GLAVI(300900) 中航证券·2024-11-18 00:17Investment Rating - The investment rating for the company is "Buy" with a target price of 36.00 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [1][41]. Core Insights - The company, Guanglian Aviation, reported a revenue of 663 million CNY for the first three quarters of 2024, representing a year-on-year increase of 21.65%. However, the net profit attributable to shareholders decreased by 46.52% to 51 million CNY due to increased expenses impacting profitability [1][25]. - The company is actively expanding its business layout across multiple fields and regions, enhancing its overall competitiveness [1][25]. - The company is involved in various projects, including the C919 large passenger aircraft and the AG600 amphibious aircraft, showcasing its capabilities in both military and civilian aerospace sectors [5][17]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 663 million CNY (+21.65%) and a net profit of 51 million CNY (-46.52%). The gross margin was 40.44%, down 3.01 percentage points year-on-year, while the net margin decreased by 8.26 percentage points to 7.30% [1][25]. - In Q3 2024, the company reported a revenue of 207 million CNY (-6.16%) and a net profit of 11 million CNY (-75.58%) [2][25]. - The company's expenses increased significantly, with management expenses rising by 44.91% and sales expenses increasing by 231.22% compared to the previous year [1][25]. Business Composition - The company's revenue composition for H1 2024 includes: - Aviation tooling: 237 million CNY (+157.61%), accounting for 52.09% of total revenue - Aerospace components and drones: 208 million CNY (-7.56%), accounting for 45.71% of total revenue - Aviation auxiliary tools: 10 million CNY (+900.00%), accounting for 2.20% of total revenue [6][17]. Strategic Initiatives - The company plans to raise up to 1.134 billion CNY through a private placement to fund the construction of a civil aviation production base and a research and development center in Shanghai, aimed at enhancing production capacity and R&D capabilities [23][24]. - The company is also focusing on emerging industries such as low-altitude economy and commercial aerospace, collaborating with various manufacturers and educational institutions to expand its market presence [24][25].