AVIC SAC(SH:600760) ZHONGTAI SECURITIES·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company reported a revenue of 46.248 billion yuan in 2023, representing a year-on-year growth of 11.18%. The net profit attributable to shareholders was 3.007 billion yuan, up 30.47% year-on-year [5][6]. - The company has achieved record-high profitability with a gross margin of 10.95% in 2023, an increase of 1.00 percentage points year-on-year. The net profit margin reached 6.51%, up 0.95 percentage points [6]. - The company is focusing on vertical integration within its supply chain, enhancing its position in the aviation maintenance and parts manufacturing sectors [6][7]. - The company plans to raise up to 4.2 billion yuan for capacity building in new materials and titanium alloy production, which is expected to enhance its operational capabilities [6][7]. Financial Summary - The total share capital is 2,756 million shares, with a market price of 36.39 yuan, leading to a market capitalization of 100.280 billion yuan [3]. - Revenue projections for 2024 and 2025 are 52.681 billion yuan and 60.558 billion yuan, respectively, with net profits expected to be 3.708 billion yuan and 4.520 billion yuan [5][7]. - The company’s earnings per share (EPS) are projected to be 1.35 yuan for 2024 and 1.64 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 27X and 22X [7][9].