Andawell(300719) 国元证券·2024-05-07 01:30Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 20.91 yuan [4][9] Core Views - The company achieved record-high revenue, profit, and order reserves in 2023, driven by increased management efficiency and reduced expenses [1] - The company is expected to maintain high growth in the future, with projected net profits of 141 million yuan, 174 million yuan, and 205 million yuan for 2024-2026, respectively [4] - The company's PE ratios for 2024-2026 are estimated at 34.00x, 27.65x, and 23.43x, indicating strong growth potential [4] Business Performance - In 2023, the company's total revenue reached 851 million yuan, a year-on-year increase of 106.25%, with net profit attributable to shareholders of 113 million yuan, a significant turnaround from the previous year [25] - The company's R&D investment in 2023 was 66.68 million yuan, accounting for 7.84% of revenue, focusing on new product designs and platform improvements [2] - The company's main business segments, including airborne equipment, aviation maintenance, and measurement and control equipment, all achieved significant growth in 2023 [17] Industry and Market Position - The company is a leading domestic manufacturer of aviation seats and cabin equipment, with a strong market position in the defense industry [16] - As the first domestic manufacturer to obtain the CTSOA airworthiness certificate, the company has rich experience in airworthiness and is a pioneer in the localization of civil aircraft equipment [3][27] - The company's products are widely used in the helicopter sector, and its core technologies are highly adaptable to the low-altitude economy, positioning it well for future growth in this emerging sector [20] Future Growth Drivers - The company is actively developing products for the eVTOL (electric vertical take-off and landing) sector, with some products already in the business negotiation stage [20] - The company's multi-business breakthroughs and the strong demand from the low-altitude economy are expected to drive sustained high growth in the future [4][11] - The company's ongoing R&D efforts and new product developments, such as the SIPDM research management system and helicopter support systems, are expected to contribute to future growth [25]