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研報掘金丨財通證券:首予中航西飛“增持”評級 軍民並舉業績穩健

財通證券研報指出,中航西飛(000768.SZ)是大型軍機生產基地,發展民機業務釋放利潤彈性。軍機方面,公司是我國大中型飛機整機研製生產基地,對重點機型進行平台化改裝並持續不斷交付。民機方面,公司是波音、空客、國內主要民機產品部件核心供應商,根據我們的測算,預計2027 年C919 項目將為公司帶來近140%淨利潤彈性。鑑於公司是我國主要大中型軍用製造商,並擁有完整民機部件生產製造體系,預計公司2024-2026年實現營業收入452.68/504.86/566.05億元,歸母淨利潤12.98/15.51/19.61億元。對應PE分別為55.70/46.61/36.87倍,首次覆蓋,給予“增持”評級。

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