AVIC XAC(000768) 新浪财经·2025-04-03 00:37Core Viewpoint - The company reported a revenue of 43.216 billion with a year-on-year growth of 7.23% and a net profit attributable to shareholders of 1.023 billion, reflecting an 18.87% increase year-on-year [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 14.395 billion, marking a year-on-year increase of 21.09% and a quarter-on-quarter increase of 69.52% [1] - The net profit attributable to shareholders in Q4 2024 was 0.08 billion, showing a year-on-year growth of 39.14% but a quarter-on-quarter decrease of 72.2% [1] - The company’s gross margin decreased from 6.21% in Q4 2023 to 2.83% in Q4 2024, while the operating expense ratio also declined [2] Group 2: Operational Highlights - The company maintained high delivery levels in both military and civilian aircraft, completing military aircraft tasks on schedule and delivering components for C909 and C919 aircraft [2] - The Y-20 aircraft has been showcased internationally, enhancing the company's brand image and laying a solid foundation for expanding overseas markets [2] Group 3: Inventory and Receivables Management - As of Q4 2024, the company’s inventory balance was 22.692 billion, down 3.16% from the beginning of the year, indicating improved inventory management [3] - The balance of accounts receivable and notes receivable was 12.6 billion, showing a significant quarter-on-quarter decrease of 45.81% [3] - The company’s contract liabilities decreased by 14.95% in Q4 2024, reflecting effective management of contract liabilities [3] Group 4: Profitability Forecast - The company is expected to achieve net profits attributable to shareholders of 1.152 billion, 1.398 billion, and 1.694 billion from 2025 to 2027, with respective year-on-year growth rates of 12.52%, 21.42%, and 21.14% [4] - The projected price-to-earnings ratios for 2025 are 58.63, 48.28, and 39.86, maintaining a buy rating [4]