研報掘金丨中郵證券:維持潤貝航科“增持”評級,國產航材前景廣闊
中郵證券研報指出,潤貝航科2025H1業績高增,國產航材前景廣闊。公司預計實現歸母淨利潤0.65億元-0.90億元,同比增長47%-103%,主要由於公司收入同比有所上升、股份支付費用同比下降,以及匯兌損益影響等。公司持續推進國產化自研產品取證、市場推廣及生產能力建設,2024年,惠州生產基地全面完成驗收並投產,大幅提升公司航材國產化自主生產能力。截至2024年末,公司共有約2400個件號通過中國民航局相關適航認證,可以等效替換國內運營的波音、空客等多型客機上的進口航空器材,部分自研產品已寫入中國商飛工藝材料產品批準書。隨着國產大飛機生產交付提速,飛機制造端對於航材的需求有望快速增長。此外,公司通過完善產品結構、拓展不受影響產區的件號、拓展新業務等方式,儘量對衝對經營情況的影響,部分進口產品的成本提高也給公司國產化業務帶來了增長契機。維持“增持”評級。
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