Avic Hi-Tech(600862) 山西证券·2025-03-17 11:58Investment Rating - The report maintains an "Accumulate-A" rating for AVIC High-Tech (600862.SH) [1] Core Views - AVIC High-Tech has shown steady growth in operating performance, benefiting from the expansion of the composite materials market. The company reported a revenue of 5.072 billion yuan for 2024, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion yuan, up 11.75% year-on-year [3][4] - The aerospace composite materials business continues to grow steadily, with revenue reaching 4.969 billion yuan in 2024, a 6.37% increase year-on-year, and a net profit of 1.220 billion yuan, up 11.22% year-on-year. The advanced manufacturing technology business also saw significant improvement, with a revenue increase of 44.87% [4][5] - The company is expected to benefit from the strong recovery of commercial aviation and the booming low-altitude economy, with a promising market outlook for composite materials in civil aviation and low-altitude economic sectors [5] Financial Performance - For 2024, the company reported total liabilities of 1.889 billion yuan, a decrease of 14.19% year-on-year, and cash and cash equivalents of 1.642 billion yuan, an increase of 3.34% year-on-year. Accounts receivable decreased slightly to 2.196 billion yuan, while inventory increased by 6.11% to 1.275 billion yuan [3][4] - The gross margin improved by 2.08 percentage points to 38.83%, and the net profit margin increased by 1.35 percentage points to 23.06% in 2024, indicating enhanced profitability [4][10] - The report forecasts earnings per share (EPS) of 0.96, 1.13, and 1.33 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 27.0, 23.1, and 19.5 based on the closing price of 25.96 yuan on March 14 [6][8]