AECC AP(600893) 长江证券·2025-04-06 14:15Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 47.88 billion, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million [6][12]. - The fourth quarter saw a significant revenue increase of 25.81% year-on-year, but the net profit dropped by 65.65% compared to the same quarter last year [6][12]. - The company is actively expanding its civilian product business, focusing on low-altitude, general aviation, and commercial aviation engines, which are expected to be key growth areas in the future [12]. Summary by Sections Revenue and Profitability - In 2024, the company reported total revenue of 47.88 billion, with a 10.03% increase in the aviation engine and derivative products segment, while the foreign trade export business grew by 6.45% [12]. - The overall gross profit margin for the year was 10.06%, a decrease of 1.03 percentage points year-on-year, with a notable drop in the fourth quarter gross margin to 7.72% [12]. Business Segments - The company’s subsidiaries showed varied performance, with the main subsidiary achieving a revenue of 16.03 billion (up 24% year-on-year) and another subsidiary reaching 27.37 billion (up 4% year-on-year) [12]. - The company is a key supplier of core components for domestic commercial aircraft engines and is expanding into the low-altitude economy and general aviation markets [12]. Future Outlook - The projected net profit for 2025-2027 is expected to be 970 million, 1.63 billion, and 2.30 billion respectively, with growth rates of 12%, 69%, and 41% [12]. - The company is preparing for a new round of demand release by actively laying out new production capacities [2].