AVICOPTER(SH:600038) HTSC·2025-03-30 06:05Investment Rating - The investment rating for the company is "Buy" with a target price of 46.41 RMB [8][9]. Core Views - The company is expected to achieve a revenue of 29.766 billion RMB in 2024, reflecting a year-on-year growth of 27.59%, while the net profit attributable to shareholders is projected to be 555.87 million RMB, a decrease of 7.98% compared to the previous year [2][5]. - The company is optimistic about the long-term prospects of military-civilian helicopter development and has entered the low-altitude economy sector, which is expected to open new growth avenues [1][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 29.766 billion RMB, an increase of 27.59% year-on-year, and a net profit of 555.87 million RMB, down 7.98% year-on-year [2][7]. - The fourth quarter of 2024 saw a revenue of 12.465 billion RMB, up 42.71% year-on-year, and a net profit of 199 million RMB, up 110.71% year-on-year [1]. Product and R&D - The revenue from aviation products in 2024 was 29.244 billion RMB, a year-on-year increase of 12.10%, with a gross margin of 10.49% [3]. - The company has made significant progress in the development of civil helicopters and the C919 project, achieving breakthroughs in key technologies [4]. Profit Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be 0.91, 1.09, and 1.27 RMB, respectively, with a downward adjustment of 15.74% and 18.05% for 2025 and 2026 [5]. - The target price is set at 46.41 RMB, corresponding to a price-to-earnings (PE) ratio of 51 times for 2025 [5].