AVICHM(SH:600765) GF SECURITIES·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.37 CNY per share, indicating an expected performance that exceeds the market by 5%-15% over the next 12 months [4]. Core Views - The company announced its Q1 2024 earnings forecast, expecting revenue of 2.648 billion CNY, a year-on-year increase of approximately 13%, and a net profit attributable to shareholders of 319 million CNY, a year-on-year increase of around 18% [2]. - The anticipated revenue growth is attributed to stable market demand and a full production schedule, with significant contributions from the foreign trade market, which is expected to generate 264 million CNY, reflecting a year-on-year growth of 96.42% and a quarter-on-quarter growth of 25.89% [2]. - The company aims for a full-year revenue target of 11.9 billion CNY and a profit target of 1.86 billion CNY for 2024, representing year-on-year growth of 12.51% and 15.86%, respectively [2]. Financial Summary - The company forecasts its EPS for 2024, 2025, and 2026 to be 1.07 CNY, 1.29 CNY, and 1.59 CNY per share, respectively, with a corresponding PE ratio of 26 times for 2024 [2][3]. - The projected revenue for 2024 is 12.255 billion CNY, with a growth rate of 15.9%, and the net profit is expected to reach 1.585 billion CNY, reflecting a growth rate of 19.3% [3][8]. - The report highlights a stable profit margin, with the net profit margin for Q1 2024 estimated at 12.05%, maintaining a high level compared to the previous year [2].