AVIC SAC(SH:600760) CMS·2025-08-26 03:17Investment Rating - The report maintains a "Strong Buy" rating for the company [2]. Core Views - In the first half of 2025, the company experienced a revenue decline of 32.35% year-on-year, totaling 14.628 billion yuan, primarily due to product delivery schedules and structural adjustments [1][5]. - The net profit attributable to shareholders was 1.136 billion yuan, down 29.78% year-on-year, while the net profit excluding non-recurring items was 1.074 billion yuan, a decrease of 32.38% [1][5]. - The company’s gross profit margin was reported at 12.25%, a slight decrease of 0.27 percentage points compared to the same period last year [5]. - Significant recovery in contract liabilities was noted, with a 155.11% increase to 7.532 billion yuan, attributed to an increase in advance payments received [5]. - The company is expected to achieve net profits of 3.755 billion yuan, 4.301 billion yuan, and 4.951 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 49, 42, and 37 times [5][6]. Financial Data Summary - For the first half of 2025, the company reported a revenue of 14.628 billion yuan, with a net profit of 1.136 billion yuan [1][5]. - The company’s total assets are projected to reach 72.409 billion yuan by 2025, with total liabilities of 46.685 billion yuan [11]. - The company’s return on equity (ROE) is expected to be 18.4% in 2025, decreasing to 17.0% by 2026 [12]. - The projected earnings per share (EPS) for 2025 is 1.32 yuan, with a PE ratio of 48.5 [6][12].