AECC AP(SH:600893) GOLDEN SUN SECURITIES·2024-09-01 12:47Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - In H1 2024, the company achieved revenue of 18.548 billion yuan, a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 17.99% to 0.595 billion yuan [2] - The company expects to achieve a revenue of 49.762 billion yuan in 2024, representing a year-on-year growth of 13.68%, and a net profit of 1.512 billion yuan, up 7.08% [3][6] Revenue Summary - H1 2024 revenue breakdown: - Aerospace engines and related products: 17.16 billion yuan, up 4.02% YoY - Foreign trade outsourcing: 1.004 billion yuan, up 11.02% YoY - Non-aerospace products and other businesses: 0.1 billion yuan, down 11.87% YoY [2] - Subsidiary performance: - Li Ming Company: Revenue of 11.755 billion yuan, up 4.98% YoY - Southern Company: Revenue of 2.114 billion yuan, down 16.8% YoY - Li Yang Power: Revenue of 1.38 billion yuan, up 3.01% YoY - Headquarters: Revenue of 7.231 billion yuan, up 17.15% YoY [2] Profitability Summary - H1 2024 gross profit margin was 11.27%, down 0.63 percentage points YoY, and net profit margin was 3.56%, down 0.81 percentage points YoY [2] - The decline in net profit was primarily due to a decrease in investment income by 0.242 billion yuan [2] Expense Summary - H1 2024 total expenses were 1.32 billion yuan, up 1.67% YoY, with sales expenses increasing by 15.63% due to increased after-sales service tasks [3] - R&D expenses decreased by 24.95% to 0.187 billion yuan, mainly due to reduced project expenditures [3] Balance Sheet Summary - H1 2024 inventory increased by 22.12% to 36.225 billion yuan, indicating growth in orders [3] - Accounts payable rose by 54.82% to 27.834 billion yuan, reflecting increased production tasks and procurement [3] Future Outlook - The company aims to complete 37.27% of its annual revenue target in H1 2024, with expectations for H2 2024 revenue to reach 31.214 billion yuan, a 20.06% YoY increase [3]