AVICOPTER(600038) Soochow Securities·2024-10-31 04:11Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance decline is viewed as a short-term phenomenon, with expectations to meet the initial budget for the year despite a decrease in revenue and profit in the first three quarters of 2024 [1][2] - The company is undergoing a product structure adjustment, which has introduced uncertainties in new orders for certain high-revenue products due to model iterations [1] - The acquisition of Changhe Aircraft Industries Group and Harbin Aircraft Industry Group has been completed, enhancing the company's helicopter business integration and expanding its scale [3] - The company received 2.967 billion yuan in fundraising, which will be allocated to various projects including new helicopter and drone R&D, production capacity enhancement, and debt repayment [3] - The company is projected to achieve net profits of 718 million yuan, 880 million yuan, and 1.076 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 48, 39, and 32 [3] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 17.3 billion yuan, a year-on-year decrease of 3.12%, and a net profit of 357 million yuan, down 29.92% year-on-year [1] - The third quarter of 2024 showed a significant revenue increase of 54.88% year-on-year, reaching 9.126 billion yuan, although net profit decreased by 67.21% to 60 million yuan [1] - Cash flow management reflects a significant change, with cash and cash equivalents decreasing by 65.19% due to high procurement payments and low collection post-product delivery [2] - Contract assets increased by 896.73%, indicating a positive trend in order fulfillment [2] - R&D expenses saw a notable decline of 68.03% year-on-year, attributed to reduced investment compared to the previous year [2]