归母净利润提升显著，各项主营持续发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of 5% to 15% relative to the industry index over the next six months [15]. Core Insights - The company achieved a significant increase in net profit attributable to shareholders, reaching 1.886 billion yuan in 2023, a year-on-year growth of 39.6% [1]. - The total operating revenue for 2023 was 29.007 billion yuan, reflecting a year-on-year growth of 4.63% [1]. - The company has successfully completed its operational goals under the guidance of the Aviation Industry Group, with notable achievements in the defense aviation sector [2]. - The company has made substantial progress in research and development, with breakthroughs in key technologies supporting product development and delivery [2]. - The merger with AVIC Electronics has been completed, enhancing the company's competitive advantage and significantly improving its scale and quality [2]. Financial Performance Summary - Revenue and Profit Growth: - Operating revenue is projected to grow from 29.007 billion yuan in 2023 to 40.588 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 14.2% [1][9]. - Net profit is expected to increase from 1.886 billion yuan in 2023 to 3.990 billion yuan by 2026, with a CAGR of about 23.5% [1][9]. - Earnings Per Share (EPS): - EPS is forecasted to rise from 0.39 yuan in 2023 to 0.82 yuan by 2026 [1][9]. - Return on Equity (ROE): - ROE is anticipated to improve from 5.7% in 2023 to 10.0% by 2026 [1][10]. Industry Context - The company operates within the defense and aerospace industry, which is recognized as a strategic emerging industry in China, receiving significant attention and support from the government [5]. - The company has established a comprehensive product line in aviation onboard systems, demonstrating strong competitive advantages and a solid market share [5].