Avic Hi-Tech(SH:600862) Guotou Securities·2025-10-29 09:34Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 12-month target price of 28.35 yuan [5][8]. Core Insights - The company experienced a revenue decline of 1.56% year-on-year in the first three quarters of 2025, with total revenue reaching 3.761 billion yuan. The net profit attributable to shareholders decreased by 11.59% to 806 million yuan [1][2]. - In Q3 2025, the company reported a significant revenue drop of 20.41% year-on-year, amounting to 1.014 billion yuan, and a net profit decline of 34.74% to 201 million yuan [1][2]. - The company is actively increasing its R&D investments and preparing for production and inventory, with R&D expenses rising by 49.97% year-on-year [3][4]. Financial Performance - For the first three quarters of 2025, the company's gross margin was 38.24%, a decrease of 0.28 percentage points year-on-year, while the net margin was 21.62%, down by 2.5 percentage points [3]. - The company’s revenue from the aerospace new materials segment was 3.713 billion yuan, down 1.55% year-on-year, and the net profit from this segment was 853 million yuan, down 10.6% [2]. - The company’s total assets are projected to grow from 8.647 billion yuan in 2023 to 12.964 billion yuan by 2027, indicating a strong growth trajectory [12]. Future Projections - The report forecasts the company's net profit for 2025, 2026, and 2027 to be 1.219 billion yuan, 1.369 billion yuan, and 1.556 billion yuan, respectively, with growth rates of 5.7%, 12.3%, and 13.7% [5][12]. - The company is focusing on emerging industries, particularly in the low-altitude economy sector, with its subsidiary developing eVTOL aircraft components [4].