AVIC SAC(600760) 山西证券·2025-04-02 10:03Investment Rating - The report maintains a "Buy-A" rating for AVIC Shenyang Aircraft Corporation (600760.SH) [1][6] Core Views - The company has shown significant improvements in quality and efficiency, benefiting from the high demand in the downstream market [1][4] - In 2024, the company experienced a revenue decrease of 7.37% due to external factors, but achieved a remarkable revenue growth of 50.99% in Q4 [4] - The company is expected to continue benefiting from the urgent demand for new and upgraded military aircraft in China's air force and navy [4] Financial Performance Summary - In 2024, the company's operating revenue was 428.37 billion, a decrease of 7.37% year-on-year, while the net profit attributable to shareholders was 33.94 billion, an increase of 12.86% [3][4] - The company's gross profit margin improved by 1.52 percentage points to 12.47%, and the net profit margin increased by 1.46 percentage points to 7.97% in 2024 [4] - The company expects EPS for 2025-2027 to be 1.47, 1.66, and 1.87 respectively, with corresponding P/E ratios of 30.3, 26.7, and 23.8 [6][8]