AVICOPTER(SH:600038) ZHESHANG SECURITIES·2025-03-30 11:50Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a revenue of 29.766 billion yuan in 2024, representing a year-on-year growth of 11.93%, while the net profit attributable to shareholders decreased by 7.98% to 556 million yuan [1][9] - The fourth quarter of 2024 saw a significant increase in performance, with revenue reaching 12.465 billion yuan, a year-on-year growth of 42.71%, and a net profit of 199 million yuan, up 110.71% year-on-year [1] - The company completed a major asset restructuring and raised 3 billion yuan, facilitating the overall listing of its helicopter business [3] Summary by Sections 2024 Performance - The company’s revenue for 2024 was 29.766 billion yuan, achieving 97% of the budget, while the net profit met 78% of the budget [1] - The decline in net profit was attributed to previous product price adjustments and higher warranty costs for certain components in 2024 [1] Segment Performance - The Harbin division generated revenue of 20.943 billion yuan, a 24% increase, with a net profit of 472 million yuan, up 9% [2] - The Jingdezhen division experienced a substantial revenue increase of 71% to 10.058 billion yuan, with net profit soaring by 274% to 200 million yuan [2] - The overall gross margin improved to 10.47%, up 0.34 percentage points year-on-year, while the net profit margin increased to 1.62%, up 0.13 percentage points [2] Future Outlook - The company is expected to see net profits of 714 million yuan, 883 million yuan, and 1.079 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 28%, 24%, and 22% [4] - The company is positioned as a leading manufacturer in the helicopter sector, benefiting from military and civilian market developments [3]