AECC AP(600893) 东吴证券·2025-04-08 02:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 47.88 billion yuan for 2024, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders decreased by 39.48% to 860.29 million yuan [1][8] - The decline in net profit is attributed to increased R&D expenses, fluctuations in raw material prices, and a 24.91% decrease in revenue from non-aerospace products [8] - The company has made significant progress in technology innovation and market expansion, including partnerships with international aviation giants and a focus on military and civilian aviation engine development [8] Financial Performance Summary - Total revenue projections for the upcoming years are as follows: 48.52 billion yuan in 2025, 54.62 billion yuan in 2026, and 62.72 billion yuan in 2027, with respective growth rates of 1.35%, 12.57%, and 14.83% [1][9] - The forecasted net profit for 2025 and 2026 is 894.14 million yuan and 978.30 million yuan, respectively, with a new projection for 2027 at 1.15 billion yuan [1][9] - The company's earnings per share (EPS) is expected to be 0.34 yuan in 2025, 0.37 yuan in 2026, and 0.43 yuan in 2027 [1][9] Market Expansion and Strategic Initiatives - The company has signed long-term agreements with major international players, including Safran Group and Rolls-Royce, amounting to over 1.5 billion yuan, enhancing its position in the global aviation supply chain [8] - The establishment of a new division for general aviation products and the successful launch of several small and medium-sized aircraft engines demonstrate the company's commitment to diversifying its product offerings [8] - The company is actively responding to national military-civilian integration strategies by raising 1 billion yuan for the construction of intelligent production lines for aircraft engines [8]