AVIC SAC(600760) 天风证券·2025-04-03 10:14Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a record high net profit margin, with a total revenue of 42.84 billion and a year-over-year decrease of 7.4%. However, the net profit increased by 12.9% to 3.39 billion, driven by improved product gross margins and enhanced cost control [1][3]. - In Q4 2024, the company reported a significant revenue increase of 51% year-over-year, with a net profit surge of 145%. The gross margin for the quarter was 12.4%, up by 1.20 percentage points, and the net margin was 9.2%, up by 3.37 percentage points [1][2]. - The company has successfully implemented two phases of equity incentives, reflecting its commitment to high-quality development and investor returns. The aviation manufacturing segment generated 42.55 billion in revenue, with a gross margin of 12.5%, an increase of 1.52 percentage points [3][5]. Financial Summary - The company reported a total revenue of 46,247.78 million in 2023, with a projected revenue of 42,837.24 million in 2024, reflecting a growth rate of -7.37%. The net profit for 2023 was 3,007.15 million, expected to rise to 3,393.97 million in 2024, with a growth rate of 12.86% [5][11]. - The EBITDA for 2024 is projected at 5,289.04 million, with a corresponding P/E ratio of 34.86 [5][11]. - The company’s total assets are expected to grow from 55,466.44 million in 2023 to 61,589.83 million in 2024, with a debt-to-equity ratio of 69.07% [12]. Operational Efficiency - The company achieved its lowest expense ratio in five years at 3.2%, down by 0.45 percentage points year-over-year. The selling expense ratio was 0.01%, while the management expense ratio increased slightly to 2.2% [2][3]. - The company has made significant progress in digital transformation and key projects, contributing to its overall operational efficiency and cost management [1][3]. Market Position - As a leading player in the aviation manufacturing sector, the company is well-positioned to benefit from the increasing demand for national defense equipment during the "14th Five-Year Plan" and "15th Five-Year Plan" periods. The company is also actively expanding its overseas military trade market [3][5].