Investment Rating - The investment rating for AVIC Xi'an Aircraft Industry Group (000768.SZ) is "Buy" and is maintained [8]. Core Views - The company reported a stable growth in revenue and net profit, with a total revenue of 43.216 billion yuan for 2024, representing a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.023 billion yuan, up 18.87% year-on-year [5][6]. - In Q4 2024, the company achieved a revenue of 14.395 billion yuan, a year-on-year growth of 21.09%, and a net profit of 80 million yuan, reflecting a year-on-year increase of 39.14% [2][5]. - The company is expanding steadily in both military and civilian aircraft sectors, with significant deliveries in the civil aircraft segment and promising prospects in international military trade [2][5]. Summary by Sections Financial Performance - In Q4 2024, the gross profit margin decreased to 2.83% from 6.21% in Q4 2023, while the expense ratio improved by 1.77 percentage points [2][10]. - The company reported a significant improvement in cash flow from operations, with a cash flow of 13.668 billion yuan in Q4 2024, compared to -0.574 billion yuan in Q3 2024 [10]. Business Operations - The company delivered 44 units of C909 and C919 components in the civil aircraft sector, and the Y-20 military transport aircraft has been showcased at various international airshows, enhancing its brand image and market potential [5][10]. - The company aims for a revenue target of 44.988 billion yuan for 2025, indicating a stable growth outlook [5]. Profitability Forecast - The forecasted net profit for 2025-2027 is expected to be 1.152 billion, 1.398 billion, and 1.694 billion yuan, with year-on-year growth rates of 12.52%, 21.42%, and 21.14% respectively [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue growth of 7.23% year-on-year, achieving a total revenue of 43.216 billion yuan, while the net profit attributable to shareholders increased by 18.87% to 1.023 billion yuan, aligning with market expectations [2][11] - The company is capitalizing on the rapid development of the domestic civil aviation market, with significant increases in the delivery of civil aircraft components, including a 29% rise in C909 and C919 deliveries [3][4] - The company is expected to benefit from both domestic and international market drivers, enhancing profit growth potential in the coming years [4] Financial Summary - For 2024, the company achieved a revenue of 43.216 billion yuan, with a year-on-year growth of 7.23%, and a net profit of 1.023 billion yuan, reflecting an 18.87% increase [2][11] - The forecast for 2025-2027 indicates a net profit growth of 14%, 18%, and 16%, respectively, with projected net profits of 1.162 billion yuan in 2025, 1.376 billion yuan in 2026, and 1.599 billion yuan in 2027 [5][6] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 64 in 2024 to 41 in 2027, indicating an improving valuation over time [6][12]

Financial Performance - In 2024, the company achieved a revenue of 43.216 billion yuan, representing a year-on-year growth of 7.23% [1] - The net profit attributable to shareholders was 1.023 billion yuan, with a year-on-year increase of 18.87% [1] - The company's revenue for Q4 2024 was 14.395 billion yuan, showing a year-on-year and quarter-on-quarter growth of 21.09% and 69.52% respectively [1] Operational Highlights - The company successfully completed military aircraft tasks and delivered civil aircraft products as planned, contributing to stable annual performance [1] - In 2024, the company delivered 44 units of C909 and C919 components, and 2 units of Xinzhou components [1] - The company completed the production and delivery of 1,267 units for international cooperation projects, including 677 units for Airbus and 559 units for Boeing [1] Profitability Metrics - The gross profit margin for 2024 was 5.85%, a decrease of 1.02 percentage points, while the net profit margin increased by 0.23 percentage points to 2.37% [2] - The company maintained stable expense ratios, with a selling expense ratio of 0.13% and a management expense ratio of 2.99% [2] - Inventory at the end of the period was 22.692 billion yuan, down 3.16% from the beginning of the year, and contract liabilities decreased by 58.49% to 7.805 billion yuan [2] Military and Civil Aviation Achievements - The company has consistently delivered military aircraft at a high level for four consecutive years, enhancing its brand image domestically and internationally [2] - The company has established long-term partnerships with major aviation companies such as Airbus and Boeing, receiving several industry awards for excellence [3] - Key milestones achieved include the launch of the first aircraft from the third production line for the Airbus A320 series and the delivery of 1,000 units for the Boeing 737 MAX [3] Future Outlook - The company is expected to maintain its advantageous position in the aerospace manufacturing sector, with projected net profits of 1.216 billion, 1.451 billion, and 1.692 billion yuan for 2025 to 2027 [3] - Corresponding EPS for these years are forecasted to be 0.44, 0.52, and 0.61 yuan, with PE ratios of 55.54, 46.53, and 39.90 respectively [3]

