AECC AP(600893) 民生证券·2025-04-02 09:45Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term development potential [5][3]. Core Viewpoints - The company reported a revenue of 47.88 billion yuan for 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders decreased by 39.5% to 860 million yuan due to increased R&D expenses and unanticipated stock disposals [1][3]. - The transition period between old and new models is putting pressure on the company's performance, with expectations for 2025 showing a slight decline in revenue and net profit [3][4]. - The company is increasing its R&D investment significantly, with total R&D expenses reaching 1.05 billion yuan, a year-on-year increase of 72.1%, to support future product development [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 134 million yuan [1]. - The overall gross margin for 2024 decreased by 1.0 percentage points to 10.1%, and the net profit margin fell by 1.4 percentage points to 2.1% [1][4]. - The company expects to achieve a revenue of 47.66 billion yuan in 2025, which is nearly flat compared to 2024, with a projected net profit of 5.92 billion yuan, down 31.2% year-on-year [3][4]. Product Segmentation - Revenue from aviation products and derivatives grew by 10.0% to 44.99 billion yuan, while the gross margin decreased by 0.5 percentage points to 9.5% [2]. - The foreign trade export revenue increased by 6.5% to 2.07 billion yuan, with a gross margin improvement of 5.3 percentage points to 19.7% [2]. - Non-aviation products and other revenues saw a significant decline of 24.9% to 200 million yuan, with a gross margin decrease of 1.3 percentage points to 18.4% [2]. Future Projections - The company forecasts net profits of 5.97 billion yuan, 10.66 billion yuan, and 15.72 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 164x, 92x, and 62x [3][4]. - The report emphasizes the company's leading position in the aviation engine industry and its comprehensive research and development capabilities across the entire spectrum of aviation engines [3].