Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The company reported a revenue of 4.21 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 2.67%, and a net profit attributable to shareholders of 629 million yuan, up 5.48% year-on-year [1]. - The company is expected to achieve a revenue of 5.6 billion yuan for the full year 2024, with the fourth quarter projected to generate 1.39 billion yuan, reflecting a 13.56% increase compared to the same quarter in 2023 [1]. - The company operates in a promising sector of aviation engines, which spans both military and civilian applications, and is positioned well within the control systems segment [2]. Financial Summary - For Q3 2024, the company achieved a revenue of 1.404 billion yuan, a year-on-year increase of 2.79%, and a net profit of 159 million yuan, up 8.61% year-on-year [1]. - The gross margin for Q3 2024 was 26.95%, an increase of 0.54 percentage points year-on-year, while the net profit margin was 11.42%, up 0.67 percentage points year-on-year [1]. - The company’s total assets at the end of Q3 2024 were 3.193 billion yuan, a 21.13% increase year-on-year, indicating accelerated construction of capacity from previous fundraising efforts [2]. - The company’s projected net profits for 2024, 2025, and 2026 are 833 million yuan, 950 million yuan, and 1.079 billion yuan, respectively, with corresponding P/E ratios of 38X, 34X, and 30X [2][3].
航发控制:2024Q3营收、归母净利润分别同比增长2.79%、8.61%