投资要点 [事Ta件bl：e_公Su司mm发ar布y] 2025 年中报。公司2025 年上半年实现营业收入27.47 亿元，同比去年 +7.87%；归母净利润6.05 亿元，同比去年+0.24%。 主要因高毛利的航空新材料收入占比提升。2025 年上半年期间费用率合计6.27%，同比下降1.18 个百分 点，其中销售费用率降至0.37%，研发费用率升至3.50%。2025 年上半年经营性现金流净额89.44 亿元， 同比大增160.85%，主因中航复材票据到期回款增加。截至2025 年上半年合同负债7.86 亿元，较年初减 少8.87 亿元，反映订单预收款阶段性下降；存货127.86 亿元，与年初基本持平，其中原材料与在产品略 有增加，库存商品小幅下降，整体库存管理稳健。 2025 年上半年，公司核心竞争力持续巩固：中航复材新增授权专利8项，累计有效专利达330 项，巩固 航空复合材料领域技术领先地位；优材百慕完成波音747-400/400F 及国产ARJ21-700 碳刹车盘副适航取 证，并启动新型号取证工作。资本运作方面，母公司以1.20 亿元增资长盛科技，持股比例升至20%，布 局碳纤维产业链上游；同 ...

中航高科 20250823 摘要 航空新材料业务一直是中航高科发展的基本盘，公司正在启动"十五五"规划 的编制工作。这一规划结合集团及公司对未来产业布局的战略，将特别关注战 略性新兴产业场景。军品作为基本盘，主机需求是核心。目前，公司在深圳设 立了面向低空经济的新公司，并以长三角和珠三角为中心统筹资源，聚焦自身 公司今年研发投入主要集中在 T1,100 级及高模量型号材料升级、电磁 屏蔽等功能性材料开发，以及柏慕公司在空客、波音等取证工作和高铁 领域积累，为未来碳盘和钢盘推广奠定基础。 公司现金流回款较去年有所提升，但应收应付金额仍处于较高水平，预 计下半年随着产业链回款逐步改善，年底应收应付金额会有所下降，有 信心实现全年经营目标。 材料方面的核心能力，与头部企业协同合作。我们对低空经济的发展前景非常 看好，将继续利用积累的核心能力，共同扩大市场。 中航高科在低空经济领域有哪些具体举措？ 在低空经济方面，中航高科坚持以市场为导向，以客户为中心，构建聚焦核心 领域、深耕存量市场、拓展增量空间的业务发展体系，通过强化战略合作、深 化客户协同、完善能力建设等措施提升核心竞争力。公司重点布局低空 3C 等 技术要求 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a steady growth in Q1 2025, achieving a revenue of 1.401 billion, a year-on-year increase of 6.38% and a quarter-on-quarter increase of 12.01%. The net profit attributable to the parent company was 358 million, reflecting a year-on-year growth of 1.93% and a quarter-on-quarter growth of 48.64% [2][4][12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.401 billion, with a year-on-year growth of 6.38% and a quarter-on-quarter growth of 12.01%. The net profit attributable to the parent company was 358 million, with a year-on-year increase of 1.93% and a quarter-on-quarter increase of 48.64%. The net profit excluding non-recurring items was 352 million, showing a year-on-year growth of 0.38% and a quarter-on-quarter growth of 47.79% [2][4][12]. Business Expansion and Inventory Management - The company is actively increasing inventory and expanding production to ensure product delivery, with an inventory balance of 1.435 billion at the end of Q1, a growth of 12.54% compared to the beginning of the period. The construction in progress balance was 137 million, up 28.89% from the beginning of the period [6][12]. Business Segments - The aerospace new materials business generated a revenue of 1.390 billion in Q1 2025, a year-on-year increase of 6.47%, while the equipment business achieved a revenue of 12.597 million, a significant year-on-year increase of 242.20% [12]. Profitability Metrics - The gross margin for Q1 2025 was stable at 41.21%, with a slight year-on-year decrease of 0 percentage points and a quarter-on-quarter increase of 1.44 percentage points. The net profit margin was 25.73%, reflecting a year-on-year decrease of 1.14 percentage points but a quarter-on-quarter increase of 5.93 percentage points [12].