AVICHM(600765) 天风证券·2025-04-01 02:05Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [7][18]. Core Views - The company reported a revenue of 10.36 billion in 2024, a year-on-year decrease of 10.6%, and a net profit of 640 million, down 52.2% year-on-year, primarily due to price adjustments by key model customers [1]. - The company is focusing on high-value areas in aviation, with commercial aviation revenue exceeding 1 billion, a 71% increase year-on-year, and a growing market share in key aviation models [2]. - The company emphasizes research and development, with a R&D expense ratio of 6.5%, and completed 48 research projects in the year [3]. - The company aims for steady growth, projecting a revenue of 11.5 billion in 2025, an 11% increase year-on-year, and a profit of 1.3 billion, a 50% increase [4]. - The company is a leading player in China's aviation forging sector, with rapid growth in domestic large aircraft and international outsourcing [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.36 billion, a decrease of 10.6% year-on-year, and a net profit of 640 million, down 52.2% year-on-year [1]. - The comprehensive gross margin for 2024 was 23.7%, a decline of 7.59 percentage points year-on-year, and the net profit margin was 7.4%, down 5.84 percentage points year-on-year [1]. Business Segments - The forging business generated revenue of 8.27 billion, a decrease of 11.5% year-on-year, with a gross margin of 19.4%, down 10.53 percentage points [2]. - The hydraulic and environmental control business achieved revenue of 1.84 billion, a decrease of 7.3%, with a gross margin of 39.7%, down 4.44 percentage points [2]. - The company’s focus on key aviation models accounted for 76% of revenue, with significant growth in commercial aviation and civil products [2]. Research and Development - The company maintained a strong commitment to R&D, with a 6.5% R&D expense ratio, and completed 48 research projects in the year [3]. Future Outlook - The company projects a revenue of 11.5 billion in 2025, an 11% increase, and a net profit of 1.26 billion, a 97.57% increase year-on-year [5]. - The company is actively exploring new markets in civil aviation, commercial engines, aerospace, and deep-sea sectors [4].