AVICHM(SH:600765) Orient Securities·2024-03-23 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.90 yuan, based on a projected EPS of 1.05 yuan for 2024 and 1.25 yuan for 2025 [2][4]. Core Views - The company reported a revenue of 10.577 billion yuan for 2023, a slight increase of 0.07%, while the net profit attributable to shareholders was 1.329 billion yuan, up 10.70% [1]. - The forging business grew by 6% year-on-year, with significant growth in overseas markets, which saw a 48% increase [1]. - The company aims for a revenue target of 11.9 billion yuan for 2024, representing a growth of 12.51%, and a profit target of 1.86 billion yuan, reflecting a 15.86% increase [1]. Financial Performance Summary - Revenue for 2023 was 10,577 million yuan, with a year-on-year growth of 0.1% and a projected revenue of 12,112 million yuan for 2024, indicating a growth of 14.5% [3]. - The net profit attributable to shareholders for 2023 was 1,329 million yuan, with a year-on-year growth of 10.7%, and is expected to reach 1,553 million yuan in 2024, reflecting a growth of 16.9% [3]. - The gross margin improved to 31.28% in 2023, up 2.04 percentage points from the previous year, while the net margin increased to 12.6% [3][4].