AECC AST(600391) 光大证券·2024-09-02 14:08Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 14.72 yuan [4]. Core Views - The company reported a significant improvement in Q2, with a quarter-on-quarter revenue increase of 42.11% and a return to profitability [1]. - The foreign trade subcontracting business has shown substantial growth, contributing to stable revenue growth [1]. - The company is expected to benefit from the recovery in domestic and international demand for aviation products [1][2]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.964 billion yuan, a year-on-year increase of 6.16%, and a net profit attributable to shareholders of 15 million yuan, up 23.78% year-on-year [1]. - The gross profit margin and net profit margin for H1 2024 were 15.29% and 2.69%, respectively, reflecting improvements of 1.38 percentage points and 0.15 percentage points year-on-year [1]. - The company’s revenue from domestic aviation and related products was 1.379 billion yuan, down 3.42% year-on-year, while foreign trade subcontracting revenue was 75.1815 million USD, up 36.16% year-on-year [1]. Subsidiary Performance - The subsidiary China Aviation Engine Harbin Axle reported revenue and net profit of 482 million yuan and 66 million yuan, respectively, with year-on-year growth of 16.56% and 3.73% [1]. - The subsidiary Fast reported revenue and net profit of 104 million yuan and 17 million yuan, respectively, with year-on-year growth of 12.17% and 62.44% [1]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted to 52 million yuan for 2024, 72 million yuan for 2025, and a new estimate of 86 million yuan for 2026 [2]. - The corresponding EPS for 2024, 2025, and 2026 are projected to be 0.16 yuan, 0.22 yuan, and 0.26 yuan, respectively, with current P/E ratios of 93x, 67x, and 56x [2].