AVICOPTER(SH:600038) Orient Securities·2024-09-04 00:12Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 42.24 CNY [2][4]. Core Views - The company reported a revenue of 8.174 billion CNY for H1 2024, a decrease of 31.69% year-on-year, and a net profit of 298 million CNY, down 9.18% year-on-year. Q2 2024 alone saw a revenue of 4.801 billion CNY, down 44.71%, and a net profit of 167 million CNY, down 51.22% [1]. - The decline in delivery volume has led to short-term revenue pressure, but profitability has improved year-on-year, with a net profit margin of 3.58%, up 0.93 percentage points, and a gross margin of 13.10%, up 3.12 percentage points [1]. - The company expects to achieve a revenue of 30.813 billion CNY in 2024, an increase of 32.07%, and a net profit of 716 million CNY, up 61.74%, with anticipated recovery in performance in the second half of the year [1]. - The company successfully completed an asset restructuring, which is expected to enhance profits and improve core competitiveness. The restructuring involved the acquisition of Changfei Group and Hafei Group as wholly-owned subsidiaries, broadening the company's main business and expanding its scale [1]. Financial Summary - For H1 2024, the company reported a significant increase in contract assets by 491% compared to the beginning of the year, and inventory increased by 18.48%, with inventory at 20.561 billion CNY at the end of H1 2024 [1]. - The financial forecast for 2024-2026 includes adjusted net profits of 722 million CNY for 2024, 879 million CNY for 2025, and 1.082 billion CNY for 2026, with corresponding revenue growth rates of 30.7%, 19.9%, and 19.9% respectively [2][3].