中航高科：2024年半年报点评：1H24业绩稳中向好；推进航空预浸料产能建设

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Viewpoints - The company reported a revenue of 2.547 billion yuan for 1H24, representing a year-over-year increase of 5.6%, and a net profit of 604 million yuan, up 9.5% year-over-year, indicating stable operational performance [2]. - The company is advancing its production capacity for aviation prepreg materials, with a significant increase in domestic and international orders for its subsidiary, Youcai Bermuda [2]. - The company is positioned as a leading player in China's aviation carbon fiber prepreg market, benefiting from the accelerated commercialization of domestic civil aircraft represented by the C919 and the development of new production capabilities in the "low-altitude economy" [2]. Financial Performance Summary - For 1H24, the company achieved a gross margin of 37.3%, with a net profit margin of 24.0%, reflecting a year-over-year increase of 1.2 percentage points [2]. - The company’s revenue from aviation new materials reached 2.518 billion yuan, a 6.12% increase year-over-year, primarily due to growth in prepreg and carbon brake deliveries [2]. - The company’s operating expenses decreased, with a total expense ratio of 8.6%, down 1.5 percentage points year-over-year [2]. Future Earnings Forecast - The projected net profits for the company are 1.185 billion yuan in 2024, 1.436 billion yuan in 2025, and 1.736 billion yuan in 2026, with corresponding price-to-earnings ratios of 22x, 18x, and 15x respectively [3][7].