2023超额完成预算目标，黎阳公司营收增速较快

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [2][4]. Core Views - The company has exceeded its annual revenue and profit budget for 2023, achieving a revenue of 437.34 billion yuan, a year-on-year increase of 17.89%, and a net profit attributable to shareholders of 14.21 billion yuan, up 12.17% year-on-year [3][4]. - The company is positioned as a leading supplier of engines for China's main combat aircraft, benefiting from increased product deliveries and a growing demand for existing models [4][3]. - The financial metrics indicate a stable performance with a slight increase in gross profit margin to 11.08% and a net profit margin of 3.47% [3][4]. Financial Data Summary - Revenue and Profit Forecasts: - 2023 revenue: 437.34 billion yuan, 2024E: 502.94 billion yuan, 2025E: 574.36 billion yuan, 2026E: 655.34 billion yuan [6][7]. - Net profit attributable to shareholders: 2023: 14.21 billion yuan, 2024E: 17.21 billion yuan, 2025E: 20.93 billion yuan, 2026E: 26.03 billion yuan [6][7]. - Key Financial Ratios: - Gross margin: 11.08% in 2023, expected to rise to 11.80% by 2026 [7]. - Net profit margin: 3.25% in 2023, projected to reach 3.97% by 2026 [7]. - Return on equity (ROE): 3.60% in 2023, expected to increase to 5.93% by 2026 [7]. Operational Insights - The company has maintained a high inventory level of 29.66 billion yuan, reflecting increased customer demand and product deliveries [4][3]. - The company’s total assets reached 99.80 billion yuan in 2023, with a debt ratio of 56.05% [7][4]. - The company’s operating expenses have remained stable, with a total expense ratio of 6.50% in 2023 [4][3].