AVICHM(600765) 长江证券·2025-04-06 06:42Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 10.355 billion, a year-on-year decrease of 10.55%, and a net profit attributable to shareholders of 640 million, down 52.19% year-on-year [2][6] - The fourth quarter of 2024 saw a revenue of 2.831 billion, a year-on-year decrease of 21.56%, while the net profit was -373 million, a year-on-year decrease of 220.08% [2][6] - The company is facing short-term pressure on revenue and profit due to price adjustments from key customers, but its diversified business layout is expected to perform well in the long term [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.355 billion, with a net profit of 640 million and a non-recurring net profit of 574 million, reflecting decreases of 52.19% and 55.45% year-on-year respectively [2][6] - The fourth quarter results showed a significant decline in profitability, with a net profit of -373 million, marking a year-on-year decrease of 220.08% [2][6] Business Segments - The company’s forging products generated 8.111 billion in revenue, down 12.3% year-on-year, while hydraulic products and radiators saw slight increases and decreases respectively [6] - The company’s sales gross margin for 2024 was 23.69%, a decrease of 7.59 percentage points year-on-year, with a net margin of 7.37%, down 5.84 percentage points [6] Market Opportunities - The company is expanding its commercial engineering projects and has made significant progress in civil engineering, with a 71% year-on-year increase in civil aviation revenue [6] - The company is also exploring new markets, including electronic components for Huawei's supercharging stations and the wind power sector, which saw a 50% increase in orders [6] Capacity and Infrastructure - By the end of 2024, the company had fixed assets of 6.05 billion, an increase of 1.41 billion from the beginning of the year, and ongoing projects valued at 670 million [6] - The company’s new forging facility has reached full production capacity, generating 1.15 billion in revenue [6] Profit Forecast and Valuation - The company’s net profit is projected to reach 1.12 billion, 1.44 billion, and 1.85 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 75%, 29%, and 29% [6]