航亚科技2024年三季报点评：营收保持快速增长，短期因素影响利润

Investment Rating - The report maintains an "Accumulate" rating for the company [6][39]. Core Views - In the first three quarters of 2024, the company achieved operating revenue of 520 million yuan, a year-on-year increase of 30.24%, primarily due to stable growth in both international and domestic business volumes [6][10]. - The net profit attributable to shareholders reached 93 million yuan, up 33.49% year-on-year, while the net profit excluding non-recurring items was 91 million yuan, reflecting a 40.82% increase [6][10]. - The basic earnings per share (EPS) for the period was 0.36 yuan, representing a year-on-year growth of 33.51% [6][10]. Financial Summary - Key Financial Indicators: - Operating Revenue (Million Yuan): 2023: 544, 2024E: 682, 2025E: 861, 2026E: 1069 [5]. - Year-on-Year Growth: 2023: 49.9%, 2024E: 25.5%, 2025E: 26.2%, 2026E: 24.2% [5]. - Net Profit (Million Yuan): 2023: 90, 2024E: 125, 2025E: 166, 2026E: 214 [5]. - Year-on-Year Growth: 2023: 349.6%, 2024E: 38.0%, 2025E: 33.4%, 2026E: 28.7% [5]. - Gross Margin: 2023: 36.0%, 2024E: 39.3%, 2025E: 39.5%, 2026E: 39.6% [5]. - Return on Equity (ROE): 2023: 8.6%, 2024E: 11.1%, 2025E: 13.4%, 2026E: 15.3% [5]. Quarterly Performance - In Q3 2024, the company reported operating revenue of 180 million yuan, a year-on-year increase of 25.62% and a quarter-on-quarter increase of 0.79% [6][11]. - The net profit attributable to shareholders for Q3 2024 was 26 million yuan, a decrease of 28.05% year-on-year and a decrease of 28.19% quarter-on-quarter [6][11]. Industry Insights - The international commercial aviation sector saw a decrease in LEAP engine deliveries in Q3 2024, with a total of 365 units delivered, down 6.17% year-on-year but up 22.90% quarter-on-quarter [7][16]. - Boeing's aircraft manufacturing and delivery are expected to recover following the end of a seven-week strike, with 92 units of the 737 delivered in Q3 2024, marking a 31.43% increase year-on-year and quarter-on-quarter [7][21].