洪都航空：产品矩阵完善，新洪都展翅高飞

Investment Rating - The investment rating for the company is "Buy" with a target price expected to outperform the market by at least 15% [1]. Core Insights - The company is positioned as the only aircraft and missile assembly platform in China, transitioning from a single focus on trainer aircraft to a diversified portfolio that includes drones and missiles. This diversification is expected to lead to a significant rebound in performance and entry into a high growth phase [5][51]. - The L15 advanced trainer aircraft is anticipated to see increased domestic and international demand, with expectations of substantial revenue growth in the coming years [5][25]. Summary by Sections 1. Unique Aircraft and Missile Assembly Platform - The company has a comprehensive capability in aircraft and missile research and production, having developed over 20 aircraft models and delivered more than 5,000 units since its establishment [11]. - The L15 aircraft, a new generation supersonic advanced trainer, has been successfully integrated into the air and naval forces of China, enhancing the training capabilities for pilots [32][36]. 2. Upcoming Demand for Trainer Aircraft - The trainer aircraft segment is critical, with a significant gap in the current fleet that needs to be addressed. The demand for trainer aircraft is expected to grow as the military seeks to enhance its training capabilities [25][28]. - The L15 aircraft is designed to meet both training and combat requirements, making it a versatile asset for the military [32]. 3. Expansion into Missile and Drone Product Lines - The company has established itself as a leader in missile production, with a strong focus on integrating missile capabilities with aircraft, enhancing overall competitiveness [3][39]. - The group is also a key player in the drone research and production sector, with expectations of increased demand for unmanned systems in modern warfare [43]. 4. Strategic Position in C919 Aircraft Supply - The company holds a 25.5% stake in Jiangxi Hongdu Commercial Aircraft Co., which is the sole supplier of two major structural components for the C919 aircraft, with potential revenue exceeding 50 billion yuan from this project [4][48]. 5. Financial Projections - Revenue is projected to reach 5.899 billion yuan in 2024, with a year-on-year growth rate of at least 58.3%. Net profit is expected to increase significantly, reflecting a recovery from previous declines [7][57]. - The company anticipates a gradual improvement in gross margins as production scales up, particularly in the trainer aircraft segment [51].