AVICOPTER(SH:600038) Soochow Securities·2024-03-16 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for 2023 reached 23.33 billion yuan, a year-on-year increase of 19.81%, while the net profit attributable to shareholders was 443 million yuan, up 14.11% year-on-year [2][3] - The increase in performance is attributed to improved downstream demand, higher product delivery volumes, and price adjustments for certain products [3] - The company has successfully obtained approval for a private placement and restructuring plan, which is expected to enhance its competitive edge through resource integration and business synergy [3] - The company is entering the eVTOL sector, leveraging its expertise in aviation technology, which is anticipated to provide additional growth potential [3] Financial Forecasts and Valuation - The company is projected to achieve net profits of 504 million yuan, 606 million yuan, and 718 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 46, 38, and 32 times [4] - The total revenue forecast for 2024 is 26.32 billion yuan, with a growth rate of 12.81% [4] - The report highlights a significant increase in associated procurement, which rose by 79.9% year-on-year to 22.67 billion yuan, indicating a robust supply chain restructuring [3]