HDAA(SH:600316) Tianfeng Securities·2025-04-29 04:12Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a significant revenue increase of 90.6% year-on-year in Q1 2025, achieving a revenue of 510 million yuan, with a narrowing net loss of 8.54 million yuan compared to a loss of 9.28 million yuan in Q1 2024 [1]. - The gross margin improved to 3.8%, up by 0.19 percentage points year-on-year, while the net margin showed substantial improvement from -3.5% in Q1 2024 to -1.7% in Q1 2025 [1]. - The company is positioned as a unique platform under AVIC, combining manufacturing and research capabilities, suggesting significant future growth potential [1][3]. Financial Performance - In 2024, the revenue from trainer aircraft products reached 1.65 billion yuan, a year-on-year increase of 86.7%, driven by higher delivery volumes, although the gross margin decreased by 0.45 percentage points to 3.3% [2]. - Other aviation products generated 3.58 billion yuan in revenue, a 27.5% increase year-on-year, with a gross margin of 3.3%, which improved by 0.33 percentage points [2]. - The company achieved a net cash flow from operating activities of 20 million yuan in Q1 2025, a significant improvement from a negative cash flow of 360 million yuan in the same period last year [1]. Future Projections - The company expects to purchase raw materials from related parties amounting to 3.77 billion yuan in 2025, a 64% increase from the previous year's estimate, indicating strong demand [3]. - Revenue projections for 2025-2027 are estimated at 7.60 billion yuan, 10.24 billion yuan, and 13.79 billion yuan, respectively, with corresponding price-to-sales ratios of 3.25, 2.41, and 1.79 [3][5]. - The report highlights the potential for the L15 advanced trainer aircraft to evolve into a multi-purpose platform, expanding its traditional role and enhancing training capabilities [3].