AVIC SAC(SH:600760)2024-09-01 02:30Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 21.625 billion yuan for the first half of 2024, a year-on-year decrease of 6.59%, while net profit increased by 8.39% to 1.618 billion yuan, indicating strong cost control capabilities despite declining revenue [1][2]. - The company's gross margin improved to 12.5%, up 2.1 percentage points year-on-year, reflecting its excellent cost management across the entire industry chain [1]. - The company plans to achieve a revenue target of 51.026 billion yuan and a net profit of 3.762 billion yuan for 2024, with current completion rates at 42.4% and 42.9% respectively [2][3]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 21.625 billion yuan, with a net profit of 1.618 billion yuan and a non-recurring net profit of 1.588 billion yuan, showing a year-on-year increase of 10.51% [1]. - The second quarter of 2024 saw a revenue of 12.132 billion yuan, a year-on-year decrease of 13.19% but a quarter-on-quarter increase of 27.79%, with a net profit of 900 million yuan, reflecting a year-on-year increase of 5.98% [2]. - The company expects to complete its annual revenue and profit targets successfully, with a potential for exceeding the net profit goal if the high gross margin from Q2 is maintained [2][3]. Financial Forecasts - The company is projected to achieve net profits of 3.752 billion yuan, 4.619 billion yuan, and 5.544 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.36 yuan, 1.68 yuan, and 2.01 yuan [3][7]. - The forecasted PE ratios for the next three years are 29.79, 24.20, and 20.16 respectively, indicating a favorable valuation trend [7][9].