Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 47.88 billion yuan for 2024, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders decreased by 39.48% to 860.29 million yuan [1][8] - The decline in net profit is attributed to increased R&D expenses, fluctuations in raw material prices, and a 24.91% decrease in revenue from non-aerospace products [8] - The company has made significant progress in technology innovation and market expansion, including partnerships with international aviation giants and a focus on military and civilian aviation engine development [8] Financial Performance Summary - Total revenue projections for the upcoming years are as follows: 48.52 billion yuan in 2025, 54.62 billion yuan in 2026, and 62.72 billion yuan in 2027, with respective growth rates of 1.35%, 12.57%, and 14.83% [1][9] - The forecasted net profit for 2025 and 2026 is 894.14 million yuan and 978.30 million yuan, respectively, with a new projection for 2027 at 1.15 billion yuan [1][9] - The company's earnings per share (EPS) is expected to be 0.34 yuan in 2025, 0.37 yuan in 2026, and 0.43 yuan in 2027 [1][9] Market Expansion and Strategic Initiatives - The company has signed long-term agreements with major international players, including Safran Group and Rolls-Royce, amounting to over 1.5 billion yuan, enhancing its position in the global aviation supply chain [8] - The establishment of a new division for general aviation products and the successful launch of several small and medium-sized aircraft engines demonstrate the company's commitment to diversifying its product offerings [8] - The company is actively responding to national military-civilian integration strategies by raising 1 billion yuan for the construction of intelligent production lines for aircraft engines [8]

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 43734 | 47880 | 48524 | 54624 | 62724 | | 同比 | 17.89 | 9.48 | 1.35 | 12.57 | 14.83 | | 归母净利润（百万元） | 1,421.42 | 860.29 | 894.14 | 978.30 | 1,146.90 | | 同比 | 12.17 | (39.48) | 3.93 | 9.41 | 17.23 | | EPS-最新摊薄（元/股） | 0.53 | 0.32 | 0.34 | 0.37 | 0.43 | | P/E（现价&最新摊薄） | 68.95 | 113.93 | 109.62 | 100.19 | 85.46 | [Table_Tag] [事件： Table_Summary] 公司发布 2024 年报，2024 年实现营业收入 478.80 亿元，同比 9.48%； 归母净利润 8. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 47.88 billion, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million [6][12]. - The fourth quarter saw a significant revenue increase of 25.81% year-on-year, but the net profit dropped by 65.65% compared to the same quarter last year [6][12]. - The company is actively expanding its civilian product business, focusing on low-altitude, general aviation, and commercial aviation engines, which are expected to be key growth areas in the future [12]. Summary by Sections Revenue and Profitability - In 2024, the company reported total revenue of 47.88 billion, with a 10.03% increase in the aviation engine and derivative products segment, while the foreign trade export business grew by 6.45% [12]. - The overall gross profit margin for the year was 10.06%, a decrease of 1.03 percentage points year-on-year, with a notable drop in the fourth quarter gross margin to 7.72% [12]. Business Segments - The company’s subsidiaries showed varied performance, with the main subsidiary achieving a revenue of 16.03 billion (up 24% year-on-year) and another subsidiary reaching 27.37 billion (up 4% year-on-year) [12]. - The company is a key supplier of core components for domestic commercial aircraft engines and is expanding into the low-altitude economy and general aviation markets [12]. Future Outlook - The projected net profit for 2025-2027 is expected to be 970 million, 1.63 billion, and 2.30 billion respectively, with growth rates of 12%, 69%, and 41% [12]. - The company is preparing for a new round of demand release by actively laying out new production capacities [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company experienced short-term performance pressure but is expected to see long-term growth in both military and civil aviation sectors [1][4]. - The company's 2024 revenue was 47.88 billion yuan, a year-on-year increase of 9.5%, while the net profit attributable to shareholders was 860 million yuan, a decrease of 39.5% [1][5]. - The fourth quarter of 2024 saw the highest quarterly revenue at 21.92 billion yuan, a year-on-year increase of 25.8%, but net profit dropped by 65.7% [2][3]. Financial Performance Summary - The overall gross margin for 2024 was 10.1%, down 1.03 percentage points year-on-year, with a net profit margin of 2.1%, down 1.42 percentage points [2][3]. - The revenue from the main product line, aviation engines and related products, was 44.99 billion yuan, a year-on-year increase of 10.0%, but the gross margin decreased to 9.5% [3][4]. - The company’s subsidiaries showed varied performance, with significant profit decline in the Southern Company, which reported a net profit of only 1.57 million yuan, down 96.5% year-on-year [3][4]. Future Outlook - The company is deeply involved in the development of domestic commercial engines and is expected to benefit from the growth of the domestic large aircraft industry [3][4]. - The company has signed