Core Viewpoint - The report highlights that the company achieved stable performance in 2024, with a significant profit growth of 98% in Q4, leading to a target price adjustment to 64.0 yuan and a "buy" rating [1][10]. Financial Performance - In 2024, the company reported operating revenue of 2.932 billion yuan, an increase of 4.62%, and a net profit attributable to shareholders of 581 million yuan, up by 0.84%. The net profit excluding non-recurring items was 514 million yuan, down by 9.26% [2][3]. - The gross margin was 29.64%, a decrease of 1.91 percentage points, while the net margin was 19.82%, down by 0.74 percentage points. The decline in margins was attributed to changes in product structure and increased R&D expenses, which rose by 18.78% [3][4]. Quarterly Performance - In Q4 2024, the company achieved a quarterly operating revenue of 736 million yuan, an increase of 21.08% quarter-on-quarter, and a net profit attributable to shareholders of 145 million yuan, reflecting a 97.91% increase [5][10]. Product and Market Dynamics - The company operates as a leading player in the aviation materials sector under the China Aviation Engine Group, focusing on the R&D, production, and sales of aerospace components and materials. It has diversified its product offerings across various sectors, including aerospace, shipbuilding, and automotive [6][9]. - In 2024, revenue from basic materials decreased by 7.83% to 1.219 billion yuan, while revenue from aviation finished products increased by 9.09% to 1.351 billion yuan. Non-aviation finished products and processing services saw significant growth, with revenues of 180 million yuan and 159 million yuan, respectively, marking increases of 44.63% and 97.25% [6][8]. Future Outlook - The company is actively expanding its product and market diversification, with a focus on advanced aluminum alloy products and international market development. A long-term framework contract worth approximately 2.1 billion yuan has been signed for titanium alloy components, expected to enhance the company's global market competitiveness [9][10]. - Projections for 2025-2027 indicate expected revenues of 3.3 billion yuan, 3.759 billion yuan, and 4.284 billion yuan, with net profits of 653 million yuan, 773 million yuan, and 916 million yuan, respectively [10].

北京航空材料研究院股份有限公司 北京航空材料研究院股份有限公司（以下简称"发行人"或"航空材料"） 首次公开发行人民币普通股（A 股）并在科创板上市（以下简称"本次发行"） 的申请于 2022 年 11 月 17 日经上海证券交易所（以下简称"上交所"）科创板股 票上市委员会审议通过，并已经中国证券监督管理委员会同意注册（证监许可 〔2023〕1151 号文）。发行人的股票简称为"航材股份"，扩位简称为"航空材料 股份"，股票代码为"688563"。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、 网下向符合条件的网下投资者询价配售（以下简称"网下发行"）、网上向持有 上海市场非限售 A 股股份和非限售存托凭证市值的社会公众投资者定价发行（以 下简称"网上发行"）相结合的方式进行。 中信证券股份有限公司（以下简称"保荐人（主承销商）"）担任本次发行 的保荐人（主承销商）。 首次公开发行股票并在科创板上市发行结果公告 保荐人（主承销商）：中信证券股份有限公司 发行人与保荐人（主承销商）根据初步询价结果，综合评估公司合理投资价 值、同行业上市公司估值水平、所属行业二级市场估值水平等方面，充分 ...