中航高科点评报告：Q3环比增收更增利，强链补链布局低空产业

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company reported a revenue of 3.821 billion yuan for the first three quarters of 2024, an increase of 5.5% year-on-year, and a net profit attributable to shareholders of 912 million yuan, up 8.0% year-on-year [1] - The Q3 performance met expectations, with revenue of 1.274 billion yuan (YoY +5.3%, QoQ +3.6%) and a net profit of 308 million yuan (YoY +5.3%, QoQ +22.1%), indicating strong operational performance due to rising gross margins [1] - The company aims for a revenue target of 5 billion yuan and a total profit of 1.282 billion yuan for 2024, having completed 76.4% and 83.4% of these targets respectively [1] Financial Performance Summary - The company's gross margin for the first three quarters was 38.5%, up 1.1 percentage points year-on-year, with Q3 gross margin at 41.1%, a significant increase of 4.12 percentage points [1] - The company’s accounts receivable reached 4.511 billion yuan, a 105.3% increase from the beginning of the period, indicating steady business expansion [1] - The company invested 340 million yuan to acquire a 20% stake in Changsheng Technology, enhancing its position in the aerospace supply chain [1] Business Segment Performance - The aerospace new materials segment generated revenue of 1.254 billion yuan in Q3 2024, a year-on-year increase of 6.3%, driven by growth in prepreg and carbon brake products [1] - The advanced manufacturing segment is undergoing adjustments, with Q3 revenue of 29 million yuan, a year-on-year increase of 60.5%, and a reduction in losses [1] Future Outlook - The company is expected to achieve net profits of 1.130 billion yuan, 1.334 billion yuan, and 1.608 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.81 yuan, 0.96 yuan, and 1.15 yuan [6][8] - The current stock price corresponds to PE ratios of 29, 25, and 21 for the years 2024, 2025, and 2026 respectively, indicating a stable growth outlook [1][6]