AVIC XAC(000768) 东吴证券·2025-04-02 06:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 43.216 billion yuan in 2024, representing a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.023 billion yuan, up 18.87% year-on-year [1][8] - The growth in performance is primarily driven by the sustained demand for military aviation equipment and the gradual recovery of the civil aviation market [8] - The company is a core supplier of large and medium-sized military aircraft in China, benefiting from accelerated national defense modernization and steady increases in the delivery of transport and bomber aircraft [8] - In the civil aviation sector, the company is involved in the mass production phase of domestic large aircraft projects, which has boosted revenue from aviation components [8] - The company has improved its cash flow from operating activities, with a net cash flow increase of 98.95% year-on-year, indicating enhanced capital recovery capabilities [8] Financial Forecasts - The company forecasts total revenue of 44.827 billion yuan for 2025, with a net profit of 1.139 billion yuan, and further projections for 2026 and 2027 show continued growth [1][9] - The earnings per share (EPS) are projected to be 0.41 yuan for 2025, 0.48 yuan for 2026, and 0.58 yuan for 2027 [1][9] - The price-to-earnings (P/E) ratio is expected to decrease from 65.97 in 2024 to 42.09 in 2027, reflecting the company's anticipated growth [1][9] Strategic Developments - The company is actively participating in new work package competitions, such as the Airbus Atlantic project, to capitalize on the rapid development of the domestic civil aviation industry [8] - Significant advancements have been made in the construction of a digital aviation capability system, with breakthroughs in key technologies such as drone intelligence and low-cost manufacturing [8] - The company has undertaken two important equity transfers to optimize its shareholding structure and enhance management efficiency [8]