Avic Hi-Tech(600862) 东吴证券·2025-03-17 06:04Investment Rating - The report maintains a "Buy" rating for AVIC High-Tech (中航高科) [1] Core Views - The company achieved a revenue of 5.072 billion yuan in 2024, representing a year-on-year growth of 6.12%, and a net profit attributable to shareholders of 1.153 billion yuan, up 11.75% year-on-year [1] - The aviation composite materials business, as the main segment, generated 4.969 billion yuan in revenue, a growth of 6.37%, driven by increased sales of composite material raw products and brake products [8] - The company has made significant progress in independent innovation and R&D, with total R&D investment reaching 197 million yuan and 37 patents applied for, of which 11 were authorized [8] - The aviation composite materials industry is experiencing positive changes, with increasing demand driven by the manufacturing power strategy and the rise of low-altitude economy [8] - The report forecasts net profits of 1.371 billion yuan for 2025 and 1.625 billion yuan for 2026, with a new estimate of 1.761 billion yuan for 2027, corresponding to P/E ratios of 26, 22, and 20 times respectively [8] Financial Summary - The total revenue forecast for 2024 is 5.072 billion yuan, with a projected growth rate of 17.28% for 2025 and 17.65% for 2026 [9] - The net profit attributable to shareholders is expected to reach 1.371 billion yuan in 2025 and 1.625 billion yuan in 2026, with a net profit growth rate of 18.93% and 18.52% respectively [9] - The company’s operating cash flow for 2024 is projected at 496 million yuan, with a significant increase expected in subsequent years [9]