Avic Hi-Tech(600862)2024-10-22 05:30Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook on its stock performance relative to the benchmark index [2] Core Views - The company achieved revenue of 3.821 billion yuan in the first three quarters of 2024, a year-on-year increase of 5.5%, and net profit attributable to the parent company of 912 million yuan, up 8.0% year-on-year [1] - Q3 2024 revenue reached 1.274 billion yuan (YoY +5.3%, QoQ +3.6%), with net profit attributable to the parent company of 308 million yuan (YoY +5.3%, QoQ +22.1%) [1] - The company has completed 76.4% of its 2024 revenue target (5 billion yuan) and 83.4% of its profit target (1.282 billion yuan) [1] - The company's gross margin improved to 38.5% in the first three quarters, with Q3 gross margin reaching 41.1%, a significant increase of 4.12 percentage points year-on-year [1] Business Performance - The aerospace new materials business achieved revenue of 1.254 billion yuan in Q3 2024 (YoY +6.3%) and net profit of 321 million yuan (YoY +11.5%) [1] - The aerospace advanced manufacturing industrialization business is undergoing adjustment and transformation, with Q3 revenue of 29 million yuan (YoY +60.5%) and a net loss of 2 million yuan, showing a year-on-year reduction in losses [1] Financial Health - Accounts receivable increased to 4.511 billion yuan, up 105.3% from the beginning of the period, while accounts payable increased to 2.219 billion yuan, up 1.161 billion yuan from the beginning of the period [1] - The company's period expense ratio decreased to 9.3%, down 1.0 percentage point year-on-year, with management and R&D expense ratios decreasing by 0.4 and 0.5 percentage points respectively [1] Strategic Developments - The company invested 340 million yuan to acquire a 20% stake in Changsheng Technology, a carbon fiber enterprise, to strengthen its position in the aerospace industry chain [1] - The company plans to establish a joint venture with a 60% stake, investing 102 million yuan to develop low-altitude economy general aviation equipment, focusing on pre-impregnated materials and structural components [1] Financial Projections - The company is expected to achieve net profit attributable to the parent company of 1.13 billion yuan in 2024, 1.334 billion yuan in 2025, and 1.608 billion yuan in 2026 [1] - EPS is projected to be 0.81 yuan in 2024, 0.96 yuan in 2025, and 1.15 yuan in 2026, with corresponding P/E ratios of 29x, 25x, and 21x [1] Industry Position - The company is the only professional unit in China's aerospace industry dedicated to composite material R&D and engineering, with a clear core competitive advantage [1] - The company is actively developing new quality productivity and deeply participating in the development of general aviation composite materials, with a gradually clear second growth curve [1]