AVICHM(600765) 东吴证券·2024-09-02 19:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance remains stable, with a slight decline in revenue and net profit in the first half of 2024, attributed to cyclical price fluctuations of certain products. However, the company has maintained steady order volumes and product deliveries, with strong growth in civil aviation and civilian product sectors [3][4] - The company is actively engaged in new product development, having launched over 2,300 new products in the first half of 2024. It is also increasing its market presence and enhancing product quality while reducing delivery times [3] - The company holds a leading technological position in the aviation infrastructure sector, supported by strong technical innovation capabilities and partnerships with renowned domestic universities and research institutes [3] Financial Performance and Forecast - The company's total revenue for 2024 is projected to be 121.39 billion yuan, with a year-on-year growth of 14.76%. The net profit attributable to shareholders is expected to reach 15.39 billion yuan, reflecting a growth of 15.86% [2][4] - The earnings per share (EPS) for 2024 is estimated at 1.04 yuan, with a price-to-earnings (P/E) ratio of 16.58 [2][4] - The company’s total assets are expected to grow to 26.94 billion yuan by 2024, with a debt-to-asset ratio of 48.35% [8][9] Market Data - The closing price of the company's stock is 17.23 yuan, with a market capitalization of approximately 25.53 billion yuan [5] - The company has a price-to-book (P/B) ratio of 2.13, indicating its valuation relative to its book value [5] Research and Development - The company is focusing on enhancing its production capabilities and market competitiveness through significant investments in R&D and capacity expansion projects [3][4]