中航高科：营收业绩保持稳健增长，横纵拓展瞄准世界一流

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported steady revenue growth with a total revenue of 3.821 billion in the first three quarters of 2024, representing a year-on-year increase of 5.48%. The net profit attributable to the parent company was 912 million, up 8% year-on-year, while the net profit excluding non-recurring items reached 898 million, growing by 12.13% year-on-year [4][5]. - In Q3 2024, the company achieved a revenue of 1.274 billion, a year-on-year increase of 5.29% and a quarter-on-quarter increase of 3.61%. The net profit attributable to the parent company was 308 million, reflecting a year-on-year growth of 5.25% and a quarter-on-quarter growth of 22.09% [3][4]. - The company aims for a revenue target of 5 billion for 2024, which is a 4.60% increase compared to the actual value in 2023. The profit target is set at 1.282 billion, representing a 5.69% increase from the previous year [5][6]. Summary by Sections Revenue and Profitability - The company maintained steady revenue growth in the first three quarters of 2024, with a revenue of 3.821 billion, a year-on-year increase of 5.48%. The revenue from the aerospace new materials business was 3.772 billion, up 6.19% year-on-year, driven by increased deliveries of prepreg and carbon brake products [4][5]. - The gross profit margin for the first three quarters was 38.52%, an increase of 1.08 percentage points year-on-year, while the net profit margin was 24.12%, up 0.69 percentage points year-on-year [4]. Contracts and Production Capacity - As of the end of Q3 2024, the company's contract liabilities stood at 64 million, reflecting a quarter-on-quarter increase of 21.48%, but still at a historical low, indicating that new contracts have yet to materialize [6]. - The company has sufficient inventory, with a balance of 1.203 billion, ensuring flexibility in revenue generation once downstream demand materializes [6]. Strategic Initiatives - The company has invested 341.6 million in Changsheng Technology, acquiring a 20% stake, which strengthens its position in the carbon fiber composite materials industry [7]. - Plans to establish a joint venture in Shenzhen with a focus on the low-altitude economy, targeting eVTOL and drone markets, have been announced, with an investment of 102 million [7].