AVIC Jianghang(SH:688586) Soochow Securities·2024-03-16 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 1.214 billion yuan in 2023, representing a year-on-year growth of 8.89%, while the net profit attributable to shareholders decreased by 20.90% to 193 million yuan [1][11] - The company has successfully secured multiple new research projects in military aviation, further solidifying its market-leading position. In the civil aviation sector, it received bidding invitations for three work packages related to the C929 aircraft from COMAC [1][12] - The company applied for 134 patents in 2023, with 97 being invention patents, accounting for 72% of the total [1] Financial Summary - The company's revenue is projected to grow from 1.214 billion yuan in 2023 to 1.793 billion yuan by 2026, with corresponding net profits expected to rise from 193 million yuan to 340 million yuan during the same period [2][11] - The company's gross margin for 2023 was 38.38%, a decrease of 4.61 percentage points compared to the previous year, primarily due to industry policy changes and market price impacts [11] - The company has a total asset value of 3.585 billion yuan in 2023, with a projected increase to 4.996 billion yuan by 2026 [7] Market Position and Outlook - The company focuses on aviation oxygen systems, inerting systems for fuel tanks, and special refrigeration products for military and civil use, establishing itself as a specialized R&D and manufacturing base in these areas [12] - The continuous growth in national defense spending is expected to benefit the company's development [12]