Avic Hi-Tech(600862) 东吴证券·2025-03-17 06:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.072 billion yuan in 2024, representing 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 [1] - The aerospace composite materials business, as the main segment, generated 4.969 billion yuan in revenue, a growth of 6.37%, driven by increased sales of composite material raw products and brake products [8] - The company has made significant progress in independent innovation and R&D, with total R&D investment reaching 197 million yuan and 37 patents applied for, of which 11 were granted [8] - The aerospace composite materials industry is experiencing positive changes, with the company holding a competitive advantage in this field due to its comprehensive R&D and production capabilities [8] - The company maintains a positive long-term outlook, with net profit forecasts for 2025 and 2026 at 1.371 billion yuan and 1.625 billion yuan respectively, and a new forecast for 2027 at 1.761 billion yuan [8] Financial Summary - The company reported total revenue of 5.072 billion yuan for 2024, with a net profit of 1.153 billion yuan, reflecting strong financial performance [1][8] - The company's operating expenses have been effectively managed, with sales and management expenses decreasing by 12.63% and increasing by 4.59% respectively [8] - The projected earnings per share (EPS) for 2024 is 0.83 yuan, with a price-to-earnings (P/E) ratio of 31.37 [1][9]