AVICOPTER(600038) 新浪财经·2025-04-02 00:29Core Viewpoint - The company reported a revenue of 29.766 billion yuan for 2024, representing a year-on-year growth of 11.93%, while the net profit attributable to shareholders decreased by 7.98% to 556 million yuan, indicating a mixed performance with strong revenue growth but declining profitability [1] Group 1: Financial Performance - The company achieved a revenue of 29.766 billion yuan in 2024, up 11.93% year-on-year, driven by a recovery in downstream demand in Q3 and Q4 [1] - The net profit attributable to shareholders was 556 million yuan, down 7.98% year-on-year, while the non-recurring net profit was 482 million yuan, up 19.68% [1] - In Q4 2024, the company recorded a revenue of 12.465 billion yuan, a significant increase of 42.71%, and a net profit of 199 million yuan, up 110.71% [1] - The company's gross margin for the year was 10.47%, an increase of 0.34 percentage points, and the net margin was 1.62%, up 0.13 percentage points [1] Group 2: Balance Sheet and Operational Efficiency - Accounts receivable and notes at the end of the period amounted to 9.128 billion yuan, an increase of 58.36% from the beginning of the year, primarily due to increased product sales [2] - Inventory reached 14.075 billion yuan, up 8.95% year-on-year, while prepayments increased by 89% to 1.515 billion yuan, indicating a potential recovery in production capacity [2] - The company is optimizing its equity structure through the transfer of shares from Harbin Aircraft Industry Group to AVIC Science and Technology, enhancing operational efficiency [2] Group 3: Strategic Development and Market Position - The company is focusing on the development of its helicopter business and expanding into the civil market, with successful test flights of various helicopter models [3] - The AC313A helicopter completed its first high-altitude test flight, and the AC332 helicopter validated its performance in high-altitude environments, showcasing the company's diverse product capabilities [3] - The company is actively pursuing contracts and leasing agreements in the helicopter and low-altitude economy markets, aiming to increase market share and enhance competitiveness in emergency rescue and event support [3] - Profit forecasts for 2025-2027 estimate net profits of 681 million, 828 million, and 987 million yuan, with corresponding EPS of 0.83, 1.01, and 1.20 yuan, indicating a positive outlook [3]