AVIC SAC(600760) 东吴证券·2024-11-01 21:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has been affected by the progress of contract signings, leading to fluctuations in revenue, but profitability continues to improve. For the first three quarters of 2024, the company achieved total revenue of 25.298 billion yuan, a year-on-year decrease of 26.95%, and a net profit attributable to shareholders of 1.818 billion yuan, down 23.12% year-on-year. The third quarter saw a significant decline, with revenue of 3.673 billion yuan, down 68.01% year-on-year, and a net profit of 199 million yuan, down 77.11% year-on-year. Despite these fluctuations, the company's gross profit margin has reached a five-year high of 12.48% for the first three quarters of 2024, up 15.05 percentage points year-on-year [1][2][3]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 3.701 billion yuan, with corresponding P/E ratios of 35, 28, and 23 for the years 2024, 2025, and 2026 respectively. The forecasted net profits for 2024-2026 are 3.701 billion yuan, 4.622 billion yuan, and 5.471 billion yuan respectively [3][9]. - The company's total assets have decreased, while accounts receivable have increased significantly by 117.79% year-on-year, primarily due to uncollected sales proceeds. Cash and cash equivalents have decreased by 42.59% year-on-year [2][9]. - Operating cash flow has improved, with a net increase of 654.17 million yuan compared to the same period last year, mainly due to the collection of previously outstanding sales proceeds [2][10].