2023年扣非归母净利润同比增长45.85%，产品获利能力增强

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported a 45.85% year-on-year growth in net profit attributable to the parent company for 2023, indicating enhanced product profitability [2][4] - The company achieved a revenue of 437.34 billion yuan in 2023, representing a year-on-year increase of 17.89% [2] - The company is expected to enter a phase of steady revenue growth and accelerated profit growth, with projected net profits of 17.87 billion yuan, 22.61 billion yuan, and 28.73 billion yuan for 2024, 2025, and 2026 respectively [7] Revenue Summary - In 2023, the company generated revenue of 437.34 billion yuan, with the aerospace engine and derivatives contributing 408.93 billion yuan (up 18.17% year-on-year) [2] - The foreign trade export subcontracting business achieved revenue of 19.48 billion yuan (up 18.04% year-on-year) [2] - Non-aerospace products and other businesses reported revenue of 2.62 billion yuan (down 16.9% year-on-year) [2] Profitability Summary - The net profit attributable to the parent company for 2023 was 14.21 billion yuan, a year-on-year increase of 12.17% [2][4] - The overall gross margin for the company was 11.08%, reflecting a slight increase of 0.26 percentage points year-on-year [2] - The company’s sales net profit margin was 3.47%, a decrease of 0.17 percentage points year-on-year, primarily due to impairment provisions totaling 4.81 billion yuan [2] Subsidiary Performance - Subsidiary "Dawn Company" achieved revenue of 262.35 billion yuan (up 19.16% year-on-year) [3] - Subsidiary "Southern Company" reported revenue of 77.75 billion yuan (down 0.86% year-on-year) [3] - Subsidiary "Liyang Company" generated revenue of 49.08 billion yuan (up 45.07% year-on-year) [3] - The company headquarters achieved revenue of 129.74 billion yuan (up 21.12% year-on-year) [3] Financial Projections - The company aims to achieve total revenue of 497.62 billion yuan in 2024, a year-on-year increase of 13.78% [3] - The projected net profit for 2024 is 15.12 billion yuan, reflecting a year-on-year growth of 6.4% [3] - The company’s gross margin is expected to improve to 12.1% by 2024 [7] Balance Sheet Insights - As of the end of 2023, the company had contract liabilities of 118.76 billion yuan, indicating strong mid-term demand [4] - Accounts payable increased by 38.54% year-on-year to 179.78 billion yuan, driven by increased production tasks [4] - Inventory reached 296.63 billion yuan, up 15.27% year-on-year, with significant increases in raw materials and finished goods [4]