The Intrinsic Value Podcast发布 2026-10-03
《HEICO Vs. TransDigm: Whose Aerospace Monopoly Is Better?》
$HECO未站边
HECO 的业务质量与利益一致性更优，但当前约 50 倍市盈率的估值过高，不宜在当下持有；应等待 10-20% 的回调。
Hiko 销售的几乎每一个零部件都专门获得了 FAA 的批准。所以我认为，理解这件事的简单方式是，Hiko 也许就像是航空航天行业里的仿制药公司。他们销售的产品在功能上大致等同于原始设备制造商的零部件，但价格却低得多。
而 FAA 就像是一个监管机构，基本上决定他们的零部件是否达标。
Nearly every single component that Hiko sells has been approved specifically by the FAA. So I think the simple way to think about this is that Hiko is like maybe the generic drug company of the aerospace industry.
They sell a product that is something like the functional equivalent of the original equipment manufacturers component, but they do so for a really steep discount. And the FAA is like this governing body that decides whether their components are up to par, basically.
他说在等