航发动力：主业盈利稳中向好，有望受益航发高景气

Investment Rating - The investment rating for the company is "Buy" with a target price set at 34.21 CNY, maintaining the rating for the next six months [2][5][8]. Core Views - The company's main business is showing stable profitability and is expected to benefit from the high demand in the aviation engine sector. The second quarter of 2024 saw significant increases in revenue and profit, indicating a strong market demand [2][3][5]. - The company is actively preparing for production and inventory buildup, with a stable delivery schedule expected to support annual performance [3][4]. - The military and civilian market demands are both on the rise, positioning the company as a leading player in the aviation engine industry, which is anticipated to yield substantial benefits [5][6]. Financial Data Summary - Revenue Growth: The company reported a revenue of 37,097.15 million CNY in 2022, projected to grow to 65,591.13 million CNY by 2026, with a growth rate of 8.78% in 2022 and an expected 14.10% in 2026 [2][7]. - Net Profit: The net profit attributable to the parent company was 1,267.78 million CNY in 2022, expected to reach 2,200.76 million CNY by 2026, with a growth rate of 6.75% in 2022 and 15.73% in 2026 [2][7]. - Earnings Per Share (EPS): EPS is projected to increase from 0.48 CNY in 2022 to 0.83 CNY by 2026 [2][7]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 73.46 in 2022 to 42.32 by 2026, indicating improving valuation over time [2][7]. Operational Insights - Subsidy Performance: The company's subsidiaries showed stable performance, with revenue from the main subsidiary, Limin Company, increasing by 4.98% year-on-year [4]. - Cost Management: The company is actively pursuing cost reduction and efficiency improvements, with a focus on new product development [4][5]. - Market Position: As the only domestic company capable of producing a full range of aviation engines, the company is well-positioned to capitalize on both military and civilian market growth [5][6].