Investment Rating - The report maintains an "Accumulate-A" rating for the company [2] Core Views - The company has shown steady revenue growth and continuous improvement in profitability, with a year-on-year revenue increase of 2.67% and a net profit increase of 5.48% for the first three quarters of 2024 [2][3] - The company aims to enhance its operational efficiency by focusing on improving its profit margins, achieving a gross margin increase of 0.42 percentage points to 29.71% and a net margin increase of 0.4 percentage points to 15.02% [3] - As a core supplier in the aerospace control systems sector, the company is expected to benefit from the high demand in the aerospace industry driven by increased defense spending and the rapid development of civil aviation [3] Financial Data and Valuation - For the first three quarters of 2024, the company reported a revenue of 42.10 billion yuan and a net profit of 6.29 billion yuan [2] - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.61, 0.68, and 0.77 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 39.8, 35.5, and 31.5 [3] - The company’s total assets are expected to grow from 150.32 billion yuan in 2022 to 189.46 billion yuan by 2026, indicating a solid growth trajectory [6][7]
航发控制:业绩稳步增长,盈利能力持续提升