AVIC SAC(600760) 天风证券·2025-04-03 13:55Investment 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 significant increase in profitability driven by improved product gross margins and enhanced cost control measures [1][3]. - The company is positioned to benefit from the rising demand for national defense equipment during the "14th Five-Year Plan" and "15th Five-Year Plan," supported by its leading position in the aviation manufacturing sector and ongoing reforms [3][6]. Financial Performance Summary - For the year 2024, the company reported revenue of 428.4 billion, a year-over-year decrease of 7.4%, while net profit reached 33.9 billion, up 12.9% year-over-year [1]. - In Q4 2024, the company experienced a substantial revenue increase of 51% year-over-year, with net profit soaring by 145% [1]. - The gross margin for the year was 12.5%, an increase of 1.52 percentage points year-over-year, while the net margin improved to 8.0%, up 1.46 percentage points [1][3]. Cost Management - The company achieved its lowest expense ratio in five years at 3.2%, reflecting strong lean management capabilities [2]. - The breakdown of expenses includes a sales expense ratio of 0.01%, a management expense ratio of 2.2%, and a research and development expense ratio of 1.7% [2]. Product and Subsidiary Performance - The aviation manufacturing segment generated revenue of 425.5 billion, with a gross margin of 12.5% [3]. - The subsidiary, Jihang Company, reported a revenue increase of 56.8% year-over-year, significantly contributing to the company's integrated industry layout [3]. Future Projections - Revenue forecasts for 2025-2027 have been adjusted to 492.84 billion, 571.94 billion, and 662.02 billion, respectively, with net profit projections of 38.27 billion, 45.60 billion, and 53.83 billion [3][5]. - The corresponding price-to-earnings ratios are projected to be 30.92, 25.95, and 21.98 for the years 2025, 2026, and 2027 [3][5].