Lisi (1K) | Buy | Site visit reinforces the leverage case

研报英文原文证据摘录

Lisi (1K) | Buy | Site visit reinforces the leverage case

Lisi Buy | Target Price: EUR75.00

A site built around Airbus programmes

Lisi Aerospace’s plant has evolved significantly over the past two decades, supported by

successive Airbus programmes that have driven investments across the site. The group has

three distinct production units, SOL1, SOL2 and SOL3, each developed and expanded to support

Airbus demand, notably SOL2 for the A380 and SOL3 for the A350. Airbus represents 80-85% of

the site’s revenues. Other customers include Dassault Aviation, Embraer and COMAC.

Despite very strong growth over the past four years, above 20% per year, the 2025 sales level of

EUR130m remained below the 2017 peak of EUR147m. At that time, sales were supported by a

combination of A380 deliveries and favourable pricing on the A350. In terms of volumes,

however, 2025 exceeded 2017, with 170m pieces delivered, suggesting a markedly different

product mix, in our view driven by stronger A320 demand.

Growth ambitions backed by WatchOut equipment

The Saint-Ouen-l’Aumône site currently operates c. 300-400 machines, of which fewer than 10

are still fully manual. Most of the equipment is autonomous and automated, enabling very short

cycle times, down to a few seconds for certain parts, while reducing production times by up to

3x on more complex products. In 2026, the plant should continue to grow strongly, by 19% to

EUR155m (more than 200m pieces), in line with our expectations for the division.

Most of the incremental growth, both at plant and division level, should be absorbed by the

rollout of WatchOut equipment, with 15 machines currently installed and the potential to

increase this number to c. 55 by 2028, and potentially to 70 in a midterm horizon.