AVICOPTER(600038) 民生证券·2024-07-07 09:30Investment Rating - The report maintains a "Recommend" rating for the company, citing its leading position in the helicopter industry and the favorable policy environment for low-altitude economy [2][3] Core Views - The company is expected to achieve a significant increase in net profit for 1H24, with a year-on-year growth of 114 4% to 138 2% for net profit attributable to the parent company, and 124 1% to 154 7% for non-GAAP net profit [1] - The company's 2Q24 net profit is projected to grow by 25% to 52% year-on-year, reflecting strong operational performance [1] - The company has set ambitious revenue and net profit targets for 2024, with expected revenue growth of 32 1% and net profit growth of 61 7% [1] - The company is actively advancing the development of H-eVTOL (high-speed electric vertical take-off and landing) aircraft, positioning itself to capitalize on the strategic opportunities in the low-altitude economy sector [1] Financial Forecasts - The company's revenue is expected to grow from 23 33 billion yuan in 2023 to 41 387 billion yuan in 2026, with a compound annual growth rate (CAGR) of 15 95% [6] - Net profit attributable to the parent company is forecasted to increase from 734 million yuan in 2024 to 1 126 billion yuan in 2026, with a CAGR of 25 20% [6] - The company's EPS is projected to rise from 1 00 yuan in 2024 to 1 54 yuan in 2026, reflecting strong earnings growth [6] - The company's PE ratio is expected to decline from 39x in 2024 to 26x in 2026, indicating potential valuation upside [6] Business Development - The company has successfully completed the acquisition of assets, integrating Harbin Aircraft Industry Group and Changhe Aircraft Industries Group as wholly-owned subsidiaries, which enhances its asset scale, profitability, and core competitiveness [2] - The company is actively expanding its presence in the general aviation helicopter market and has made significant progress in the development of H-eVTOL, which is expected to play a crucial role in the low-altitude economy [1] - The company has been involved in the construction of helicopter landing points and the development of an aviation emergency rescue system in Jiangxi Province, contributing to the reform of low-altitude airspace management [1] Industry Outlook - The company is well-positioned to benefit from the growth of China's aviation equipment and low-altitude economy industries, with significant strategic development opportunities ahead [2] - The company's leading position in the helicopter industry, combined with its ongoing advancements in H-eVTOL technology, positions it as a key player in the emerging low-altitude economy sector [1]