Core Viewpoint - The performance of AVIC Xi'an Aircraft Industry Group (中航西飞) is expected to grow, driven by its role as the largest structural component supplier for the C919 aircraft, with a reported revenue increase and continuous profit growth over the past two years [1][2][8]. Financial Performance - In 2024, the company achieved a revenue of 43.216 billion yuan, an increase of 2.915 billion yuan compared to the previous year, representing a year-on-year growth of 7.23% [1]. - The net profit attributable to shareholders was 1.023 billion yuan, up by 162 million yuan from the previous year, marking an 18.87% year-on-year increase [2]. Business Operations - The company has been expanding its order reserves for components of the C909 and C919 aircraft, and is participating in new bids for projects such as the Airbus Atlantic [2]. - In 2024, the aviation manufacturing sector accounted for 98.79% of total revenue, amounting to 42.695 billion yuan, while other businesses contributed 1.21%, or 52.1 million yuan [5]. - The company delivered a total of 1,267 aircraft components in 2024, including 677 for Airbus and 559 for Boeing [5]. Future Outlook - The company has set a revenue target of 44.988 billion yuan for the next fiscal year [3]. - The C919 project is entering a phase of increased delivery, with plans to ramp up production capacity from 50 to 75 aircraft annually by 2025, and a long-term goal of 200 aircraft per year by 2029 [6][7]. - The company is also focusing on the C929 aircraft project, which is currently in the detailed design phase, and is actively seeking to increase its share of tasks related to this project [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 43.216 billion yuan in 2024, representing a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.023 billion yuan, up 18.87% year-on-year [1][8] - The growth in performance is primarily driven by the sustained demand for military aviation equipment and the gradual recovery of the civil aviation market [8] - The company is actively participating in new work package competitions, such as the Airbus Atlantic project, and has seen improvements in cash flow, with net cash flow from operating activities increasing by 98.95% year-on-year [8] Financial Performance Summary - Total revenue for 2023 was 40.301 billion yuan, with a projected increase to 43.216 billion yuan in 2024, and further growth expected in subsequent years [1][9] - The net profit attributable to shareholders is forecasted to grow from 860.97 million yuan in 2023 to 1.023 billion yuan in 2024, with continued growth anticipated through 2027 [1][9] - The earnings per share (EPS) is expected to rise from 0.31 yuan in 2023 to 0.37 yuan in 2024, with a long-term outlook of 0.58 yuan by 2027 [1][9] Business Development and Strategy - The company is focusing on enhancing its digital aviation capabilities and has made breakthroughs in key technologies such as unmanned aerial vehicles and low-cost manufacturing [8] - It has strengthened its position as a core supplier for military large and medium-sized aircraft, benefiting from the acceleration of national defense modernization [8] - The company has optimized its cost structure and improved production efficiency, which has further enhanced its profitability [8] Market Position and Outlook - The company maintains a leading position in the large aircraft industry, with a projected price-to-earnings (P/E) ratio of 59 for 2025, decreasing to 42 by 2027 [1][9] - The report indicates that despite the business being in a volatile period, the company's strong market position justifies the "Buy" rating [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 43.216 billion yuan in 2024, representing a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.023 billion yuan, up 18.87% year-on-year [1][8] - The growth in performance is primarily driven by the sustained demand for military aviation equipment and the gradual recovery of the civil aviation market [8] - The company is a core supplier of large and medium-sized military aircraft in China, benefiting from accelerated national defense modernization and steady increases in the delivery of transport and bomber aircraft [8] - In the civil aviation sector, the company is involved in the mass production phase of domestic large aircraft projects, which has boosted revenue from aviation components [8] - The company has improved its cash flow from operating activities, with a net cash flow increase of 98.95% year-on-year, indicating enhanced capital recovery capabilities [8] Financial Forecasts - The company forecasts total revenue of 44.827 billion yuan for 2025, with a net profit of 1.139 billion yuan, and further projections for 2026 and 2027 show continued growth [1][9] - The earnings per share (EPS) are projected to be 0.41 yuan for 2025, 0.48 yuan for 2026, and 0.58 yuan for 2027 [1][9] - The price-to-earnings (P/E) ratio is expected to decrease from 65.97 in 2024 to 42.09 in 2027, reflecting the company's anticipated growth [1][9] Strategic Developments - The company is actively participating in new work package competitions, such as the Airbus Atlantic project, to capitalize on the rapid development of the domestic civil aviation industry [8] - Significant advancements have been made in the construction of a digital aviation capability system, with breakthroughs in key technologies such as drone intelligence and low-cost manufacturing [8] - The company has undertaken two important equity transfers to optimize its shareholding structure and enhance management efficiency [8]

