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研報掘金丨華泰證券:維持航發動力“增持”評級,看好其長期戰略地位及成長空間
格隆匯 04-02 17:40

華泰證券研報指出,航發動力(600893.SH)24年歸母淨利8.60億元(yoy-39.48%);24Q4歸母淨利1.34 億元(yoy-65.65%,qoq+2.06%)。業績低於我們預期(前次24年歸母淨利潤預測值爲16.65億元),主要系公司國內軍品需求延後,新型號發動機的裝配成熟度不高造成的毛利率下滑,以及研發費用/財務費用的大幅增長。25年仍處於公司的產品過渡年,但公司作爲我國軍用航空發動機總裝唯一上市平臺,看好其長期戰略地位及成長空間,維持“增持”評級。

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