Avic Hi-Tech(600862) 民生证券·2025-03-15 08:23Investment 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, and the net profit excluding non-recurring items was 1.14 billion yuan, reflecting a 13.0% increase [3]. - The company is focusing on the industrialization of advanced manufacturing technologies and new materials for aviation, which has led to steady operational performance and growth [3]. - The company expects a 32% increase in related transactions in 2025, with projected sales and labor transactions with subsidiaries of AVIC reaching 4.65 billion yuan [3]. Financial Performance Summary - 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]. - The company’s contract liabilities surged by 202% compared to the beginning of the year, reaching 170 million yuan, the highest since Q3 2023 [5]. Business Expansion and Strategy - The company has exceeded its material delivery targets and is actively expanding into the low-altitude economy sector. In December 2024, it established a joint venture in Shenzhen focused on composite materials for low-altitude applications [4]. - The company is also advancing its civil aircraft business and exploring international markets to create new growth points [4]. 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 1.36 billion yuan, a slight increase of 0.42% [5]. - Forecasts for net profit attributable to shareholders are 1.3 billion yuan in 2025, 1.53 billion yuan in 2026, and 1.78 billion yuan in 2027, with corresponding PE ratios of 28x, 24x, and 20x respectively [6][7].