AVIC SAC(600760) 长江商报·2025-04-02 00:30Core Viewpoint - AVIC Shenyang Aircraft Corporation (中航沈飞) shows steady improvement in operational efficiency despite a decline in revenue, with significant growth in net profit and net profit excluding non-recurring items in 2024 [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 42.837 billion yuan, a decrease of 7.37% year-on-year; net profit was 3.394 billion yuan, an increase of 12.86%; and net profit excluding non-recurring items was 3.373 billion yuan, up 15.88% [1][2]. - In Q4 2024, the company reported revenue of 17.540 billion yuan, a year-on-year increase of 50.99%; net profit reached 1.576 billion yuan, up 145.19%; and net profit excluding non-recurring items was 1.587 billion yuan, an increase of 159.39%, marking the highest figures for the same period in history [2]. Profitability and Cost Management - The company has maintained a continuous increase in net profit and net profit excluding non-recurring items for eight consecutive years from 2017 to 2024, with net profit growing 3.8 times and net profit excluding non-recurring items growing 8.14 times during this period [4]. - The gross profit margin has steadily increased from 9.95% in 2022 to 12.47% in 2024, while the operating costs decreased to 37.5 billion yuan, down 8.95% year-on-year, and selling expenses dropped significantly by 54.94% [1][4][6]. R&D and Technological Advancements - The company is recognized as a major research and development base for aviation defense equipment in China, with a strong competitive edge in the industry [6]. - From 2021 to 2024, the company invested a total of 3.13 billion yuan in R&D, with 3,732 R&D personnel, accounting for 22.90% of the total workforce [6]. Dividend Distribution - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares, totaling 716 million yuan, which represents 32.48% of the annual net profit [5]. Future Financing and Projects - In March 2025, the company received approval for a capital increase of up to 4.2 billion yuan, aimed at funding various projects including the construction of a composite materials production line and enhancing aircraft maintenance capabilities [7].