Avic Hi-Tech(600862)2025-04-03 07:15Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Views - The company reported a revenue of 5.072 billion yuan for 2024, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion yuan, up 11.75% year-on-year, aligning with market expectations [6]. - The demand for aerospace new materials is expected to drive steady revenue growth, with the company achieving a revenue of 4.765 billion yuan from aerospace composite materials, reflecting a 5.55% increase year-on-year [6]. - The company is focusing on optimizing product structure and cost reduction, resulting in an overall gross margin of 38.83%, an increase of 2.08 percentage points year-on-year [6]. - The company plans to achieve a revenue target of 5.8 billion yuan in 2025, with a net profit target of 1.363 billion yuan [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 4.78 billion yuan in 2023 to 7.197 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.9% [2][8]. - Net profit attributable to shareholders is expected to increase from 1.031 billion yuan in 2023 to 1.553 billion yuan in 2027, reflecting a CAGR of about 9.7% [2][8]. - The earnings per share (EPS) is forecasted to rise from 0.74 yuan in 2023 to 1.11 yuan in 2027 [2][8]. - The company's gross margin is expected to remain stable, with slight fluctuations projected over the years [2][8]. Market Data - As of April 2, 2025, the closing price of the company's stock was 23.97 yuan, with a market capitalization of 33.391 billion yuan [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 32 in 2023 to 22 in 2027, indicating a potentially attractive valuation compared to peers [2][3].