a significant contract for 1,500 general aviation power products, valued at over 10 billion yuan, indicating strong market demand [3][4]. - Revenue forecasts for 2025-2027 have been adjusted to 47.69 billion yuan, 53.32 billion yuan, and 58.97 billion yuan respectively, with net profit estimates of 690 million yuan, 888 million yuan, and 1.17 billion yuan [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a revenue of 47.88 billion yuan in 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders was 860 million yuan, down 39.5% year-on-year, primarily due to increased R&D and financial expenses, as well as reduced investment income [1][4]. - The company is expected to benefit from the long-term development of military and civil aviation businesses, despite short-term performance pressures [3][4]. Financial Performance Summary - In Q4 2024, the company recorded its highest quarterly revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 130 million yuan [2]. - The overall gross margin for 2024 was 10.1%, a decrease of 1.03 percentage points year-on-year, with a net margin of 2.1%, down 1.42 percentage points year-on-year [2]. - The revenue from the main product line, aviation engines and related products, was 44.99 billion yuan, up 10.0% year-on-year, while the gross margin for this segment was 9.5%, down 0.48 percentage points [3]. Business Development Insights - The company is deeply involved in the development of domestic commercial engines and is a key supplier of core components, which positions it to benefit from the growth of the domestic large aircraft industry [3]. - The company has signed a significant procurement contract for 1,500 general aviation power products, valued at over 10 billion yuan, indicating strong market demand [3]. Earnings Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted to 47.69 billion yuan, 53.32 billion yuan, and 58.97 billion yuan respectively, with net profit forecasts of 690 million yuan, 888 million yuan, and 1.17 billion yuan [4][5]. - The projected price-to-earnings ratios for 2025-2027 are 126.21x, 98.12x, and 74.46x respectively, reflecting the company's valuation outlook [4][5].

4月2日，沪指涨0.05%报3350点，全天成交9927亿元，时隔50个交易日跌破万亿，全市场超2700股上涨，48股涨停，19股跌停。板块方面，户外露营、机器 人、装修装饰、珠宝首饰、美容护理及风电设备等板块涨幅居前。 | 代码 | 名称 | 涨幅 | 现价 几天几板� | 涨停分析 | | --- | --- | --- | --- | --- | | 002549 | 凯美特气 | +10.01% | 10.11 5连板 | 光刻胶+节能环保+氢能源 | | 002923 | 润都胶价 | +10.02% | 17.78 7天4板 | 新型烟草:原料药+合成生物 | | 600165 | *ST宁科 | +4.99% | 4.63 6大3板 | 长链二元酸+申请撤销退市) | | 600571 | 信雅达 | +10.01% | 18.24 6天3板 | 金融科技+Al智能体+DeepSe | | 603985 | 恒润股份 | +10.01% | 17.04 3连板 | 算力相债+风电+国企 | | 002289 | ST宇顺 | +4.98% | 5.27 3连板 | ST板块+胶腐三式式 75% ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term development potential [5][3]. Core Viewpoints - The company reported a revenue of 47.88 billion yuan for 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders decreased by 39.5% to 860 million yuan due to increased R&D expenses and unanticipated stock disposals [1][3]. - The transition period between old and new models is putting pressure on the company's performance, with expectations for 2025 showing a slight decline in revenue and net profit [3][4]. - The company is increasing its R&D investment significantly, with total R&D expenses reaching 1.05 billion yuan, a year-on-year increase of 72.1%, to support future product development [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 134 million yuan [1]. - The overall gross margin for 2024 decreased by 1.0 percentage points to 10.1%, and the net profit margin fell by 1.4 percentage points to 2.1% [1][4]. - The company expects to achieve a revenue of 47.66 billion yuan in 2025, which is nearly flat compared to 2024, with a projected net profit of 5.92 billion yuan, down 31.2% year-on-year [3][4]. Product Segmentation - Revenue from aviation products and derivatives grew by 10.0% to 44.99 billion yuan, while the gross margin decreased by 0.5 percentage points to 9.5% [2]. - The foreign trade export revenue increased by 6.5% to 2.07 billion yuan, with a gross margin improvement of 5.3 percentage points to 19.7% [2]. - Non-aviation products and other revenues saw a significant decline of 24.9% to 200 million yuan, with a gross margin decrease of 1.3 percentage points to 18.4% [2]. Future Projections - The company forecasts net profits of 5.97 billion yuan, 10.66 billion yuan, and 15.72 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 164x, 92x, and 62x [3][4]. - The report emphasizes the company's leading position in the aviation engine industry and its comprehensive research and development capabilities across the entire spectrum of aviation engines [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term development potential [5][3]. Core Insights - The company reported a revenue of 47.88 billion yuan for 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders decreased by 39.5% to 860 million yuan due to increased R&D expenses and unanticipated stock disposals [1][3]. - The transition period between old and new models is expected to pressure short-term performance, with a projected revenue of 47.66 billion yuan for 2025, remaining stable compared to 2024, but