中航高科（600862）：全年超额收官，新一轮景气在即

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has exceeded its initial operational targets for 2024, with all business segments showing improved profitability. The significant growth in contract liabilities indicates a positive demand outlook, and the company is actively expanding production capacity to ensure delivery and business development [2][6]. - In 2024, the company achieved a revenue of 5.072 billion, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion, up 11.75% year-on-year [4][11]. - The company is enhancing its supply chain by expanding its composite materials industry chain and exploring opportunities in civil aviation, commercial launches, and low-altitude sectors [2][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 5.072 billion, with a net profit of 1.153 billion, reflecting a year-on-year growth of 11.75%. The fourth quarter of 2024 saw a revenue of 1.251 billion, up 8.13% year-on-year [4][11]. - The company's gross profit margin for 2024 was 38.83%, an increase of 2.08 percentage points year-on-year, while the net profit margin was 23.06%, up 1.35 percentage points year-on-year [11]. Operational Highlights - The company’s contract liabilities grew significantly, reaching 1.67 billion at the end of 2024, a year-on-year increase of 201.57%, indicating a recovery in downstream demand [6][11]. - The company has sufficient inventory, with a balance of 1.275 billion at the end of 2024, reflecting a year-on-year increase of 6.11% [6][11]. Business Segments - The aerospace composite materials segment generated a revenue of 4.765 billion, with a net profit of 1.185 billion, exceeding delivery targets and meeting new material upgrade demands [11]. - The advanced manufacturing division reported a revenue of 95.875 million, showing a year-on-year increase of 44.87%, although it still recorded a loss [11].