AVIC XAC(000768) 长江证券·2025-04-02 14:45Investment Rating - The investment rating for AVIC Xi'an Aircraft Industry Group (000768.SZ) is "Buy" and is maintained [8]. Core Views - The company reported a stable growth in revenue and net profit, with a total revenue of 43.216 billion yuan for 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 [5][6]. - In Q4 2024, the company achieved a revenue of 14.395 billion yuan, a year-on-year growth of 21.09%, and a net profit of 80 million yuan, reflecting a year-on-year increase of 39.14% [2][5]. - The company is expanding steadily in both military and civilian aircraft sectors, with significant deliveries in the civil aircraft segment and promising prospects in international military trade [2][5]. Summary by Sections Financial Performance - In Q4 2024, the gross profit margin decreased to 2.83% from 6.21% in Q4 2023, while the expense ratio improved by 1.77 percentage points [2][10]. - The company reported a significant improvement in cash flow from operations, with a cash flow of 13.668 billion yuan in Q4 2024, compared to -0.574 billion yuan in Q3 2024 [10]. Business Operations - The company delivered 44 units of C909 and C919 components in the civil aircraft sector, and the Y-20 military transport aircraft has been showcased at various international airshows, enhancing its brand image and market potential [5][10]. - The company aims for a revenue target of 44.988 billion yuan for 2025, indicating a stable growth outlook [5]. Profitability Forecast - The forecasted net profit for 2025-2027 is expected to be 1.152 billion, 1.398 billion, and 1.694 billion yuan, with year-on-year growth rates of 12.52%, 21.42%, and 21.14% respectively [10].