AVIC SAC(600760) 华安证券·2025-04-09 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 42.837 billion yuan in 2024, a year-on-year decrease of 7.4%, while the net profit attributable to the parent company was 3.394 billion yuan, an increase of 12.9% [5] - External factors such as contract signing progress and supply chain issues impacted revenue, but the company managed to improve operational efficiency through internal measures [6] - The year 2025 is seen as a critical year for the company to accelerate reforms and structural upgrades, focusing on both military and civil aviation sectors [6] Financial Summary - Revenue projections for 2025-2027 are 47.107 billion yuan, 54.151 billion yuan, and 62.789 billion yuan, with year-on-year growth rates of 10.0%, 15.0%, and 16.0% respectively [7] - Net profit forecasts for the same period are 3.743 billion yuan, 4.323 billion yuan, and 5.051 billion yuan, with growth rates of 10.3%, 15.5%, and 16.8% respectively [7] - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 30.92, 26.77, and 22.91 respectively [7] - Key financial metrics include a gross margin of 12.5% in 2024, expected to rise to 12.8% by 2027, and a return on equity (ROE) of 19.9% in 2024, projected to decrease slightly to 18.7% by 2027 [9]