AVICHM(SH:600765) Soochow Securities·2024-10-30 20:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong adaptability amidst external challenges, with a slight decline in revenue but stable net profit. Excluding the impact of Hongshan Company, net profit increased by 4.77% year-on-year [2] - The company's civil aviation revenue grew significantly by 88.55%, and the civil products business revenue increased by 34.18%, enhancing overall profitability [2] - Hongshan Company has made significant progress in its transformation and upgrade projects, leading to increased production capacity and improved market competitiveness [4] - The company is expected to enter a new growth cycle as capital expenditures begin to yield benefits, enhancing market share and profitability [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 7.524 billion yuan, a year-on-year decrease of 5.56%, while net profit attributable to shareholders was 1.013 billion yuan, a decrease of 1.42% [1][2] - The third quarter net profit reached 290 million yuan, a year-on-year increase of 15.97%, and 306 million yuan when excluding the impact of Hongshan Company, reflecting a growth of 22.4% [2] - The company's total revenue projections for 2024-2026 are 12.139 billion yuan, 14.713 billion yuan, and 16.118 billion yuan, respectively, with corresponding net profits of 1.539 billion yuan, 1.889 billion yuan, and 2.172 billion yuan [4][10]