AECC AP(600893) 天风证券·2025-04-03 13:55Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company experienced short-term performance pressure but is expected to see long-term growth in both military and civil aviation sectors [1][4]. - The company's 2024 revenue was 47.88 billion yuan, a year-on-year increase of 9.5%, while the net profit attributable to shareholders was 860 million yuan, a decrease of 39.5% [1][5]. - The fourth quarter of 2024 saw the highest quarterly revenue at 21.92 billion yuan, a year-on-year increase of 25.8%, but net profit dropped by 65.7% [2][3]. Financial Performance Summary - The overall gross margin for 2024 was 10.1%, down 1.03 percentage points year-on-year, with a net profit margin of 2.1%, down 1.42 percentage points [2][3]. - The revenue from the main product line, aviation engines and related products, was 44.99 billion yuan, a year-on-year increase of 10.0%, but the gross margin decreased to 9.5% [3][4]. - The company’s subsidiaries showed varied performance, with significant profit decline in the Southern Company, which reported a net profit of only 1.57 million yuan, down 96.5% year-on-year [3][4]. Future Outlook - The company is deeply involved in the development of domestic commercial engines and is expected to benefit from the growth of the domestic large aircraft industry [3][4]. - The company has signed a significant contract for 1,500 general aviation power products, valued at over 10 billion yuan, indicating strong market demand [3][4]. - Revenue forecasts for 2025-2027 have been adjusted to 47.69 billion yuan, 53.32 billion yuan, and 58.97 billion yuan respectively, with net profit estimates of 690 million yuan, 888 million yuan, and 1.17 billion yuan [4][5].