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研報掘金丨國金證券:首予中航成飛“買入”評級,目標價89.41元
格隆匯 02-28 15:14
國金證券研報指出,中航成飛(302132.SZ)爲國內最強航空主機廠,開創我國航空防務史上多個“第一”。據SIPRI,截至2023 年成飛出口軍機價值1.1 萬TIV1,國內佔比51.19%;梟龍系首次中外合作研製,殲10 開啓我國航空裝備出口新階段。對內協同成飛所、子公司鞏固“研-造-修”一體化優勢;對外攜手政府打造航空產業園區,創設產投基金培育上遊企業,造就最強“成飛軍團”。認爲成飛產業鏈或已進入收穫期,成飛產品迭代發展是建立在技術成熟、規模卓著的“成飛軍團”之上的共同發展,“共贏”格局持續演繹,成飛經營效率、盈利能力有望持續提升。考慮公司在我國航空裝備領域的稀缺性和獨特的科創屬性,給予2025年60XPE,目標價89.41元,首次覆蓋,給予“買入”評級。
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