Avic Hi-Tech(600862) 中泰证券·2025-03-25 12:51Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has demonstrated steady growth in its main business of aviation composite materials, with a strong operational plan reflecting confidence in future performance [2][4] - The company achieved a revenue of 5.072 billion yuan in 2024, representing a year-on-year growth of 6.12%, and a net profit of 1.153 billion yuan, up 11.75% year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 6.094 billion yuan in 2025 and 7.023 billion yuan in 2026, alongside net profits of 1.359 billion yuan and 1.656 billion yuan respectively [2][4] Financial Performance Summary - In 2024, the company’s revenue from aviation new materials reached 4.915 billion yuan, a year-on-year increase of 6.46%, with a gross margin of 39.00% [4] - The company’s overall sales gross margin improved to 38.83%, up 2.08 percentage points year-on-year, while the net profit margin increased to 23.06%, up 1.35 percentage points [4] - The company’s R&D expenses for 2024 were 198 million yuan, a 12.74% increase year-on-year, indicating a commitment to technological advancement [4] Future Outlook - The company aims for a revenue target of 5.8 billion yuan in 2025, with a total profit target of 1.363 billion yuan, reflecting a growth of 14.4% from 2024 [4] - The company is positioned to enter a new product release cycle in its aviation composite materials sector, supported by a significant increase in contract liabilities [4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.98 yuan, 1.19 yuan, and 1.37 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26X, 21X, and 18X [2][4]