AVIC XAC(000768) 东吴证券·2025-04-02 06:23Investment 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 actively participating in new work package competitions, such as the Airbus Atlantic project, and has seen improvements in cash flow, with net cash flow from operating activities increasing by 98.95% year-on-year [8] Financial Performance Summary - Total revenue for 2023 was 40.301 billion yuan, with a projected increase to 43.216 billion yuan in 2024, and further growth expected in subsequent years [1][9] - The net profit attributable to shareholders is forecasted to grow from 860.97 million yuan in 2023 to 1.023 billion yuan in 2024, with continued growth anticipated through 2027 [1][9] - The earnings per share (EPS) is expected to rise from 0.31 yuan in 2023 to 0.37 yuan in 2024, with a long-term outlook of 0.58 yuan by 2027 [1][9] Business Development and Strategy - The company is focusing on enhancing its digital aviation capabilities and has made breakthroughs in key technologies such as unmanned aerial vehicles and low-cost manufacturing [8] - It has strengthened its position as a core supplier for military large and medium-sized aircraft, benefiting from the acceleration of national defense modernization [8] - The company has optimized its cost structure and improved production efficiency, which has further enhanced its profitability [8] Market Position and Outlook - The company maintains a leading position in the large aircraft industry, with a projected price-to-earnings (P/E) ratio of 59 for 2025, decreasing to 42 by 2027 [1][9] - The report indicates that despite the business being in a volatile period, the company's strong market position justifies the "Buy" rating [8]