AECC AP(SH:600893) Minsheng Securities·2024-03-31 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1][2][8] Core Views - The company achieved a revenue of 43.73 billion yuan in 2023, representing a year-on-year growth of 17.9%, with a net profit attributable to shareholders of 1.42 billion yuan, up 12.1% year-on-year [2][6] - The company exceeded its operational budget for 2023, achieving 103.5% of its revenue target and 104.6% of its net profit target [2] - The company is expected to continue its growth trajectory, with projected revenues of 50.91 billion yuan in 2024, a 13.8% increase from 2023, and a net profit of 1.51 billion yuan, a 6.4% increase [2][6] Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue 43,734 million yuan, Net Profit 1,421 million yuan - 2024E: Revenue 50,911 million yuan, Net Profit 1,607 million yuan - 2025E: Revenue 58,397 million yuan, Net Profit 1,978 million yuan - 2026E: Revenue 65,804 million yuan, Net Profit 2,555 million yuan [1][6] - Growth Rates: - Revenue growth rates are projected at 17.9% for 2023, 16.4% for 2024, 14.7% for 2025, and 12.7% for 2026 [1][6] - Net profit growth rates are projected at 12.2% for 2023, 13.0% for 2024, 23.1% for 2025, and 29.2% for 2026 [1][6] - Earnings Per Share (EPS): - EPS is projected to be 0.53 yuan for 2023, increasing to 0.60 yuan in 2024, 0.74 yuan in 2025, and 0.96 yuan in 2026 [1][6] Market Position and Outlook - The company is positioned as a leading enterprise in the aviation engine industry in China, benefiting from the high demand in the market during the "14th Five-Year Plan" period [2] - The company is expected to maintain a strong growth outlook, with net profits projected to reach 2.56 billion yuan by 2026, corresponding to a PE ratio of 35x [2][6]