Avic Hi-Tech(600862) 太平洋证券·2025-03-19 02:48Investment Rating - The report maintains a "Buy" rating for AVIC High-Tech (600862) with a target price of 30.00, compared to the last closing price of 25.46 [1][3] Core Insights - The company's main materials business continues to grow, with significant improvements in technological innovation [1][4] - In 2024, the company achieved a revenue of 5.072 billion yuan, a year-on-year increase of 6.12%, and a net profit of 1.153 billion yuan, up 11.75% from the previous year [3][4] - The comprehensive gross profit margin reached 38.83%, an increase of 2.08 percentage points year-on-year, indicating a steady improvement in overall profitability [4] Summary by Sections Financial Performance - In 2024, the revenue from the aviation new materials business was 4.969 billion yuan, a growth of 6.37% year-on-year, with the profit totaling 1.374 billion yuan, up 8.44% [4] - The company expects net profits for 2025-2027 to be 1.203 billion yuan, 1.398 billion yuan, and 1.605 billion yuan respectively, with corresponding EPS of 0.86 yuan, 1.00 yuan, and 1.15 yuan [5][7] Research and Development - The company increased its R&D investment to 197 million yuan in 2024, a growth of 12.74% year-on-year, and filed 37 patent applications, with 11 patents granted [5] - Significant advancements were made in the development of carbon fiber and resin interface matching technology, as well as breakthroughs in materials for the C919 civil aircraft [5] Market Outlook - The report anticipates a revenue growth rate of 17.50% in 2025, followed by 16.50% in 2026 and 15.00% in 2027 [7] - The expected PE ratios for the next three years are 29 times, 25 times, and 22 times, respectively, indicating a favorable valuation outlook [5][7]