航发动力：投资收益大幅减少，实际业绩优于表观

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 18.548 billion, representing a year-on-year growth of 4.35%. However, the net profit attributable to shareholders decreased by 17.99% to 0.595 billion [4][5]. - The actual performance of the company is better than it appears, as the previous year's high base affected the current year's growth figures [5]. - The company’s gross profit margin remained stable, with a sales gross margin of 11.27%, a decrease of 0.63 percentage points year-on-year [5][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 18.548 billion, a 4.35% increase year-on-year, while the net profit was 0.595 billion, down 17.99% year-on-year. The non-recurring net profit was 0.546 billion, a slight decrease of 0.97% [4][5]. - For Q2 2024, the revenue was 12.276 billion, up 5.6% year-on-year and 95.71% quarter-on-quarter. The net profit was 0.44 billion, down 30.97% year-on-year but up 184.06% quarter-on-quarter [4][5]. Business Segments - Revenue from the aviation engine and related products was 17.16 billion, a 4.02% increase year-on-year. The foreign trade outsourcing business generated 1.0 billion, an 11.02% increase year-on-year, while non-aviation products and other businesses saw a revenue decrease of 11.87% to 0.1 billion [5]. - The company’s main division reported a revenue of 7.231 billion (up 17% year-on-year), while other subsidiaries showed varied performance [5]. Profitability and Margins - The company maintained a stable gross profit margin, with a sales gross margin of 11.27%, a decrease of 0.63 percentage points year-on-year. The net profit margin was 3.56%, down 0.81 percentage points year-on-year [5][6]. - The company’s profitability is expected to improve due to the continuous enhancement of its supply chain and the maturity of its main product models [5]. Future Outlook - The company anticipates net profits of 1.72 billion, 2.2 billion, and 2.8 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21%, 26%, and 28% [6].