Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its growth potential and financial performance [2][3]. Core Viewpoints - The company aims to become a world-class aerospace high-tech industrial group, with steady growth in both complete aircraft and supporting systems, achieving a revenue of 84.725 billion yuan in 2023, a year-on-year increase of 7.57% [2]. - The increase in revenue is primarily driven by the growth in helicopter and avionics product sales, with a notable rise in gross profit margins across various business segments [2]. - The company is focusing on enhancing its research and development capabilities to strengthen its competitive edge across different sectors, with a significant increase in R&D expenditure [2]. Financial Performance Summary - Revenue and Profit: In 2023, the company reported a total revenue of 84.725 billion yuan, with a net profit attributable to shareholders of 2.447 billion yuan, reflecting year-on-year growth rates of 7.57% and 5.47%, respectively [2]. - Business Segments: - Aerospace Complete Aircraft: Revenue reached 22.252 billion yuan, up 9.60% year-on-year, with helicopter products contributing 21.271 billion yuan, a 21.61% increase [2]. - Aerospace Supporting Systems: Revenue was 54.792 billion yuan, a 9.74% increase, with avionics contributing 45.525 billion yuan, up 16.16% [2]. - Aerospace Engineering Services: Revenue decreased to 7.681 billion yuan, down 9.93%, due to structural improvements in the business [2]. - Profitability Metrics: The overall gross margin improved to 25.18%, with a net profit margin of 7.89% [2]. Future Projections - The company forecasts net profits attributable to shareholders of 2.937 billion yuan, 3.509 billion yuan, and 4.178 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 8x, 7x, and 6x [2][3].
2023年报点评：世界一流航空高科技产业集团；整机及配套稳步增长