Avic Hi-Tech(600862) 民生证券·2025-03-15 13:32Investment 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]. - The company’s operating cash flow for 2024 was 500 million yuan, reflecting a year-over-year increase of 16.7% [5]. Business Development - The company exceeded its raw material delivery targets in 2024, achieving a revenue of 4.765 billion yuan from composite materials, which grew by 5.55% year-over-year [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]. 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, with corresponding PE ratios of 28x, 24x, and 20x [6][7].