图南股份：军民市场并进，业绩稳健增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has established long-term stable partnerships in the military market and has become a preferred supplier for major domestic aviation engine manufacturers [4] - In the high-end civilian product sector, the company has been included in the qualified supplier lists of large domestic enterprises [4] - The company reported a revenue of 731 million yuan for H1 2024, representing a year-on-year growth of 6%, and a net profit attributable to shareholders of 191 million yuan, also up by 7% [4] - The company has strong cost control capabilities, with a gross margin of 38.34%, an increase of 1.13 percentage points year-on-year [4] - The company has sufficient orders on hand, with a total of 603 million yuan in orders, of which 551 million yuan is expected to be recognized as revenue in 2024 [4] - The company is actively involved in the aviation sector, establishing a comprehensive industrial chain layout [5][6] - The projected net profits for 2024-2026 are 402 million yuan, 502 million yuan, and 618 million yuan, corresponding to a price-to-earnings ratio of 23, 18, and 15 times, respectively [6] Financial Summary - For 2023, the company is expected to achieve a revenue of 1.385 billion yuan, with a growth rate of 34.12% [8] - The projected net profit for 2024 is 402 million yuan, with a growth rate of 21.78% [10] - The earnings per share (EPS) for 2024 is estimated to be 1.02 yuan, with a price-to-earnings ratio of 22.81 [10]