AVICHM(600765) 国金证券·2024-12-09 02:17Investment Rating - The investment rating for AVIC Heavy Machinery is "Buy" (maintained) [4][7] Core Views - The company is focusing on the development of low-altitude industries and enhancing its aviation manufacturing capabilities [5][6] - The company aims to improve its core competitiveness and strengthen its position in technological innovation [6] - AVIC Heavy Machinery is expected to benefit from the high growth potential in low-altitude logistics, manned flight, and commercial aerospace sectors [6] Summary by Sections Company Overview - AVIC Heavy Machinery (600765.SH) is actively pursuing high-quality development and value creation [5][6] Business Analysis - The company is leveraging its advantages in low-altitude economic product development and application scenarios [6] - Key achievements include: 1. Successful development of a complex hydraulic lock system for Xiaopeng Motors' flying car by Liyuan Company [6] 2. Expansion into the market for precision castings for unmanned cargo aircraft and engines by Anji Company [6] 3. Development of high-performance heat exchange products for low-altitude transportation by Yonghong Company [6] - The company is transforming into a major player in the aviation infrastructure sector, focusing on integrated industrial chain development [6] Profit Forecast and Valuation - Expected net profits for 2024-2026 are projected at 1.568 billion, 1.885 billion, and 2.268 billion RMB, representing year-on-year growth of 18.0%, 20.2%, and 20.3% respectively [7][10] - Corresponding P/E ratios are forecasted to be 20, 16, and 14 times [7][10]