AVIC SAC(SH:600760) Tianfeng Securities·2024-02-07 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential return of over 20% within the next six months [5][13]. Core Views - The company is expected to benefit from a continuous increase in related transactions, with a projected amount of 610.63 billion yuan for 2024, reflecting a slight year-on-year increase of 0.94% [1]. - The company is building an integrated platform for research, manufacturing, and maintenance, which is anticipated to enhance its operational capabilities and market position [2]. - The demand for defense products remains strong, and the company is well-positioned to capitalize on the increasing production and research needs of military aircraft [3]. Financial Performance and Forecast - The company's revenue is projected to grow from 46.25 billion yuan in 2023 to 70.43 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 20% [4]. - The net profit attributable to the parent company is expected to rise from 3.01 billion yuan in 2023 to 5.05 billion yuan in 2025, indicating a robust growth trajectory [4]. - The earnings per share (EPS) is forecasted to increase from 1.09 yuan in 2023 to 1.83 yuan in 2025, reflecting strong profitability [4].