Avic Hi-Tech(600862) 国盛证券·2024-10-20 10:10Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4]. Core Views - The company reported a net profit attributable to shareholders of 912 million yuan for the first three quarters of 2024, representing an 8% year-on-year increase. Revenue for the same period was 3.821 billion yuan, up 5.48% year-on-year [1]. - The company is positioned as a core player in the domestic aerospace fiber prepreg market, with expectations for long-term stable growth driven by increasing demand in military aircraft and new opportunities in civil aviation, commercial aerospace, and low-altitude economy sectors [2]. Financial Summary - Income Statement: For Q3 2024, the company achieved revenue of 1.274 billion yuan, a 5.29% increase year-on-year, and a net profit of 308 million yuan, up 5.25% year-on-year. The gross margin for the first three quarters was 38.52%, an increase of 1.08 percentage points year-on-year [1]. - Balance Sheet: As of Q3 2024, the company's prepayments increased by 99% compared to the beginning of the year, indicating a proactive approach to meet rising downstream demand [1]. - Future Projections: The company expects net profits of 1.14 billion yuan, 1.28 billion yuan, and 1.38 billion yuan for 2024, 2025, and 2026, respectively, with corresponding valuations of 28X, 25X, and 23X [2]. Investment Strategy - The establishment of a new subsidiary focused on eVTOL and drone composite materials is anticipated to contribute to the low-altitude economy, enhancing the company's growth prospects [2].