【券商聚焦】浙商证券维持西锐(02507)“买入”评级指上半年利润超预期

金吾财讯

Sep 02, 2025

金吾财讯 | 浙商证券研报指，西锐(02507)上半年收入5.9亿美元/同比+25.1%，归母净利润0.65亿美元/同比+82.5%，归母净利率10.9%/同比+3.4pct，利润增长超预期。飞机销售收入5.0亿美元/同比+25%，交付量350架/同比+22%，均价达142万美元/同比+2.7%。25H1新增飞机订单241架，截至H1末在手订单为1056架，奠定业绩兑现基础。25/5推出SR系列G7+机型，配备SafeReturn系统显著提升安全性，产品差异化优势突出，推动订单持续增长。25H1服务业务收入1.0亿美元/同比+24.2%，主要因JetStream计划及飞行训练的业务增长带动。公司提供服务及支持/保养/零件配送/飞行培训/飞行员服务/飞机管理服务，截至H1末已在32个国家设立授权服务中心，持续构建服务生态系统，有望贡献长久期稳定现金流。25H1毛利率36.2%/同比+1.8pct，主要因飞机销售额增加/定价提升且服务销售额增加；除毛利率提升外，公司整体销售费用率同比-1.3pct，管理费用率同比0.9pct，伴随规模效应持续显现+高盈利服务占比提升，盈利能力有望持续抬升。该机构预计2025-2027年归母净利润分别为1.7/2.1/2.5亿美元，当前市值对应PE14/11/9x，维持“买入”评级。

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