GLAVI(300900) 中航证券·2024-11-18 00:30Investment 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 performance of the CSI 300 index in the next six months [1]. Core Insights - The company reported a revenue of 663 million CNY for the first three quarters of 2024, representing a year-on-year increase of 21.65%, achieving the highest revenue for the same period since its listing. However, the net profit attributable to shareholders decreased by 46.52% to 51 million CNY due to increased expenses impacting profitability [1][21]. - The company is actively expanding its business layout across various fields, including military and civilian sectors, and is involved in significant aircraft manufacturing projects such as the C919 and AG600 [5][20]. - The company is undertaking a private placement to raise up to 1.134 billion CNY to enhance production capacity and R&D capabilities, which is expected to strengthen its competitive position in the market [19][20]. Summary by Sections Financial Performance - 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 to 7.30%, down 8.26 percentage points [1][21]. - 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][21]. Business Segmentation - The company's revenue composition for H1 2024 included 237 million CNY from aviation tooling (+157.61%, 52.09% of total revenue) and 208 million CNY from aerospace components and drones (-7.56%, 45.71% of total revenue) [6][13]. - The company has a diverse customer base, including major state-owned enterprises in the military and aerospace sectors, which supports its growth and order backlog [13][20]. Strategic Initiatives - The company is focusing on expanding its capabilities in emerging industries such as low-altitude economy and commercial aerospace, collaborating with various manufacturers and educational institutions to enhance its technological offerings [20][21]. - The planned fundraising will support the construction of a new civil aviation production base and a research center, aimed at improving production capacity and R&D capabilities [19][20].