AVIC XAC(000768) 新浪财经·2025-04-02 12:34Financial 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]