中航高科：经营韧性充足，长期景气可期

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company demonstrates sufficient operational resilience, with long-term prospects remaining positive [5]. - In Q1 2024, the company achieved revenue of 1.317 billion, a year-on-year increase of 5.22% and a quarter-on-quarter increase of 13.86% [5]. - The net profit attributable to the parent company for Q1 2024 was 351 million, reflecting a year-on-year growth of 4.95% and a quarter-on-quarter growth of 87.64% [5]. - The company is actively preparing for future equipment deliveries and business expansion, with ongoing construction projects at historical highs [5]. Summary by Sections Financial Performance - Q1 2024 revenue from the aerospace new materials business was 1.305 billion, up 5.05% year-on-year, while the equipment business revenue was 3.6811 million, down 46.88% year-on-year [5]. - The gross profit margin for Q1 2024 was 41.21%, an increase of 0.7 percentage points year-on-year and 6.64 percentage points quarter-on-quarter [5]. - The company set a revenue target of 5 billion for 2024, representing a 4.60% increase from the previous year, and a profit target of 1.282 billion, a 5.69% increase [6]. Strategic Initiatives - The company has established a joint venture with China Aviation Engine Corporation to manufacture composite materials for aircraft engines, indicating a strategic move into high-end civilian composite materials [6]. - The company is leveraging its core technology in composite materials to expand into emerging fields such as drones and electric aircraft [6].