中航西飞（000768.SZ）2024 年年报点评 经营效率持续提升；国产大飞机加速 2025 年 04 月 01 日 ➢ 事件：3 月 31 日，公司发布 2024 年报，全年实现营收 432.2 亿元，YOY +7.2%；归母净利润10.2亿元，YOY+18.9%；扣非净利润9.2亿元，YOY+13.8%。 业绩表现符合市场预期。公司军用整机生产连续 4 年实现高水平均衡交付，民机 及国际合作项目实现较快增长，整体发展趋势较好。我们点评如下： ➢ 4Q24 归母净利润同比增长 39%；经营效率持续提升。1）单季度：公司 4Q24 实现营收 144 亿元，YOY+21.1%；归母净利润 0.8 亿元，YOY+39.1%； 扣非净利润 0.35 亿元，YOY-26.9%。2）利润率：24 年公司毛利率同比下降 1.0ppt 至 5.9%；净利率同比提升 0.2ppt 至 2.4%；4Q24 毛利率同比下滑 3.4ppt 至 2.8%，净利率同比提升 0.1ppt 至 0.6%。3）经营效率：24 年公司实现全员 劳动生产率 44.47 万元/人，较 23 年同期水平（43.64 万元/人）稳步提升，同 时公司 ...

Core Viewpoint - The company, AVIC Xi'an Aircraft Industry Group, reported a revenue of 43.216 billion yuan for 2024, marking a year-on-year increase of 7.23%, and a net profit of 1.023 billion yuan, up 18.87% from the previous year [1][2]. Financial Performance - The company achieved a net profit attributable to shareholders of 1.023 billion yuan, reflecting an 18.87% increase year-on-year [1]. - The basic earnings per share were reported at 0.37 yuan [1]. - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares, totaling 334 million yuan [2]. Business Operations - The company is a key manufacturer of military and civil aviation products, focusing on large and medium-sized transport aircraft, bombers, and special-purpose aircraft [2]. - In 2024, the company maintained a high level of delivery for military aircraft, contributing to national defense modernization [3]. - The company delivered components for 44 units of C909 and C919 aircraft, and 2 units of Xinzhou aircraft in 2024 [4]. Research and Development - The company invested 266 million yuan in R&D, a 9.25% increase from the previous year [5]. - It aims to enhance its technological innovation capabilities and has made breakthroughs in several key technologies [5]. Future Plans - The company has set a target revenue of 44.988 billion yuan for 2025, with a labor productivity goal of 448,000 yuan per person [6]. - Future strategies include strengthening core business areas, enhancing technological innovation, and expanding production cooperation in outsourcing [6].

证券研究报告 | 公司点评报告 2025 年 04 月 01 日 中航西飞（000768.SZ） 24 年业绩实现稳定增长，军民交付任务按期完成 中游制造/军工 2024 年，公司实现营业收入 432.16 亿元（同比+7.23%），实现归母净利润 10.23 亿元（同比+18.87%）；实现扣非净利润 9.21 亿元（同比+13.78%）。 强烈推荐（维持） 目标估值：NA 当前股价：23.65 元 1、《中航西飞（000768）—积极布局 低空经济，HH 系列签署 50 套意向订 单》2024-11-25 2、《中航西飞（000768）—24Q3 利 润端同比高增，毛利率同环比提升显 著》2024-10-31 3、《中航西飞（000768）—上半年营 收稳步增长，净利率同比有所提升》 2024-08-27 王超 S1090514080007 wangchao18@cmschina.com.cn 战泳壮 研究助理 zhanyongzhuang@cmschina.com. cn ❑ 24 年业绩实现稳定增长，军民交付任务按期完成。2024 年，公司实现营业收 入 432.16 亿元（同比+7.23%），实现归 ...

| 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 | 上市公司 | 编制单位：中航西安飞机工业集团股份有限公 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 司 | 单位：人民币万元 | 2024 年度占用 | 2024 年度 | 2024 年 | 占用方与上市 | | | | | | | 期 | 非经营性资金 | 上市公司 | 期初占 | 占用资 | | | | | | | | 金 | 占用形成 | 资金占用方名称 | 公司的关联关 | 累计发生金额 | 偿还累计 | | | | | | | 发 | 末占用资金 | 占用性质 | 占用 | 核算的会计科目 | 用资金 | 的利 | | | | | | 息 | 原因 | 系 | （不含利息） | 生金额 | 余额 | | | | | | | 余额 | （如有） | 控股股东、实 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | | | 无 | 无 | 无 | 际控制人及其 | | | | | | | | | 无 ...