AECC AP(600893) 东吴证券·2025-04-08 01:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 47.88 billion yuan for 2024, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders was 860.29 million yuan, a decline of 39.48% year-on-year [1][8] - The decline in net profit is attributed to increased R&D expenses, fluctuations in raw material prices, and a 24.91% decrease in revenue from non-aerospace products [8] - The company has made significant progress in technology innovation and market expansion, including partnerships with international aviation giants and an increase in maintenance service revenue by 18% [8] Financial Summary - Total revenue forecast for 2024 is 47.88 billion yuan, with a projected net profit of 860.29 million yuan [1] - The earnings per share (EPS) for 2024 is estimated at 0.32 yuan, with a price-to-earnings (P/E) ratio of 113.93 [1] - The company expects net profits of 894.14 million yuan in 2025 and 978.30 million yuan in 2026, with corresponding P/E ratios of 109.62 and 100.19 [1][9]