AVIC XAC(000768) 东吴证券·2024-11-04 13:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's core business shows steady growth, with technological innovation driving profit improvement. In the first three quarters of 2024, the company achieved total revenue of 28.821 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 944 million yuan, up 17.43% year-on-year. The third quarter also performed well, with total revenue of 892 million yuan, down 4.13% year-on-year, and a net profit of 287 million yuan, up 20.21% year-on-year [1][2] - Cost control, expense management, tax incentives, and operational efficiency improvements have been actively implemented. R&D expenses reached 73 million yuan, down 34.39% year-on-year, while financial expenses increased by 62.29% to 92 million yuan due to reduced interest income. Sales expenses decreased by 20.18% to 272 million yuan, and management expenses rose slightly by 32.42% to 871 million yuan, indicating positive overall expense control [2] - The company has adjusted its strategies regarding capital management, project investment, and debt structure. As of the third quarter of 2024, cash and cash equivalents decreased by 67.69% to 624 million yuan, primarily due to increased payments to suppliers. Accounts receivable increased by 30.22% to 2.314 billion yuan, while contract assets grew by 94.77% to 372 million yuan [3] Financial Forecast and Valuation - The company's performance aligns with expectations. Given its leading position in the large aircraft industry, the previous profit forecasts are maintained, with net profits expected to be 1.100 billion yuan, 1.446 billion yuan, and 1.757 billion yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 73, 55, and 45 times [3]