研報掘金丨長江證券:航發動力Q1銷售毛利率維持向上企穩 業績大幅增長彰顯盈利韌性
長江證券研報指出,航發動力(600893.SH)24Q1銷售毛利率維持向上企穩,業績增長顯著高於收入增長彰顯盈利韌性。税改政策對公司業績邊際影響減弱,資本開支聚焦高附加值領域牽引公司資產效率有望持續提升。公司24Q1期末合同負債餘額為107.26億元,在交付節奏加快背景下維持高位或反映下游需求持續釋放。23年報披露公司重要在建工程20 項,其中公司本部裝備能力建設、黎明公司研製條件建設及試車台設備、航空發動機修理能力建設等已近尾聲,有望在轉固後提升公司整體交付能力。
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