AVIC XAC(000768) 天风证券·2025-04-05 14:04Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 43.22 billion with a year-on-year growth of 7.2% and a net profit of 1.02 billion, reflecting a year-on-year increase of 18.9% [1][3]. - The company focuses on high-quality development and has improved operational efficiency through various measures, including cost control and deepening reforms [1]. - The company has seen a significant improvement in cash flow from operating activities, with a net cash flow of -0.06 billion, a substantial improvement from -5.51 billion in the previous year [1]. Financial Performance - In Q4 2024, the company reported a revenue of 14.39 billion, a year-on-year increase of 21.1%, and a net profit of 0.08 billion, up 39.1% year-on-year [1]. - The gross profit margin for the full year was 5.9%, a decrease of 1.02 percentage points, while the net profit margin increased to 2.4%, up 0.23 percentage points [1]. - The company’s R&D expenses increased by 9.3% to 0.27 billion, indicating a commitment to innovation [1]. Business Segmentation - The company generated 42.69 billion from aviation products, accounting for 98.8% of total revenue, with a gross margin of 5.5% [2]. - Domestic revenue reached 41.54 billion, growing by 7.2%, while international revenue was 1.68 billion, up 7.4% [2]. - The company is a key supplier for major domestic aircraft models, including C919 and AG600, positioning it well for future growth in the aviation sector [2]. Earnings Forecast - The revenue projections for 2025-2027 are adjusted to 46.02 billion, 51.78 billion, and 60.19 billion respectively, with corresponding net profits of 1.14 billion, 1.35 billion, and 1.60 billion [3][4]. - The projected P/E ratios for 2025-2027 are 57.01, 48.17, and 40.54 respectively, indicating a positive outlook for the company's earnings growth [3][4].