2023年年报点评：主业增长稳健，扣非利润高增

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company reported a revenue of 43.73 billion yuan in 2023, representing a year-on-year growth of 17.9%, with a net profit of 1.42 billion yuan, up 12.1% year-on-year. The non-recurring net profit reached 1.22 billion yuan, showing a significant increase of 45.9% due to improved product profitability [2][4] - The company's three main business segments showed stable growth, with the aviation engine and related products generating revenue of 40.89 billion yuan, up 18.2% year-on-year, and a gross margin of 10.54%, an increase of 0.38 percentage points [3] - The report highlights a decrease in the expense ratio to 6.5%, down 0.31 percentage points year-on-year, indicating effective cost control [3] Summary by Relevant Sections Financial Performance - Revenue for 2022 was 37.1 billion yuan, projected to grow to 49.84 billion yuan in 2024E, with a compound annual growth rate (CAGR) of 13.96% [8] - Net profit for 2022 was 1.27 billion yuan, expected to reach 1.62 billion yuan in 2024E, reflecting a growth rate of 13.75% [8] - The company's earnings per share (EPS) is projected to increase from 0.53 yuan in 2023 to 0.61 yuan in 2024E [8] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 64 in 2023 to 56 in 2024E, indicating a more attractive valuation over time [4][8] - The price-to-book (P/B) ratio is projected to decline from 2.3 in 2023 to 2.2 in 2024E, suggesting a potential increase in shareholder value [4][8] Business Segments - The aviation engine segment is the primary revenue driver, with significant growth observed in 2023, while the non-aviation products segment experienced a decline [3] - The report notes a divergence in performance among the company's main subsidiaries, with some showing substantial revenue growth while others lagged [3]