AVIC SAC(SH:600760) Changjiang Securities·2024-09-04 01:39Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue in H1 2024 decreased by 6.59% year-on-year due to the impact of contract signing progress, but the demand for downstream models is confirmed, leading to accelerated deliveries. The overall revenue target for the year is expected to be steadily achieved [5][6]. - The gross profit margin reached a record high in Q2 2024, while the net profit margin's year-on-year increase was smaller than the gross profit margin due to high R&D expenses and credit impairment losses, but it still remains at a high level [6]. - The company is expanding its production capacity in response to the "production based on sales" model in military products, with a new factory in Shenyang North New District to optimize structural layout and expand development space [6]. - The company expects to achieve net profits attributable to shareholders of 38.64 billion, 49.06 billion, and 60.40 billion yuan for 2024-2026, with year-on-year growth rates of 28.5%, 27.0%, and 23.1% respectively [6]. Financial Summary - In H1 2024, the company achieved revenue of 21.625 billion yuan and a net profit of 1.618 billion yuan, with a year-on-year increase of 8.39% in net profit [5]. - The company's fixed asset balance at the end of H1 2024 increased by 11.71% to 5.066 billion yuan compared to the beginning of the period [6]. - The projected revenue for 2024 is 51.059 billion yuan, with a gross profit of 6.612 billion yuan, leading to a gross profit margin of 13% [12].