航材股份 20260127 摘要 航材股份在商用大飞机领域有多项业务，包括钛合金铸件、高温合金母合金、 透明玻璃以及橡胶密封材料和密封剂。这些业务涵盖了国产商用发动机的配套 需求，特别是在 C919 国产化验证方面，提供风挡玻璃、舷窗透明件等关键组 件。公司由航发集团孵化而来，具备多元化布局和持续向好的盈利能力。其核 心竞争力在于依托控股股东——北京航空材料研究院的强大研发能力，实现高 效协同，并通过产业化平台进行批量生产。 航材股份的股权结构如何？ 航材股份的大股东是北京航空材料研究院，持有公司 60.14%的股权。此外， 还有航发资产和北京国发基金作为主要股东。公司上市后员工持股平台占比约 为 4.7%。实控人为中国航发集团，与航发动力、航发科技、航发控制等公司 航材股份在熔炼技术方面表现出色，达到了世界先进水平。高温合金母 合金熔炼业务的毛利率较低，提升高温合金母合金熔炼毛利率方面仍有 较大空间。 航材股份的透明件业务主要应用于战斗机驾驶员舱位，随着四代、五代 战机的发展，透明件还需具备隐身功能，预计在 2025 年期间会取得重 大技术进步，为公司带来新的业务增长。 同属该集团旗下。 公司在钛合金业务方 ...

Core Viewpoint - The company is focused on maintaining steady growth in its core business while enhancing long-term value for shareholders [1] Group 1: Business Operations - The company currently does not provide materials and services for the Long March series rocket engine blades [1] - The company supplies high-temperature alloy master alloys for the production of combustion components, which are then provided to overseas clients by its customers, and this business is experiencing continuous growth [1] Group 2: Financial Performance and Management - Since its listing, the company has consistently focused on its main business and has maintained stable performance growth [1] - The management places a high emphasis on enhancing company value and long-term development [1] - The company aims to continue effective management practices to create long-term investment value for shareholders [1]

Core Viewpoint - The company is focused on maintaining steady growth in its core business while enhancing long-term value for shareholders [1] Group 1: Business Operations - The company currently does not provide materials and services for the Long March series rocket engine blades [1] - The company supplies high-temperature alloy master alloys for the production of combustion components, which are then provided to overseas clients by its customers, and this business is experiencing continuous growth [1] Group 2: Financial Performance and Management - Since its listing, the company has consistently focused on its main business, achieving stable performance growth [1] - The management places a high emphasis on enhancing the company's value and long-term development [1] - The company aims to continue improving operational management to create long-term investment value for shareholders [1]

Core Viewpoint - The company has successfully provided various high-temperature alloy master alloys for the production of gas turbine blades, generating a certain level of sales revenue [2] Group 1 - The company has engaged in the supply of multiple grades of high-temperature alloy master alloys for different models of gas turbines [2] - The company has confirmed that it has generated sales revenue from its products related to gas turbines [2]

Core Viewpoint - The company acknowledges that its gross margin for high-temperature alloy master alloy business is around 12%, which is lower than the industry average, primarily due to its focus on master alloys rather than finished products [2]. Group 1: Company Insights - The company's main products in the high-temperature alloy casting business include powder, single crystal, directional, equiaxed, and deformed high-temperature alloy master alloys [2]. - The lower gross margin compared to peers is attributed to the company's exclusive provision of high-temperature alloy master alloys, which typically have lower margins than finished components [2]. - The company is currently renting facilities and equipment in Zhenjiang, Jiangsu, for production until its fundraising projects are fully implemented, which has resulted in lower production efficiency [2]. Group 2: Industry Context - The company indicates that the low gross margin is a common issue within the industry, raising questions about the perceived scarcity and technological sophistication of the high-temperature alloy sector [2]. - The company has begun producing new equipment that significantly improves material utilization, leading to a noticeable increase in gross margin [2].

Core Insights - Suzhou Hangyu Xingrui Technology Co., Ltd. has completed a new round of financing aimed at enhancing its ultra-pure high-temperature alloy technology, expanding production capacity, and deepening application scenarios in critical fields such as aerospace and energy [1][9] Group 1: Company Overview - Hangyu Xingrui, established in 2024, focuses on ultra-pure high-temperature alloy materials for aerospace, marine, and large equipment internal combustion power systems [2] - The company aims to address the "bottleneck" issues in key material fields, aspiring to become a leading domestic and internationally advanced supplier of high-temperature core materials [2] Group 2: Core Team - The core R&D team is composed of top industry talents, including authoritative academicians and chief experts from the aviation industry, with a strong track record in major national material research projects [4] - The team has secured over 150 million yuan in research funding over the past decade, providing a solid foundation for technological innovation and product development [4] Group 3: Core Technology - The company has developed a proprietary ultra-pure melting technology for high-temperature alloys, overcoming significant challenges in domestic aviation engine and gas turbine materials [5] - This technology has resulted in a fourfold increase in the lifespan of alloy test bars and a 30% improvement in casting product yield, achieving international advanced levels [5] Group 4: Products and Applications - Hangyu Xingrui has established a product matrix centered on high-temperature alloy mother alloys and deformed high-temperature alloys, with applications in aerospace, marine, and energy sectors [7] - The company collaborates with industry leaders and research institutions to enhance industry standards and promote technological upgrades [7] Group 5: Future Plans - Following the recent financing, the company plans to increase R&D investment and accelerate capacity construction to enhance market penetration in key sectors [9] - The focus will remain on technological innovation to support the autonomous and high-quality development of China's high-end equipment manufacturing industry [9]

