Avic Hi-Tech(600862) 山西证券·2025-03-17 11:51Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company has shown steady growth in operating performance, benefiting from the expansion of the composite materials market. In 2024, the company achieved operating revenue of 5.072 billion yuan, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion yuan, up 11.75% year-on-year [3][4]. Summary by Relevant Sections Market Performance - As of March 14, 2025, the closing price was 25.96 yuan, with a year-to-date high of 29.27 yuan and a low of 17.17 yuan. The circulating A-shares total 1.393 billion, with a market capitalization of 36.164 billion yuan [2]. Financial Data - For the fiscal year ending December 31, 2024, the basic and diluted earnings per share were both 0.83 yuan, with a net asset value per share of 5.39 yuan. The return on equity was 15.58% [3]. Business Performance - The aerospace new materials business achieved revenue of 4.969 billion yuan in 2024, a 6.37% increase year-on-year, with a net profit of 1.220 billion yuan, up 11.22% year-on-year. The advanced manufacturing technology business saw revenue of 95.875 million yuan, a 44.87% increase year-on-year, although it reported a net loss of 19.5168 million yuan [4]. Profitability Metrics - The company's gross margin improved by 2.08 percentage points to 38.83%, and the net margin increased by 1.35 percentage points to 23.06% in 2024. Research and development expenses grew by 12.74% [4]. Future Outlook - The company is expected to benefit from the strong recovery of commercial aviation and the booming low-altitude economy. The composite materials market is projected to continue expanding, with the company positioned as a leader in the domestic aerospace composite materials sector [5]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96, 1.13, and 1.33 yuan, respectively. The corresponding price-to-earnings (PE) ratios are 27.0, 23.1, and 19.5 based on the closing price of 25.96 yuan on March 14, 2025 [6][8].