AVICOPTER(SH:600038) Minsheng Securities·2024-04-29 02:02Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Views - The company reported a revenue of 3.37 billion yuan in Q1 2024, representing a year-on-year increase of 2.8%. The net profit attributable to shareholders was 130 million yuan, a significant improvement from a loss of 20 million yuan in the same period last year [1]. - The gross margin for Q1 2024 was 11.6%, up by 4.54 percentage points year-on-year, while the net margin increased by 3.52 percentage points to 3.8% [1]. - The company has strengthened its strategic layout in the low-altitude economy sector, particularly in the civil helicopter market and the development of H-eVTOL products [1]. - The completion of the asset restructuring in March 2024 has positioned the company favorably for future growth, with an upward adjustment of the expected related deposits for 2024 to 25 billion yuan [1]. Summary by Relevant Sections Financial Performance - Q1 2024 revenue: 3.37 billion yuan, YoY +2.8% - Net profit: 130 million yuan, previous year -20 million yuan - Gross margin: 11.6%, YoY +4.54 percentage points - Net margin: 3.8%, YoY +3.52 percentage points - Operating expenses ratio: 7.6%, YoY +1.12 percentage points [1][6]. Strategic Developments - The company is enhancing its presence in the low-altitude economy, focusing on civil helicopter market expansion and H-eVTOL product development [1]. - Collaboration with the Jiangxi provincial government to establish over 300 helicopter landing sites [1]. - Joint research agreement with the China Aviation Research Institute for H-eVTOL technology [1]. Asset Restructuring - Completion of asset restructuring with the acquisition of Harbin Aircraft Industry Group and Changhe Aircraft Industries Group as wholly-owned subsidiaries [1]. - Adjustments in expected related transactions for 2024, including an increase in expected related deposits to 25 billion yuan [1].