Summary of the Conference Call for Hangcai Co., Ltd. Company Overview - **Company**: Hangcai Co., Ltd. - **Industry**: Aerospace materials and components Key Points Financial Performance - **Revenue**: For the first three quarters of 2025, revenue was 2.039 billion yuan, a decrease of 7% year-on-year [4] - **Net Profit**: Net profit was 400 million yuan, down 8.23% year-on-year [4] - **Segment Performance**: - Transparent components: Revenue of 210 million yuan, down 9% [4] - Rubber and sealing materials: Revenue of 680 million yuan, stable year-on-year [4] - High-temperature alloy mother alloy: Revenue of 656 million yuan, down 8% [4] - Cast titanium alloy: Revenue of 4.489 billion yuan, down 12% [4] Business Segments and Margins - **Gross Margins**: - Transparent components: Approximately 40%, slightly down due to new production line costs [5] - Rubber industry: Approximately 57%, up from 55% last year [5] - High-temperature alloy mother alloy: Approximately 14%, up from 13% last year [5] - Cast titanium alloy: Margins between 12% and 18%, slightly increased but facing price pressure [5] Market Dynamics - **Titanium Alloy Business**: - Downstream sectors include aerospace, aviation, and space, with significant revenue declines in aviation (down 40%) and aerospace (down 30%) [6] - Export market revenue increased by nearly 30% to 150 million yuan [6] - Domestic civil aircraft revenue grew by 40% to 15 million yuan [6] Strategic Developments - **Acquisition of Zhejiang Titanium Alloy**: The recovery of equity did not significantly enhance foreign market share due to existing long-term agreements with clients like Safran Group [7] - **High-Temperature Alloy Capacity**: Total melting capacity can reach 5,000-6,000 tons through leasing and purchasing equipment [14] - **Knowledge Transfer**: Ongoing knowledge transfer of intellectual property without impacting existing capacity [13] Product Development - **Transparent Components**: Increased revenue from fighter jets (195 million yuan) while helicopter revenue decreased [17] - **Large Aircraft Windshield Project**: Actively progressing, with technology comparable to overseas competitors [18] - **Rubber Sealing Business**: Significant revenue from various products, expected to grow with the aerospace industry [19] Future Outlook - **Financial Goals**: Despite pressures, there is hope to meet annual financial targets due to diverse business segments [22] - **Five-Year Plan**: Currently formulating the 15th Five-Year Plan, with clearer demand expected by mid-2026 [23] - **Employee Stock Plans**: Plans to avoid concentrated sell-offs post-employee stock expiration in 2026 [26] Market Trends - **Gas Turbine Alloy Market**: Domestic demand is growing, particularly in maintenance markets transitioning from imports to domestic products [27] - **International Gas Turbine Business**: Focus remains on domestic development while maintaining contact with foreign clients [28] Additional Insights - **Profitability Pressure**: No significant downward pressure on margins anticipated despite bulk purchasing price reductions [20] - **Domestic Replacement Value**: Estimated future value of domestic replacements for civil aircraft rubber sealing components is around 3 million yuan [21]

Core Viewpoint - The company reported a decline in Q3 revenue and net profit due to delayed military product demand, but remains optimistic about returning to stable growth as a leading platform for specialty materials [1][2]. Financial Performance - Q3 revenue reached 679 million yuan, down 1.14% year-on-year and 4.09% quarter-on-quarter, with a net profit of 120 million yuan, down 4.01% year-on-year and 17.62% quarter-on-quarter [1]. - For the first three quarters of 2025, revenue totaled 2.039 billion yuan, a year-on-year decrease of 7.14%, while net profit was 400 million yuan, an 8.23% year-on-year increase [1]. - The gross margin for Q3 was 30.82%, a decrease of 2.23 percentage points year-on-year, attributed to changes in product mix [1]. Research and Development - R&D investment in Q3 was 53.31 million yuan, reflecting a year-on-year increase of 24.54%, indicating a commitment to innovation despite short-term profit declines [1][2]. Market Demand and Procurement - As of Q3 2025, accounts payable increased by 11.39% to 726 million yuan, and prepayments surged by 90% to 106 million yuan, suggesting resilient downstream demand [2]. - The company is actively exploring new growth areas, including low-altitude economy and advanced materials for military and civilian applications [2]. Business Development and Product Lines - The company is a key supplier of titanium alloy castings for international civil aviation, with a comprehensive product range [3]. - It has developed core technologies in rubber and sealing materials, achieving international advanced and domestic leading levels [3]. - The company is also involved in the production of transparent components for advanced fighter jets and is expanding its capacity in high-temperature alloy materials [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 estimates net profits of 615 million, 736 million, and 885 million yuan, respectively, with corresponding EPS of 1.37, 1.64, and 1.97 yuan [4]. - The target price has been adjusted to 59.04 yuan, based on a projected PE ratio of 36 for 2026, reflecting the company's technological advantages and strong resource backing [4].

Core Viewpoint - The company confirmed its involvement in the CJ1000A project, providing titanium alloy castings and high-temperature alloy master alloys for the engine [1] Group 1 - The company has applied its products, including titanium alloy castings and high-temperature alloy master alloys, in the CJ1000A engine [1] - The company is currently working according to the planned schedule for the CJ1000A model [1]

Group 1 - The company, Hangcai Co., Ltd. (688563.SH), has confirmed that its titanium alloy castings and high-temperature alloy master alloys are utilized in the CJ1000A engine [1] - The company is currently working according to the planned schedule for this engine model [1]