中邮证券研报指出,润贝航科2025H1业绩高增,国产航材前景广阔。公司预计实现归母净利润0.65亿元-0.90亿元,同比增长47%-103%,主要由于公司收入同比有所上升、股份支付费用同比下降,以及汇兑损益影响等。公司持续推进国产化自研产品取证、市场推广及生产能力建设,2024年,惠州生产基地全面完成验收并投产,大幅提升公司航材国产化自主生产能力。截至2024年末,公司共有约2400个件号通过中国民航局相关适航认证,可以等效替换国内运营的波音、空客等多型客机上的进口航空器材,部分自研产品已写入中国商飞工艺材料产品批准书。随着国产大飞机生产交付提速,飞机制造端对于航材的需求有望快速增长。此外,公司通过完善产品结构、拓展不受影响产区的件号、拓展新业务等方式,尽量对冲对经营情况的影响,部分进口产品的成本提高也给公司国产化业务带来了增长契机。维持“增持”评级。
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