Avic Hi-Tech(SH:600862) Haitong Securities·2024-03-19 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Insights - The company reported a revenue of 4.78 billion yuan in 2023, representing a year-on-year growth of 7.5%, and a net profit attributable to the parent company of 1.03 billion yuan, which is a 34.9% increase compared to the previous year [6][8]. - The company has successfully delivered multiple models and continues to expand its market presence, with significant growth in sales of aerospace composite materials and brake products [6][7]. - The company aims for a revenue target of 5 billion yuan in 2024, which is a 2.04% increase from the 2023 target and a 4.58% increase from the actual revenue achieved in 2023 [6][8]. Financial Performance - The gross profit margin for 2023 was 36.75%, an increase of 5.81 percentage points year-on-year, and the net profit margin was 21.71%, up by 4.45 percentage points [7][12]. - The company invested 181 million yuan in R&D in 2023, with 46 patent applications filed and 26 patents granted [7][12]. - The company’s construction projects increased significantly, with ongoing projects valued at 273 million yuan, up 80% year-on-year, which is expected to enhance production capacity [7][12]. Earnings Forecast - The expected EPS for 2024-2026 is projected to be 0.79, 0.92, and 1.11 yuan respectively, with a corresponding reasonable valuation range of 23.74 to 27.70 yuan based on a PE ratio of 30-35 times for 2024 [6][11][12].