研報掘金丨國泰君安:航材股份盈利能力有望逐步改善,予“增持”評級
國泰君安研報指出,航材股份(688563.SH)是我國航材領域龍頭,受益下游航空航天裝備持續放量,公司積極開展募投項目發力自主可控,盈利能力有望逐步改善。給予目標價69.56元,對應2025年43倍PE,給予“增持”評級。金屬業務受益航發需求釋放,毛利改善空間較大,非金屬業務存量維保市場不斷拓展,公司有望穩步成長。當前公司高温合金產品與可比公司相比毛利率較低,公司實施募投項目提升產能,有望在逐步形成規模效應,顯著改善高温合金業務盈利能力。在非金屬領域佈局航空高性能彈性體材料及零件產業、航空透明件研發/中試線、大型飛機風擋玻璃等項目,瞄準國內維保市場國產化率提升的需求,加強公司科研、批生產能力,保障重點型號交付任務,實現國產化和自主保障、打破國外技術壟斷。
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