AVICOPTER(SH:600038)2024-05-27 09:31Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company's main business in aviation continues to recover, with a significant increase in product delivery volumes contributing to revenue growth in 2023 [7]. - The company reported a total revenue of 23.33 billion yuan in 2023, representing a year-on-year increase of 19.8%, and a net profit attributable to shareholders of 443 million yuan, up 14.1% year-on-year [7][8]. - The report highlights a substantial increase in contract liabilities and inventory, indicating strong future demand and production readiness [7]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 23.33 billion yuan, with a year-on-year growth of 19.8% [8]. - The net profit attributable to shareholders for 2023 was 443 million yuan, reflecting a year-on-year increase of 14.1% [8]. - For Q1 2024, the company reported revenue of 3.37 billion yuan, a year-on-year increase of 2.8% [8]. Product and Business Segments - The aviation segment generated 23.1 billion yuan in revenue, accounting for 98.94% of total revenue, while the wind turbine segment saw a decline in revenue [7]. - The Harbin Aircraft and Harbin General Aviation subsidiaries contributed significantly to revenue, with 167.83 billion yuan and 55.83 billion yuan, respectively [7]. Profitability Metrics - The gross margin for 2023 was 10.13%, slightly down from the previous year, while Q1 2024 saw an increase to 11.60% [7]. - The net profit margin for 2023 was 1.49%, with a notable increase to 3.81% in Q1 2024 [7]. Future Outlook - The report projects a steady revenue growth for 2024, with expected revenues of 31.05 billion yuan, representing a year-on-year growth of 33.1% [8]. - The company has a strong order backlog, with contract liabilities reaching 8.26 billion yuan, indicating robust future performance [7]. Valuation - The report adjusts the profit forecast for 2024-2025, with net profit estimates of 724 million yuan and 886 million yuan, respectively [7]. - The current price-to-earnings ratio is projected to be lower than the industry average, suggesting potential for price appreciation [7].