AVIC XAC(000768) 浙商证券·2025-04-02 14:15Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue growth of 7.23% year-on-year, achieving a total revenue of 43.216 billion yuan, while the net profit attributable to shareholders increased by 18.87% to 1.023 billion yuan, aligning with market expectations [2][11] - The company is capitalizing on the rapid development of the domestic civil aviation market, with significant increases in the delivery of civil aircraft components, including a 29% rise in C909 and C919 deliveries [3][4] - The company is expected to benefit from both domestic and international market drivers, enhancing profit growth potential in the coming years [4] Financial Summary - For 2024, the company achieved a revenue of 43.216 billion yuan, with a year-on-year growth of 7.23%, and a net profit of 1.023 billion yuan, reflecting an 18.87% increase [2][11] - The forecast for 2025-2027 indicates a net profit growth of 14%, 18%, and 16%, respectively, with projected net profits of 1.162 billion yuan in 2025, 1.376 billion yuan in 2026, and 1.599 billion yuan in 2027 [5][6] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 64 in 2024 to 41 in 2027, indicating an improving valuation over time [6][12]