AECC AP(600893) 山西证券·2024-09-05 06:30Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has experienced steady revenue growth, benefiting from the rapid development of the aviation and propulsion industry [3] - The company's revenue for the first half of 2024 was CNY 18.548 billion, a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 17.99% to CNY 0.595 billion [2][3] - The company is positioned as a leader in the domestic aviation engine market, actively participating in the development of domestic commercial engines, which is expected to benefit from strong demand in the aviation propulsion industry [3] Financial Performance Summary - Revenue projections for 2024-2026 are CNY 48.306 billion, CNY 55.171 billion, and CNY 62.925 billion, respectively, with year-on-year growth rates of 10.5%, 14.2%, and 14.1% [4] - The projected earnings per share (EPS) for 2024-2026 are CNY 0.56, CNY 0.67, and CNY 0.81, respectively [4] - The company reported a gross profit margin of 11.1% for 2024, with a net profit margin of 3.1% [5] Market Position and Industry Outlook - The domestic aviation engine industry is accelerating, with significant growth expected in both military and civilian sectors [3] - The company is the only domestic enterprise mastering the full spectrum of aviation engine manufacturing technology, which positions it favorably in the market [3] - According to forecasts, by 2041, China's aviation market is expected to become the largest single aviation market globally, further enhancing the company's growth prospects [3]