AVIC XAC(000768) 山西证券·2025-04-03 11:02Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][5]. Core Views - The company has successfully completed its operational plan for the year, capitalizing on opportunities in the civil aviation sector [4]. - The company reported a revenue of 43.216 billion yuan for 2024, reflecting a year-on-year growth of 7.23%, and a net profit of 1.023 billion yuan, up 18.87% year-on-year [3][4]. - The company is positioned as a leading supplier of major components for domestic civil aircraft, including the C919 and AG600, and is expanding its international subcontracting business [4]. Financial Performance - For 2024, the company achieved a net profit margin of 2.37%, an increase of 0.23 percentage points year-on-year [4]. - The company's total liabilities decreased by 13.99% to 52.786 billion yuan, while cash and cash equivalents decreased by 7.32% to 17.888 billion yuan [3][4]. - The earnings per share (EPS) for 2024 was reported at 0.37 yuan, with projections for 2025-2027 at 0.42, 0.48, and 0.57 yuan respectively [3][5]. Market Data - As of April 3, 2025, the closing price of the company's stock was 23.35 yuan, with a market capitalization of 64.954 billion yuan [2]. - The stock has seen a yearly high of 32.64 yuan and a low of 20.00 yuan [2]. Future Projections - The company expects to see continued revenue growth, with projected revenues of 45.590 billion yuan in 2025, 48.815 billion yuan in 2026, and 52.366 billion yuan in 2027, reflecting a compound annual growth rate [7][10]. - The projected net profit for 2025 is 1.168 billion yuan, with further increases expected in subsequent years [7][10].