航空器材解决方案综合服务商，挖掘新兴领域增长潜力

⚫⚫⚫⚫⚫ Seethe last page for disclaimerAPPENDIX 1Summary➢The company is a comprehensive service provider of aviation equipment solutions. It integrates research anddevelopment, production and sales, and adheres to a dual-wheel-drive strategy of 'distribution + self-development'. The company actively responds tothe localisation strategy of aviation materials and hascontinuously increased its investment in independently researching and developing aviation materials since itslisting. Its independently developed products include polymer materials, adhesive tapesand films, avionicsgas cylinders, passenger/cargo hold components, industrial products and fine chemicals, among others. Thecompany distributes aviation material products, including civil aviation fuel, aviation raw materials andchemicals (such as lubricants, greases, adhesive tapes and films, honeycomb cores, headphones, soundinsulation materials, interior parts, wallpapers, fluorescent strips, adhesives, sealants and paints), which covermore than 7,000 common aviation material codes and can meet theone-stop procurement needs of downstreamcustomers.➢Continuously promote the certification, marketing and production capacity building of domestically developedproducts. In 2024, the company's localisation business revenue increased by 27.64% year-on-year and itsresearch and development expenses by 63.08%. The company places great importance on the certification,research and development, and market promotion of domestically produced products, benchmarking itselfagainst the renowned global PMA manufacturer, HEICO (Heico Corporation). The company's self-developedproducts include polymer materials, adhesive tapes and films, avionics gas cylinders, and components for thepassenger and cargo holds, as well as products in the industrial and fine chemicals categories. As of the end of2024, approximately 2,400of the company's part numbers had passed relevant airworthiness certificationsfrom the Civil Aviation Administration of China. Self-developed products that have passed airworthinesscertification can effectively replace imported aviation equipment on multiple types of domestic aircraft,including Boeing and Airbus models. Some of these products have been included in the approval letter forCOMAC's process materials products. The Huizhou production base was fully accepted and put into operationin 2024, greatly enhancing the company's domestic independent production capacity of aviation materials andreducing the production costs of some products. This has also achieved deep integration between theproduction-oriented service industry and the manufacturing industry.➢Keep up with market demand and tap into the growth potential of emerging fields. SubsidiaryBeijing HangxinAM Technologyhas launched its own brand, AeroComm, of AR+AI aviation inspection glasses. These glassescan be used to design exclusive inspection processes for different aircraft models and quickly generateworkflows for designing, managing and allocating work orders.Assisted by voice guidance, laser indicatorlights, infrared thermometers and other devices, staff can complete inspections comprehensively andefficiently, and the process is recorded and archived. Through the integration of AR+AI technology, the three-dimensional combination of 'human-machine-data' is realised, helping to improve the work efficiency of civilaviation customers, reduceoperating costs, improve safety and optimise customer experience.➢The scale of the aviation materials distribution business has grown steadily and received high praise from bothupstream and downstream partners. In line with the growth of China's civil aviation industry, the company'saviation material distribution business increased its sales by 8.92% year-on-year in 2024. The company'sdistribution business sector maintains a competitive advantage in specific areas. In 2024, the company wonthe Gold Medal Distributor Award from the globally renowned supplierHuntsman andreceived thank-youletters from downstream customers such as COMAC and HNA. This reflects the high level of recognition thatthe company enjoys from both its suppliers and its customers.➢Risk warning. Market risk; Exchange rate fluctuation risk; Technical development risks. 2 Seethe last page for disclaimer分析师介绍分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。该分析师曾在wind发布报告超过500篇，主要覆盖行业包括化肥、农药、气体、炸药、氟化工、分子筛、电解液和合成生物学等行业。覆盖的公司包括:东岳集团、环球新材国际、中国心连心化肥、中化化肥、阜丰集团、中国三江化工、中国联塑、浦林成山、米高集团、中国石油化学、中国旭阳集团、彩客新能源、天德化工、理文化工等。邮箱:charles.zhuang@gpf.com.hk电话:(852)97487114 3 SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingOutperform跑赢大市Neutral中性Underperform跑输大市DISCLOSURE OF INTERESTS(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.(2) The Analysts and their associates do not have any financial intere