AVIC SAC(600760) 长江证券·2025-04-02 08:12Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a historical high in profitability, with a gross margin of 12.47% and a net margin of 7.97%, indicating strong operational efficiency [2][6] - In Q4 2024, the company reported a significant revenue increase of 50.99% year-on-year, reaching 175.40 billion yuan, and a net profit growth of 145.19% year-on-year, amounting to 15.76 billion yuan [6][2] - The company is actively expanding production capacity to support the launch of new models, with inventory levels indicating strong short-term demand [2][6] Summary by Sections Financial Performance - For the full year 2024, the company reported total revenue of 428.37 billion yuan, a decrease of 7.37% year-on-year, while the net profit attributable to shareholders was 33.94 billion yuan, an increase of 12.86% year-on-year [6][2] - The Q4 2024 results showed a remarkable recovery, with revenue of 175.40 billion yuan and net profit of 15.76 billion yuan, marking a significant turnaround from earlier quarters [6][2] Operational Insights - The company has successfully navigated external challenges related to contract signing and supply chain issues, achieving a balanced production goal [2][6] - The inventory balance at the end of 2024 reached a historical high of 136.01 billion yuan, reflecting robust short-term demand and ongoing capacity expansion [2][6] Profitability and Efficiency - The company maintained a stable gross margin throughout the year, with a historical high net margin of 9.15% in Q4 2024, driven by effective cost control measures [2][6] - The forecast for net profit from 2025 to 2027 is projected to grow to 39.56 billion yuan, 47.32 billion yuan, and 55.77 billion yuan, respectively, with corresponding PE ratios of 31, 26, and 22 times [2][6]