中航机载（600372）：营收利润稳中有增，26年规划持续稳定增长

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Insights - The company achieved a revenue of 24.212 billion yuan in 2025, representing a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 1.067 billion yuan, up 2.56% year-on-year [1][6] - The company is expected to continue stable growth, with projected revenues of 24.514 billion yuan in 2026, reflecting a year-on-year increase of 1.25% [6] - The defense business is anticipated to generate 19.67 billion yuan in revenue in 2026, a growth of 3.84% year-on-year, while civil aviation revenue is expected to decline by 3.55% to 1.08 billion yuan [6] Financial Data and Valuation - Total revenue for 2024 is projected at 23.88 billion yuan, with a year-on-year decrease of 18% [2] - Operating profit is expected to be 1.286 billion yuan in 2024, down 42% year-on-year, but is projected to recover with a 15% increase in 2025 [2][15] - The company’s net profit attributable to shareholders is forecasted to be 1.041 billion yuan in 2024, a decrease of 45% year-on-year, with a recovery to 1.067 billion yuan in 2025 [2][15] Profitability and Financial Ratios - The gross profit margin for the company is reported at 28.70%, an increase of 0.52 percentage points year-on-year [6] - The net profit margin for 2025 is projected to be 5.55%, an improvement of 0.55 percentage points compared to the previous year [6] - The return on equity (ROE) is expected to remain stable at 2.8% for 2025, with a gradual increase to 3.9% by 2028 [15] Business Development - The company is making steady progress in the civil aviation sector, with significant milestones achieved in national aircraft projects [6] - The company is expanding its international business and modern industry applications, aiming to establish a second growth curve [6] - The company has successfully integrated advanced airborne systems into various international military trade products, enhancing its market presence [6]