the long-term agreements, the total order backlog is approximately 5.968 billion [2] Strategic Initiatives - The company is focusing on deepening its presence in the aerospace sector while accelerating its expansion into emerging fields [2] - Key areas of focus include gas turbines, nuclear power, and marine engineering equipment [2] - The company has successfully undertaken its first batch of precision processing and R&D orders for critical components in semiconductor front-end equipment, indicating early success in its expansion into new sectors [2] Investment Outlook - The company is projected to have EPS of 1.23, 1.50, and 1.82 for 2025-2027, with corresponding PE ratios of 30.9, 25.3, and 20.9 based on the closing price of 37.91 on August 29 [3] - The investment rating is maintained at "Buy-A" [3]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company has seen a continuous increase in its order backlog, indicating strong future revenue potential despite a slight decline in revenue due to adjustments in delivery schedules from some downstream aviation customers [5]. - The company is actively expanding into emerging fields such as gas turbines, nuclear power, and marine engineering equipment, with initial success in securing orders for semiconductor equipment components [5]. Financial Performance - For the first half of 2025, the company's revenue was 914 million yuan, a year-on-year decrease of 8.71%, while the net profit attributable to the parent company was 90 million yuan, down 12.76% year-on-year [4]. - The company’s total liabilities reached 2.522 billion yuan, an increase of 45.30% year-on-year, while cash and cash equivalents grew by 66.56% to 539 million yuan [4]. - The order backlog totaled 2.938 billion yuan, reflecting an 8.13% year-on-year increase, with a combined order estimate of approximately 5.968 billion yuan [5]. Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 1.23 yuan, 1.50 yuan, and 1.82 yuan respectively, with corresponding PE ratios of 30.9, 25.3, and 20.9 based on the closing price of 37.91 yuan on August 29 [6][8].

中国银河（601881）证券股份有限公司李良,胡浩淼近期对航宇科技进行研究并发布了研究报告《航宇科 技点评报告：在手订单储备充足，产能释放支撑增长》，给予航宇科技买入评级。 航宇科技(688239) 事件：公司发布25年半年报，实现营收9.14亿元(YoY-8.7%)，归母净利0.90亿元(YoY-12.8%)，扣非后归母 净利0.73亿(YoY-21.9%)。 Q2环比业绩向好，毛利率微降。2025H1公司营收9.14亿元(YoY-8.7%)，主要系国内航空客户交付节奏延 后，部分产品价格调整，国内航空锻件收入下降所致。归母净利0.90亿元，同比下降12.8%。单季来看， 25Q2收入4.92亿元(YoY+16.2%，QoQ+16.6%)，结束下行态势实现增长，归母净利润0.47亿(YoY-0.56%， QoQ+10.8%)，主因毛利率下行，同比增收不增利。 航天锻件毛利率承压：1)25H1毛利率26.6%(YoY-0.92pct)，其中航天锻件毛利率承压最为明显，为17.3%， 同比下降10.3pct，而航空锻件和燃机锻件毛利率维持良好，分别为28.3%(YoY-0.57pct)和26.8%(YoY- 0 ...

费用率保持在较低水平；原材料采购增加影响现金流。1H25，公司期间费用率同比增加1.2ppt 至 12.8%：1）销售费用率同比增加0.2ppt 至1.8%；2）管理费用率同比增加0.7ppt 至5.6%；3）财务费用率 为1.1%，去年同期为0.8%；4）研发费用率同比减少0.003ppt 至4.3%。截至2Q25 末，公司：1）应收账 款及票据12.5 亿元，较年初增加4.9%；2）存货10.4 亿元，较年初增加16.7%。 1H25，公司经营活动净现金流为-0.03 亿元，去年同期为0.03 亿元。 投资建议：公司是我国航空航天领域环锻细分龙头之一，长期受益于国内外"两机"需求高景气，具有长 期发展潜力。未来，公司将持续深耕航空航天领域，加速新兴领域布局，目标成为全球一流的高端装备 精密制造解决方案供应商。我们预计，公司2025~2027 年归母净利润分别为2.46 亿元、3.13 亿元、3.85 亿元，对应PE 分别为30x/23x/19x。我们考虑到公司产能逐步释放和下游多行业中长期高景气，维持"推 荐"评级。 风险提示：下游需求不及预期、产品价格波动等。 事件：8 月28 日，公司发布2025 年 ...

Core Viewpoint - Guizhou Hangyu Technology Development Co., Ltd. maintains a strong competitive position in the aerospace ring forgings sector, supported by sufficient orders and stable performance, despite facing challenges from high customer concentration and potential revenue fluctuations in military products [3][6][15]. Financial Performance - As of March 2025, the company's total assets reached 43.28 billion, with total liabilities at 16.89 billion, reflecting a slight increase from previous years [3][21]. - The company's operating income for the first quarter of 2025 decreased by 26.99% year-on-year, primarily due to a slowdown in domestic customer orders [15][18]. - The net profit for the first quarter of 2025 was 0.46 billion, down from 1.86 billion in the same period of 2024 [3][21]. Business Operations - The company has a high customer concentration, with the top five customers accounting for 60.96% of total revenue in 2024, indicating a reliance on a few key clients [18]. - The company has a robust order backlog of approximately 48.48 billion, which is 2.69 times its revenue for 2024, providing a buffer against revenue fluctuations [6][18]. - The company is actively involved in the development of multiple domestic and international aerospace engine projects, including the C919 and CJ1000 engines, enhancing its market position [6][15]. Industry Environment - The aerospace engine industry is characterized by high barriers to entry and significant long-term demand, with domestic manufacturers increasingly participating in the global supply chain [11][12]. - The high-end forging sector, particularly in military applications, remains competitive due to substantial investment requirements and technological barriers [14]. - The global aerospace market is expected to grow, driven by increasing orders from major manufacturers like Airbus and Boeing, as well as domestic initiatives to enhance self-sufficiency in aerospace technology [11][12]. Future Outlook - The company has a stable credit rating outlook, supported by its technological advantages and strong order book, although it must navigate potential operational challenges related to customer demand and production capacity [7][19]. - The company is expanding its production capacity through ongoing projects, which are expected to enhance its operational efficiency once market demand improves [19][20].