AVICHM(600765)2025-05-08 09:47Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has sufficient orders on hand and abundant production capacity, which supports long-term development. The transition from old to new models is expected to drive growth [6][12]. - In Q1 2025, the company achieved revenue of 2.306 billion, a year-on-year decrease of 21.15%, and a net profit attributable to shareholders of 198 million, down 38.97% year-on-year [2][6]. - The company reported a stable gross margin of 33.8% in Q1 2025, an increase of 4.1 percentage points year-on-year, while the net profit margin was 11.1%, a decrease of 1.1 percentage points year-on-year [12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.306 billion, a quarter-on-quarter increase of 13.58%, and a total profit of 303 million, completing 20.05% of the annual budget target [12]. - The company’s gross profit margin was 33.8%, with a net profit margin of 11.1% [12]. Orders and Market Position - As of the end of March, the company had a robust order backlog, with commercial engineering orders increasing by 42.39% year-on-year. In April, the company secured additional orders worth 1.707 billion [12]. - The company is leveraging six regional coordination centers and seven IPT teams to enhance market development and transition from old to new models, focusing on high-value sectors [12]. Future Projections - The company is projected to achieve total revenue of 12.687 billion in 2025, with a gross profit of 3.513 billion, indicating a growth trajectory [17]. - The net profit attributable to shareholders is expected to reach 1.118 billion by 2025, with an EPS of 0.71 [17].