AVIC SAC(600760) 招商证券·2025-04-01 05:34Investment Rating - The report maintains a "Strong Buy" rating for the company [3][4]. Core Views - The company achieved a record high in quarterly performance for Q4 2024, with a significant increase in gross margin [2]. - In 2024, the company reported total revenue of 42.837 billion yuan, a year-on-year decrease of 7.37%, primarily due to external factors such as contract signing and supply chain progress [2]. - The net profit attributable to shareholders reached 3.394 billion yuan, reflecting a year-on-year increase of 12.86%, while the non-recurring net profit was 3.373 billion yuan, up 15.88% year-on-year [2]. - For Q4 alone, revenue was 17.540 billion yuan, a substantial increase of 50.99% year-on-year, with net profit attributable to shareholders soaring by 145.19% to 1.576 billion yuan [2]. - The company’s gross margin improved to 12.47%, an increase of 1.52 percentage points compared to the same period last year [2]. Financial Performance Summary - The company forecasts net profits of 3.741 billion yuan, 4.273 billion yuan, and 4.923 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 31, 27, and 24 [3]. - The total revenue for 2025 is projected to be 47.720 billion yuan, with a year-on-year growth of 11% [8]. - The company’s operating profit is expected to reach 4.321 billion yuan in 2025, reflecting a 10% increase year-on-year [8]. - The report indicates a decrease in R&D expenses to 7.27 billion yuan, down 25.47% year-on-year, primarily due to reduced capitalized R&D investments [2]. Shareholder and Market Data - The company has a total share capital of 2.756 billion shares, with a market capitalization of 116.5 billion yuan [4]. - The major shareholder is China Aviation Industry Corporation, holding 65.84% of the shares [4]. - The current stock price is 42.28 yuan [4].