AVICOPTER(600038) 浙商证券·2024-07-08 05:22Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company expects a significant increase in net profit for the first half of 2024, projecting a range of 270-300 million yuan, which represents a year-on-year increase of 114%-138% based on statutory data [1] - The growth in performance is attributed to the completion of asset acquisitions and an increase in asset scale and sales revenue, despite a decline in restated financial data due to delivery schedules of complete aircraft [1][3] - The development of low-altitude economy helicopters and eVTOLs is seen as complementary, with significant progress in the certification of civil helicopters [1][2] Financial Summary - For 2024, the company forecasts a net profit of 723 million yuan, with a year-on-year growth of 63% [4] - Revenue is expected to reach 30,951 million yuan in 2024, reflecting a 33% increase from the previous year [4] - The projected earnings per share (EPS) for 2024 is 0.99 yuan, with a price-to-earnings (P/E) ratio of 40 [4] Market Potential - The military helicopter sector in China has significant room for growth, with only 913 helicopters compared to 5,584 in the US [2] - The domestic civil helicopter fleet is currently at 1,037 units, with less than 5% being domestically produced, indicating a strong potential for local manufacturing and foreign trade [2] - The company is expected to benefit from the anticipated demand for over 500 civil helicopters in China from 2023 to 2027 due to the opening of low-altitude airspace [2]