with a forecasted net profit decline of 31.2% [3][4]. - The company is increasing its R&D investment significantly, with total R&D expenses reaching 1.05 billion yuan in 2024, a 72.1% increase year-on-year, to support future product development [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 134 million yuan [1]. - The overall gross margin for 2024 decreased by 1.0 percentage points to 10.1%, and the net profit margin fell by 1.4 percentage points to 2.1% [1][2]. - The company’s financial expenses increased by 84.3% to 460 million yuan, primarily due to a rise in debt levels [1]. Product Segmentation - Revenue from aviation engines and related products grew by 10.0% to 44.99 billion yuan, while the gross margin decreased by 0.5 percentage points to 9.5% [2]. - The foreign trade export revenue increased by 6.5% to 2.07 billion yuan, with a gross margin improvement of 5.3 percentage points to 19.7% [2]. - Non-aviation products and other revenues saw a significant decline of 24.9% to 200 million yuan, with a gross margin decrease of 1.3 percentage points to 18.4% [2]. Future Projections - The company is expected to see net profits of 597 million yuan in 2025, 1.066 billion yuan in 2026, and 1.572 billion yuan in 2027, with corresponding PE ratios of 164x, 92x, and 62x respectively [4][3]. - The projected revenue growth rates for the next few years are expected to be -0.4% in 2025, 10.8% in 2026, and 9.8% in 2027 [4][10].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 37.87 RMB [7][8]. Core Views - The company is expected to face short-term pressure on performance due to delayed domestic military product demand and low assembly maturity of new engine models, leading to a decline in gross margin. However, the long-term strategic position and growth potential of the company as the only listed platform for military aviation engines in China are viewed positively [1][4][12]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 478.80 billion RMB, a year-on-year increase of 9.48%, but the net profit attributable to shareholders was 860 million RMB, a decrease of 39.48% year-on-year. The fourth quarter of 2024 saw revenue of 219.23 billion RMB, up 25.81% year-on-year, but net profit dropped 65.65% year-on-year to 134 million RMB [1][12]. - The revenue from aviation engines and related products was 449.94 billion RMB, a 10.03% increase year-on-year, while the gross margin was 9.54%, down 0.48 percentage points due to the need for improved maturity of new products [2]. Product Segmentation - The revenue from the main engine manufacturers showed varied performance: - Li Ming: Revenue of 273.69 billion RMB, up 4.32%, but profit decreased by 31.87% - Southern: Revenue of 76.73 billion RMB, down 1.30%, with a significant profit drop of 96.50% - Li Yang: Revenue of 50.93 billion RMB, up 3.77%, turning a loss into a profit - Western Aviation: Revenue of 160.33 billion RMB, up 23.58%, with a slight profit decrease of 6.04% [3]. Earnings Forecast and Valuation - The revenue forecast for 2025-2027 is adjusted to 504.71 billion RMB, 580.67 billion RMB, and 668.23 billion RMB respectively, reflecting a downward adjustment of approximately 12.43% and 12.26% for 2025 and 2026 [4][13]. - The company is expected to maintain a price-to-sales (PS) ratio of 2.0 for 2025, with a target price of 37.87 RMB based on a 65X price-to-earnings (PE) ratio for 2024 [4][8].

Core Viewpoint - The financial report of the company reveals significant challenges in profitability and cash flow management despite a revenue increase, indicating serious issues in cost control and financial management [1][2][3][4][5] Revenue and Profitability - In 2024, the company achieved a revenue of 47.88 billion yuan, a year-on-year increase of 9.48% [1] - The net profit was only 860 million yuan, a substantial decline of 39.48% year-on-year, marking a new low in recent years [2] - The non-recurring net profit also decreased by 35.20% year-on-year, highlighting severe challenges in the core business profitability [2] - The fourth quarter showed particularly poor performance, with revenue of 21.92 billion yuan, a 25.8% increase, but net profit plummeted by 65.7% to 134 million yuan [2] Cash Flow and Financial Health - The operating cash flow net amount was -14.309 billion yuan, a shocking decline of 112.3% year-on-year, indicating severe financial pressure [3] - The deterioration of cash flow affects daily operations and may negatively impact future investment and development plans [4] - Despite a total asset growth of 16.2%, the net assets attributable to the parent company only increased by 1.1%, suggesting reliance on debt rather than improved profitability [4] Innovation and Market Expansion - The company emphasized its efforts in market expansion and technological innovation, particularly in the aerospace engine and gas turbine sectors [5] - Investments in technology innovation have not yet yielded expected profitability returns, with contributions from emerging markets still not visible [5] - Internal management improvements have not effectively translated into market competitiveness, highlighting the need for a balance between innovation and market expansion [5]