本报告聚焦韩华航空航天（012450.KS），认为多重订单催化剂正在酝酿。过去一周公司订单潜力显著提升，尽管股价仍处区间震荡；宏观不确定性、三季度受韩元走强影响以及沙特订单时点不明朗可能构成压力，但近期订单进展有望推动每股收益到2030年前实现约20%的年复合增长。美国履带式榴弹炮项目招标规模可能达到轮式项目的1.5倍以上，公司已拿下轮式项目原型机合同并在履带式领域占据优势，有望继续获取份额。欧洲方面，克罗地亚成为第四个采用天舞系统的国家，瑞士正考虑采用L-SAM，显示各国更看重交付速度。中东方面，EDGE集团已与公司签署合作备忘录，沙特订单仍是市场关注焦点，L-SAM的市场潜力或被低估。三季度交付可能偏弱，但长期盈利轨迹更为关键，维持买入评级。
Over the past week, substantial order potential has developed for Hanwha Aerospace, even as the share price remains range bound. We believe macro uncertainty, potential headwinds in 3Q from a strong KRW along with uncertainty on timing of the Saudi order could be headwinds. However, we expect the recent order development to drive an EPS CAGR of c.+20% until 2030. On the US tracked howitzer program, the RFI issued on Aug 31st could be 1.5x the size of the wheeled howitzer program; given Hanwha has already won the prototype for the wheeled howitzer program and has a strong position in the tracked howitzer market (global export market share ~50%), we think Hanwha has a reasonable opportunity to gain share, with the Army stating it would select a prototype provider by 3Q27. In Europe, Hanwha's contract to supply 18 Chunmoo systems to Croatia marks the 4th country in Europe to adopt Chunmoo systems, and Switzerland is considering the deployment of L-SAM or SAMP/T, highlighting that countrie