AVIC SAC(SH:600760)2024-04-02 16:00Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company's 2023 performance met market expectations, with revenue of 46.248 billion yuan, a year-on-year increase of 11.18%, and a net profit of 3.007 billion yuan, up 30.47% year-on-year [6][7]. - Strong demand for equipment and deepening industry development contributed to stable revenue growth [7]. - The company's profitability continues to improve, with a gross margin of 10.95%, up from 9.95% year-on-year, and a net profit margin of 6.51%, an increase of 0.95 percentage points [7]. - Anticipated growth in related transactions indicates robust downstream demand, with expected total related transactions of 61.063 billion yuan in 2024, a 10.05% increase [7]. - The company is positioned well in the fighter jet market, with ongoing updates to military aircraft and a significant gap in new domestic fighter jets [7]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 46.248 billion yuan, with a year-on-year growth rate of 11.18% [6][8]. - The net profit for 2023 was 3.007 billion yuan, reflecting a year-on-year increase of 30.47% [6][8]. - The gross margin improved to 10.95%, while the net profit margin rose to 6.51% [7][9]. Future Projections - Revenue projections for 2024 and 2025 are set at 56.025 billion yuan and 67.510 billion yuan, respectively, with expected growth rates of 21.1% and 20.5% [8][9]. - The forecasted net profit for 2024 is 3.781 billion yuan, with a growth rate of 25.7% [8][9]. - The company is expected to maintain a strong performance with a projected net profit of 6.206 billion yuan by 2026 [8][9].