中航西飞：盈利能力持续提升，全力推进民机业务

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4] Core Views - The company's profitability continues to improve, with a focus on enhancing its civil aviation business [3] - The company reported a revenue of 28.821 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.44%, and a net profit of 944 million yuan, up 17.43% year-on-year [2][3] - The company is a major manufacturer of military transport aircraft, bombers, and special aircraft in China, and is increasing its cost control efforts to enhance efficiency [3] Financial Data and Valuation - As of November 4, 2024, the closing price is 28.70 yuan, with a market capitalization of 79.836 billion yuan [1] - The basic earnings per share (EPS) is 0.34 yuan, and the diluted EPS is also 0.34 yuan [1] - The company expects EPS for 2024-2026 to be 0.37, 0.45, and 0.56 yuan respectively, with corresponding P/E ratios of 77.0, 63.2, and 51.6 [4] - The company’s net asset return rate (ROE) is projected to increase from 4.65% in 2024 to 6.8% in 2026 [1][4]