营收稳健增长，航发产业加速发展

Investment Rating - The report maintains an "Accumulate - A" rating for the company [1][4]. Core Views - The company has shown steady revenue growth, with a 2023 revenue of 437.34 billion, representing a year-on-year increase of 17.89%. The net profit attributable to the parent company was 14.21 billion, up 12.17% year-on-year, while the net profit after deducting non-recurring gains and losses increased by 45.85% to 12.22 billion [2][3]. - The company is positioned to benefit from the accelerating development of the aviation industry, driven by national defense needs and the recovery of the civil aviation market. The domestic market for commercial engines is expected to grow significantly, especially with the C919 entering commercial operation [3][4]. Financial Performance Summary - In 2023, the company's revenue from aviation engines and related products reached 408.93 billion, a growth of 18.17%, while foreign trade export outsourcing business revenue was 19.48 billion, up 18.04%. Non-aviation products and other businesses saw a decline of 16.90% to 2.62 billion [3]. - The company achieved 103.48% of its annual budget in 2023 and expects to generate revenue of 497.62 billion in 2024, reflecting a year-on-year growth of 13.78%. The projected net profit for 2024 is 15.12 billion, a year-on-year increase of 6.40% [3][4]. Financial Metrics and Projections - The company’s projected EPS for 2024-2026 are 0.60, 0.71, and 0.85 respectively, with corresponding PE ratios of 56.8, 47.8, and 40.0 based on the closing price of 34.06 on April 1 [4][6]. - The financial ratios indicate a stable growth trajectory, with revenue growth rates projected at 15.8% for 2024 and 14.2% for 2025, while net profit growth rates are expected to be 12.0% and 18.8% for the same periods [6][7].