AVICOPTER(SH:600038) Shanxi Securities·2026-04-02 10:35Investment Rating - The investment rating for the company is "Accumulate-A" [1][4]. Core Views - The company reported a net profit growth that exceeded expectations, driven by improved internal management and cost reduction efforts, leading to a 17.27% year-on-year increase in net profit for 2025 [2][3]. - The company is accelerating its market expansion across multiple dimensions, with a comprehensive product lineup of helicopters catering to various needs, including military, emergency rescue, and civil aviation [3]. Financial Performance Summary - For the fiscal year 2025, the company achieved an operating revenue of 29.086 billion yuan, a decrease of 2.28% year-on-year, while the net profit attributable to shareholders was 652 million yuan, reflecting a growth of 17.27% [2]. - The fourth quarter of 2025 saw a revenue recovery with a 12.62% year-on-year increase, amounting to 14.039 billion yuan [3]. - The company’s total liabilities decreased by 5.53% year-on-year to 33.860 billion yuan, while cash and cash equivalents dropped significantly by 73.90% to 3.465 billion yuan [2]. Earnings Forecast - The expected earnings per share (EPS) for 2026, 2027, and 2028 are projected to be 0.92 yuan, 1.09 yuan, and 1.32 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 36.6, 30.9, and 25.5 [4][6].