董伯骏 国海证券化工分析师: 各位投资者，大家晚上好，欢迎大家来到我们本次国海化工组组织的航亚科技的深度报告 的汇报会。我是国海化工董博俊。那么今天，我和我们同事王鹏，给大家做一个航亚科技 的这个深度报告的一个解读。咱这篇报告，实际上是我们在 2025 年 9 月份第一次发布的。 然后后续也根据我们的这个后续的一些点评、跟踪报告，做了一个简单的更新。那事实上 来说，是我们从去年 2025 年的 9 月份，那个发布报告重点推荐航亚科技。那么航亚科技， 其实让它主要的这个逻辑，我觉得整体是有三点，第一点，实际上随着全球航空发动机的 这个需求爆发，那么这个是包括这个飞机的这个直接的这个配套端。 以及飞机后市场的这个维修市场的需求爆发，那么这两个方面同时带动了整个航空的这个 零部件的需求增长。那么第二个逻辑，实际上是本身航亚科技在精锻叶片这个环节的技术 壁垒高，目前在国际客户上面。也受到了一个非常好的认可。那么第三个核心点，实际上 我觉得重点关注就是海外的供应链，在这个环节的供应链是非常紧张的。所以其实作为中 国企业，公司掌握了非常好的一个技术，那么它是目前在加速的切入到海外供应链里边。 那么整体来说我们的这个我再稍 ...

Investment Rating - The report gives a "Buy" rating for the company, Hangya Technology (688510.SH), with a target price of 31.2 yuan based on a 40x valuation for 2026 [2][4][15]. Core Insights - Hangya Technology focuses on precision forging technology, specializing in key components for aircraft engines and medical orthopedic implants. The company has established a strong position in the aircraft engine parts sector since its listing on the Sci-Tech Innovation Board in 2020 [1][4][17]. - The company reported revenues of 530 million yuan and a net profit of 78 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.95% in revenue but a decrease of 16.04% in net profit [1][31]. - The demand for international commercial aircraft engines is increasing, and Hangya Technology has positioned itself advantageously to meet this demand by becoming a reliable supplier for major players like CFM [1][39][44]. Summary by Sections 1. Company Overview - Hangya Technology is centered on precision forging technology, focusing on critical components for aircraft engines and medical implants. The company has made significant advancements in manufacturing techniques since its establishment in 2013 [1][17][20]. 2. Market Demand and Positioning - The international commercial aircraft engine market is characterized by a few dominant players, with CFM leading in delivery volumes. Hangya Technology has successfully positioned itself as a key supplier amid supply chain disruptions [1][39][44]. - CFM is actively seeking domestic suppliers to alleviate supply chain pressures, which presents opportunities for Hangya Technology to expand its market share [1][45][47]. 3. Growth Drivers - The company is experiencing growth across multiple sectors, including domestic aircraft engines, gas turbines, and medical products. Collaborations with major clients like GE and domestic aerospace firms are expected to drive future revenue growth [1][2][11][57]. - The domestic aviation market is projected to grow significantly, with increasing demand for new aircraft, which will benefit Hangya Technology's operations [1][57][59]. 4. Financial Projections - Revenue forecasts for Hangya Technology indicate growth from 817 million yuan in 2025 to 1.512 billion yuan by 2027, with corresponding net profits expected to rise from 130 million yuan to 290 million yuan during the same period [2][15][31]. - The company's earnings per share (EPS) are projected to increase from 0.51 yuan in 2025 to 1.13 yuan by 2027, reflecting strong growth potential [2][15]. 5. Strategic Collaborations - Hangya Technology has established strategic partnerships with key industry players, enhancing its production capabilities and market reach. The collaboration with CFM and other international clients is expected to solidify its position in the market [1][49][54].