CITIC COHC(SZ:000099) Huachuang Securities·2024-03-18 16:00Investment Rating - The report maintains a "Recommendation" rating for the company, with a current price target of 13.40 yuan [32]. Core Insights - The company achieved a 23% year-on-year increase in net profit, reaching 239 million yuan in 2023, with a non-recurring net profit of 211 million yuan, up 9.3% [32][33]. - Revenue for 2023 was 1.97 billion yuan, reflecting a 9.5% year-on-year growth, with Q4 revenue at 561 million yuan, up 13.7% [32][33]. - The gross margin for 2023 was 21.2%, an increase of 0.9 percentage points year-on-year, while the net margin improved by 2.6 percentage points to 12.1% [32][33]. - The company has a fleet of 87 advanced helicopters and 11 drones as of the end of 2023 [32]. Financial Performance Summary - Revenue: 1.97 billion yuan in 2023, with a growth rate of 9.5% [33]. - Net Profit: 239 million yuan, a year-on-year increase of 23.1% [33]. - Gross Margin: 21.2%, up from the previous year [32]. - Net Margin: 12.1%, an increase from the previous year [32]. - Operating Expenses: The company's three expense ratios were 8.9%, a decrease of 0.6 percentage points year-on-year [32]. Industry Context - The company is positioned as a core player in the low-altitude economy, which is expected to grow rapidly due to favorable government policies and market conditions [32]. - The report highlights the potential of the C-end business, with the company launching several low-altitude tourism routes [32]. - The low-altitude economy is seen as a strategic emerging industry, with significant government support and a growing market for aviation consumption [32].