AVICHM(SH:600765)2024-03-24 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company's revenue for 2023 was 10.577 billion yuan, a slight increase of 0.07% year-on-year, while the net profit attributable to shareholders was 1.33 billion yuan, reflecting a year-on-year growth of 10.7% [2][5]. - The performance in 2023 was below market expectations due to fluctuations in product delivery schedules and downstream customer demand [5]. - The company has seen an improvement in profitability, with a gross margin of 31.28%, up 2.04 percentage points from the previous year, and a net margin of 13.21%, up 0.62 percentage points [5][6]. - The company is expected to benefit from a recovery in the aviation industry in 2024, which could accelerate overall revenue growth [5][6]. Financial Data Summary - For 2023, the company achieved total revenue of 10.577 billion yuan, with a year-on-year growth rate of 0.1% [7][8]. - The net profit for 2023 was 1.397 billion yuan, with a year-on-year growth rate of 5.2% [7][8]. - The projected revenues for 2024 and 2025 are 12.486 billion yuan and 14.830 billion yuan, respectively, with expected growth rates of 18.1% and 18.8% [7][8]. - The projected net profit for 2024 and 2025 is 1.725 billion yuan and 2.050 billion yuan, with growth rates of 20.1% and 19.0% [7][8].