AECC AP(SH:600893) INDUSTRIAL SECURITIES·2024-04-18 08:02Investment Rating - The report maintains a "Buy" rating for the company [4][33][36] Core Insights - In 2023, the company achieved operating revenue of 437.34 billion yuan, a year-on-year increase of 17.89%, driven by increased customer demand and product deliveries [4][8] - The net profit attributable to shareholders was 14.21 billion yuan, up 12.17% year-on-year, while the non-recurring net profit surged by 45.85% to 12.22 billion yuan [4][8] - The company exceeded its annual budget for both revenue and net profit, achieving 103.48% and 104.64% of the respective targets [4][8] - For 2024, the company aims for operating revenue of 497.62 billion yuan, a 17.74% increase from the budgeted 2023 figure, and a net profit of 15.12 billion yuan, reflecting an 11.34% increase from the 2023 budget [4][8] Financial Performance Summary - Revenue and Profit Growth: - 2023 operating revenue: 437.34 billion yuan, 17.89% YoY growth - 2023 net profit: 14.21 billion yuan, 12.17% YoY growth - 2023 basic EPS: 0.53 yuan, 10.42% YoY growth [2][4][8] - Future Projections: - Expected net profit for 2024: 16.78 billion yuan, with EPS of 0.63 yuan [4][33] - Revenue projections for 2024-2026 show steady growth, with 2025 expected at 588.89 billion yuan and 2026 at 676.75 billion yuan [2][33] Segment Analysis - Product Revenue Breakdown: - In 2023, revenue from aviation engines and related products was 408.93 billion yuan, accounting for 93.50% of total revenue, with a gross margin of 10.54% [4][14] - Foreign trade outsourcing generated 19.48 billion yuan, with a gross margin of 14.42% [4][14] - Investment Plans: - The company plans a total investment of 35.17 billion yuan for 2024, a 322.90% increase from 2023, with significant allocations to various subsidiaries [4][32] Cash Flow and Financial Health - Cash Flow Improvement: - The net cash flow from operating activities improved to -67.39 billion yuan, a 45.02 billion yuan increase from the previous year [4][23] - Balance Sheet Strength: - Total assets as of the end of 2023 were 99,795.55 million yuan, with net assets of 39,455.04 million yuan [1][35]