Avic Hi-Tech(600862)2024-10-29 02:40Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][2]. Core Views - The company has shown stable growth in its aviation new materials business, benefiting from the high demand in the industry. The revenue for the first three quarters of 2024 reached 3.821 billion yuan, a year-on-year increase of 5.48%, with net profit rising by 8.00% to 912 million yuan [2][3]. - The gross margin improved by 1.08 percentage points to 38.52%, and the net margin increased by 0.69 percentage points to 24.12%, indicating a continuous enhancement in profitability [3]. - The company is positioned as a leader in the domestic aviation composite materials sector, with increasing applications in aircraft components, which is expected to drive further growth as the global aviation industry recovers [3]. Financial Data Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 5.379 billion yuan, with a year-on-year growth of 12.6%. The net profit is expected to be 1.192 billion yuan, reflecting a growth of 15.6% [4][6]. - The earnings per share (EPS) for 2024 is estimated at 0.86 yuan, with corresponding price-to-earnings (P/E) ratios of 28.3, 23.8, and 19.7 for the years 2024, 2025, and 2026 respectively [1][5]. - The return on equity (ROE) is projected to be 16.4% in 2024, increasing to 17.4% by 2026 [5][7].