Avic Hi-Tech(SH:600862) Soochow Securities·2024-08-23 14:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.547 billion yuan in the first half of 2024, representing a year-on-year growth of 5.58%. The net profit attributable to shareholders reached 604 million yuan, up 9.47% year-on-year [2][3] - The growth in revenue is primarily driven by the aerospace new materials business, which generated 2.518 billion yuan, a 6.12% increase from the previous year, due to increased deliveries of prepreg and carbon brake products [2][3] - The company is actively engaging in low-altitude economy research and development, aligning with national policies that emphasize the development of strategic emerging industries, including low-altitude economy [3] - The company has strengthened its technological innovation capabilities, with 26 new patents filed and one patent granted in the first half of 2024, totaling approximately 320 valid patents [3] - The company’s long-term development is viewed positively due to its core position in the carbon fiber industry and the high prosperity of the military industry during the 14th Five-Year Plan period, although profit forecasts have been slightly adjusted downwards [3] Financial Summary - The total revenue forecast for the company is projected to grow from 4.780 billion yuan in 2023 to 7.272 billion yuan in 2026, with corresponding net profits expected to rise from 1.031 billion yuan to 1.630 billion yuan during the same period [2][3] - The earnings per share (EPS) is expected to increase from 0.74 yuan in 2023 to 1.17 yuan in 2026, with a price-to-earnings (P/E) ratio decreasing from 25.01 to 15.83 over the same timeframe [2][3] - The company’s operating cash flow is expected to significantly improve, with a forecast of 2.443 billion yuan in 2024, compared to 425 million yuan in 2023 [9]