HDAA(SH:600316) NORTHEAST SECURITIES·2025-03-30 08:12Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 5.252 billion yuan, a year-on-year increase of 40.92%. The net profit attributable to shareholders was 39 million yuan, up 20.72% year-on-year, while the net profit excluding non-recurring items surged by 165.90% to 26 million yuan [1][2] - The coach aircraft business is rapidly developing, with overseas revenue increasing significantly. In 2024, the coach aircraft segment generated 1.647 billion yuan in revenue, a year-on-year growth of 86.66%. Other aviation products contributed 3.583 billion yuan, up 27.45% year-on-year. Domestic revenue was 3.922 billion yuan, an 11.77% increase, while overseas revenue skyrocketed by 547.79% to 1.324 billion yuan [1][3] - The company is diversifying its product offerings, focusing on coach aircraft, missiles, and drones. It is the only domestic company capable of developing and manufacturing a full range of training aircraft. The L15 advanced trainer has strong sales prospects both domestically and internationally. The company is also actively expanding its drone and missile businesses [3] - The company anticipates rapid growth in 2025, with expected related party transactions amounting to 14.902 billion yuan, a 145.46% increase from 6.071 billion yuan in 2024. Sales to related parties are projected to reach 8.970 billion yuan, up 102.39% from 4.432 billion yuan in 2024 [3] Financial Summary - The company forecasts revenues of 8.970 billion yuan, 11.890 billion yuan, and 14.786 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 171 million yuan, 259 million yuan, and 349 million yuan for the same years, with corresponding EPS of 0.24, 0.36, and 0.49 yuan [4][5] - The gross margin for 2024 is projected at 3.43%, with a slight year-on-year decrease of 0.04 percentage points. The net profit margin is expected to be 0.75%, down 0.13 percentage points year-on-year. The total expense ratio is significantly reduced to 1.98%, a decrease of 1.35 percentage points year-on-year [2]