中航沈飞：利润稳定增长，全面强化提质增效

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 21.625 billion yuan in the first half of 2024, a year-on-year decline of 6.59%, while the net profit attributable to shareholders was 1.618 billion yuan, reflecting a year-on-year increase of 8.39% [2] - The company is focusing on key tasks and accelerating the construction of a first-class enterprise, despite facing challenges in contract signing that impacted revenue [3] - The company expects net profits for 2024-2026 to be 3.703 billion yuan, 4.505 billion yuan, and 5.420 billion yuan respectively, with year-on-year growth rates of 23.1%, 21.7%, and 20.3% [4] Financial Summary - For 2023A, the company reported an operating income of 46.248 billion yuan, with a projected increase to 53.155 billion yuan in 2024E, representing a year-on-year growth of 11.2% [5] - The net profit attributable to shareholders for 2023A was 3.009 billion yuan, expected to rise to 3.710 billion yuan in 2024E, indicating a growth of 30.5% [5] - The gross margin is projected to improve from 10.9% in 2023A to 12.2% by 2026E [5]