Avic Hi-Tech(600862) 民生证券·2025-03-15 07:54Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][8]. Core Insights - The company achieved a revenue of 5.07 billion yuan in 2024, representing a year-over-year growth of 6.1%. The net profit attributable to shareholders was 1.15 billion yuan, up 11.8% year-over-year [3]. - The company focuses on the industrialization of advanced manufacturing technologies and new materials for aviation, leading to steady operational performance and growth [3]. - The company expects a 32% increase in related transactions in 2025, with projected sales and services amounting to 4.65 billion yuan [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.25 billion yuan, a year-over-year increase of 8.1%, and a net profit of 240 million yuan, up 28.7% year-over-year, marking historical highs for the quarter [3]. - The gross margin for 2024 improved by 2.1 percentage points to 38.8%, while the net margin increased by 1.3 percentage points to 23.1% [3]. Business Development - The company exceeded its raw material delivery targets in 2024, achieving a revenue of 4.765 billion yuan from composite materials, a year-over-year increase of 5.55% [4]. - The company is actively expanding into the low-altitude economy and has established a joint venture in Shenzhen focused on composite materials for low-altitude applications [4]. Cash Flow and Liabilities - As of the end of 2024, the company reported a 201.6% increase in contract liabilities compared to the beginning of the year, reaching 170 million yuan [5]. - The net cash flow from operating activities for 2024 was 500 million yuan, reflecting a year-over-year increase of 16.7% [5]. Future Projections - The company aims for a revenue target of 5.8 billion yuan in 2025, representing a year-over-year growth of 14.3%, with a total profit target of 1.363 billion yuan [5]. - Forecasts for net profit attributable to shareholders for 2025, 2026, and 2027 are 1.3 billion yuan, 1.529 billion yuan, and 1.78 billion yuan, respectively [6][7].