GLAVI(SZ:300900) Minsheng Securities·2024-04-25 06:30Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 740 million yuan in 2023, representing a year-over-year increase of 11.5%, while the net profit attributable to shareholders decreased by 30.3% to 101 million yuan due to changes in product structure and order adjustments [2][3]. - In Q1 2024, the company achieved a revenue of 220 million yuan, a year-over-year increase of 41.7%, with a net profit of 30 million yuan, up 20.8% year-over-year, driven by sustained order growth [2]. - The company is focusing on building a low-altitude business ecosystem, including the development of manned transport aircraft, unmanned transport aircraft, and eVTOL structures, indicating a positive growth trajectory [2]. Financial Performance Summary - In 2023, the company experienced a decline in gross margin to 42.5%, down 10.74 percentage points year-over-year, primarily due to a significant increase in low-margin aviation tooling business and underperformance in aerospace component business [2]. - The company’s R&D investment increased by 26% in 2023, focusing on large aircraft, drones, and eVTOL sectors [2]. - The operating cash flow for 2023 grew by 62% year-over-year, reflecting improved collection efforts and inventory management [2]. Forecast and Projections - The company’s projected net profit for 2024 is 188 million yuan, with expected growth rates of 79.9% in 2024, 29.2% in 2025, and 29.7% in 2026 [3][7]. - The projected PE ratios for 2024, 2025, and 2026 are 35x, 27x, and 21x respectively, indicating a favorable valuation outlook [3][7].