AVICHM(600765) 国金证券·2024-12-15 07:07Investment Rating - The report maintains a "Buy" rating for AVIC Heavy Machinery [4][6] Core Views - AVIC Heavy Machinery is accelerating its material industry cultivation and constructing a closed-loop new ecological system, marking a significant step forward in titanium alloy material recycling [5] - The company is expected to benefit from the high prosperity of the aviation industry, initiating a new round of high growth [5] Summary by Relevant Sections Company Overview - AVIC Heavy Machinery has made a solid move by acquiring Qinghai Juneng Titanium Industry, which possesses world-leading titanium alloy melting furnace import equipment [5] - The company aims to enhance its research and production capabilities in titanium alloy and other raw materials, contributing to the establishment of a material recycling system [5] Business Development - The company is building a new ecological system that integrates material research and regeneration, forming a comprehensive supply chain from material development to precision component delivery [5] - It has established partnerships with subsidiaries like Shangda Co., which is the only domestic company mastering high-temperature alloy recycling technology [5] Financial Forecasts - The projected net profit for AVIC Heavy Machinery from 2024 to 2026 is estimated at 1.568 billion, 1.885 billion, and 2.268 billion RMB, representing year-on-year growth rates of 18.0%, 20.2%, and 20.3% respectively [5][8] - The corresponding price-to-earnings (P/E) ratios are forecasted to be 19, 16, and 13 times for the same period [5]