AVICOPTER(600038) 山西证券·2025-04-01 05:23Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for the stock based on expected performance relative to the benchmark index [8]. Core Views - The company is positioned as a leading player in the domestic helicopter manufacturing industry, fully supporting the development of the low-altitude economy. It has a comprehensive product range and is involved in the research and manufacturing of various helicopter models and general aviation aircraft [6]. - The company is undertaking an integration of helicopter assembly assets to expand its product range and enhance overall production capacity. This strategic move is expected to improve its main business capabilities and allow it to benefit from the growth of new aircraft models in the low-altitude economy [6]. - The company raised 3 billion yuan to fund projects aimed at enhancing its research and development capabilities for new helicopters and drones, as well as improving its aviation maintenance and production capabilities [6]. Financial Performance - In 2024, the company reported a revenue of 29.766 billion yuan, representing a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 7.98% to 556 million yuan. The non-recurring net profit increased by 19.68% to 482 million yuan [5]. - The company's total liabilities reached 358.40 billion yuan, a significant increase of 103.89% year-on-year, while cash and cash equivalents surged by 311.85% to 132.72 billion yuan [5]. - The earnings per share (EPS) for 2024 was reported at 0.72 yuan, with a return on equity (ROE) of 2.94% [4]. Financial Projections - The report forecasts the company's EPS for 2025, 2026, and 2027 to be 0.83 yuan, 0.99 yuan, and 1.15 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are projected to be 43.7, 36.7, and 31.5 [8]. - Revenue is expected to grow from 34.622 billion yuan in 2025 to 45.291 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.9% [12].