提质增效持续高质量发展，前瞻布局复材长久期景气

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2023, the company focused on its core business of aviation composite materials, benefiting from product structure upgrades, cost reduction, efficiency improvements, and scale effects, leading to a significant enhancement in profitability and achieving a high-speed growth in performance [5][6]. - For 2024, the company's growth target is relatively low, potentially impacted by the rhythm of equipment deliveries; however, historically, the company has often exceeded its profit targets [5][6]. - The company is proactively expanding production capacity to ensure equipment delivery and is continuously exploring the civil aviation composite materials market, indicating a promising long-term growth outlook based on its technological strength and business layout [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 4.78 billion, a year-on-year increase of 7.5%, and a net profit attributable to shareholders of 1.031 billion, up 34.9% year-on-year [5][6]. - The fourth quarter of 2023 saw revenue of 1.157 billion, a year-on-year increase of 6.9%, while net profit reached 187 million, a remarkable year-on-year growth of 99.8% [5][6]. - The company's 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 4.45 percentage points year-on-year [6]. Business Segments - The aviation new materials segment generated revenue of 4.671 billion in 2023, with a year-on-year growth of 7.18%, and a net profit of 1.097 billion, up 32.97% year-on-year [5][6]. - The military aircraft composite materials demand experienced slight deceleration due to planning adjustments, but overall performance remained strong due to improved profitability [5][6]. - The company’s new material business saw a material cost reduction of 3.64% year-on-year, contributing to enhanced profitability [6]. Future Outlook - The company has set a revenue target of 5 billion for 2024, reflecting a growth of 2.04% compared to 2023, and a profit target of 1.282 billion, which is a 9.01% increase [6]. - The growth targets for 2024 are conservative, primarily due to the current delivery pace of key aircraft models, which is expected to slow down [6]. - Profitability is expected to remain resilient, with projected net profits for 2024-2026 of 1.12 billion, 1.42 billion, and 1.84 billion respectively, indicating year-on-year growth rates of 9%, 27%, and 30% [6].