2024一季度迎来开门红，多板块共振前景可期

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [1][3]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 6.272 billion yuan, a year-on-year increase of 1.98%, and a net profit attributable to the parent company of 155 million yuan, up 76.04% year-on-year [2]. - The company is the only domestic enterprise capable of developing and producing a full range of military aircraft engines, benefiting from the increasing demand in both military and civilian markets [2][3]. - The company has set a revenue target of 49.762 billion yuan for 2024, representing a year-on-year growth of 13.78%, with a net profit target of 1.512 billion yuan, up 6.36% year-on-year [3]. Financial Data and Valuation Summary - Revenue projections for the company are as follows: - 2022: 37.097 billion yuan - 2023: 43.734 billion yuan - 2024E: 50.338 billion yuan - 2025E: 57.486 billion yuan - 2026E: 65.591 billion yuan - The expected growth rates for revenue are 8.78% in 2022, 17.89% in 2023, and around 14% in the following years [1][7]. - The projected net profit attributable to the parent company is expected to grow from 1.268 billion yuan in 2022 to 2.567 billion yuan in 2026, with a significant increase of 31.58% in 2026 [1][7]. - The company's P/E ratio is projected to decrease from 78.95 in 2022 to 38.99 in 2026, indicating improving valuation metrics over time [1][7].