AVICOPTER(600038) 山西证券·2025-04-01 06:17Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. 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 types of helicopters and general aircraft [5]. - The company is integrating helicopter assembly assets to expand its product range and enhance overall production capacity, which is expected to improve its main business capabilities. It has raised 3 billion yuan for projects related to new helicopter and drone development, maintenance capabilities, and production capacity enhancement [5]. - The company is anticipated to benefit from the rapid growth of general aviation and the low-altitude economy, with projected earnings per share (EPS) for 2025-2027 being 0.83, 0.99, and 1.15 yuan, respectively [6]. Financial Performance - For the fiscal year 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 adjusted net profit increased by 19.68% to 482 million yuan [4]. - The company's total liabilities reached 358.40 billion yuan, a significant increase of 103.89% year-on-year, while cash and cash equivalents rose by 311.85% to 132.72 billion yuan [4]. - The projected revenue for 2025 is 34.622 billion yuan, with a year-on-year growth of 16.3%, and the net profit is expected to increase to 680 million yuan, reflecting a growth of 22.3% [11]. Valuation Metrics - The report provides a forecast for the company's price-to-earnings (P/E) ratio, which is expected to be 43.7, 36.7, and 31.5 for the years 2025, 2026, and 2027, respectively [6]. - The projected return on equity (ROE) is expected to improve from 2.9% in 2024 to 5.1% by 2027, indicating an enhancement in the company's profitability [11].